ESMA updated its Q&A document on the application of AIFMD on 30 September 2014.

The updated Q&As relate to:

  • Reporting obligations to national competent authorities
  • Delegation of portfolio and/or risk management by the AIFM

One of the new Q&As relating to reporting obligations stood out in particular:

Question 36 : A non-EU AIFM markets its AIFs in the Union under Article 42 of the AIFMD. Should the AIFM continue to report to the national competent authorities of the Member States in which it markets its AIFs after the marketing period of the AIF has ended?

Answer 36: For non-EU AIFMs marketing their AIFs in the Union under Article 42 of the AIFMD, the reporting obligations to national competent authorities does not depend on the actual marketing period of the AIF but rather on the existence of investors in the AIF in the jurisdiction of the authority concerned.

Therefore, non-EU AIFMs should continue to report to national competent authorities after the marketing period has ended unless they confirm that no investors in the jurisdiction of the authority concerned are invested in the AIFs.

Click here for the updated Q&A.