ESMA Publishes Guidelines on Reporting Obligations Under the AIFMD


On August 8, the European Securities and Markets Authority (ESMA) published official translations of its Guidelines on Reporting Obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the Alternative Investment Fund Managers Directive (AIFMD) (Guidelines) in various EU languages. The reporting obligations apply to (1) EU alternative investment fund managers (AIFMs), (2) non-EU AIFMs managing EU funds and (3) those non-EU AIFMs which register in EU countries in order to be eligible to market their funds under the AIFMD. ESMA’s intent for the Guidelines is ensuring that there is a common, uniform and consistent application of the reporting obligations by each of the EU regulators (which the Guidelines refer to as “national competent authorities” or NCAs). The Guidelines clarify the specific information that AIFMs must report to applicable NCAs, the timing of such reports and the procedures to be followed when AIFMs move from one reporting frequency to another (such as where an AIFM with a smaller asset under management (AUM), which might be reporting on a semi-annual basis, launches a new fund or otherwise has increased AUM in its existing funds such that it passes through the relevant threshold and has to commence reporting on a calendar quarter basis). 

In publishing the official EU translations, ESMA has now started the EU’s procedural two-month timeframe within which NCAs are required to confirm to ESMA whether or not they intend to comply with the Guidelines or, if they will not, to explain their rationale for non-compliance. The Guidelines will apply from the end of this two-month period (i.e., from October 8).  

The English version of the Guidelines is available here.   

Katten will provide a more detailed update on the Guidelines from a UK perspective once the Financial Conduct Authority (as UK NCA) confirms if it will comply with the Guidelines or otherwise publishes final rules on AIFMD reporting requirements in the United Kingdom.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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