AIFMD Reporting Obligations – ESMA Issues Its Final Report

October 08, 2013

On 1 October 2013, the European Securities and Markets Authority (ESMA) published its long-awaited final report (the Report) setting out detailed guidelines relating to (i) the reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the Alternative Investment Fund Managers Directive (AIFMD) and (ii) how certain parts of the European Commission’s AIFMD regulatory reporting template form should be completed. The reporting itself was mandated in Annex IV of the European Commission’s AIFMD “Level 2” Regulation, which has direct effect in all member states of the EEA1.

The delay in issuing the Report, which comes more than four months after ESMA’s 24 May consultation paper, has caused much frustration in the alternative investment management community. The regulatory reporting obligations are one of the key remaining operational parts of the AIFMD which the industry will need to understand and get to grips with quickly – both the timelines for the coming into force of the reporting regime, and the speed with which alternative investment fund managers (AIFMs) will need to report following the end of relevant reporting periods, pose considerable time, cost and organizational challenges.

In this OnPoint, we provide a brief reminder of the key provisions of the AIFMD reporting obligations and set out some of the key points on which the Report offers some clarity.

Read "AIFMD Reporting Obligations – ESMA Issues Its Final Report".

1The European Economic Area (EEA) comprises the 28 member states of the European Union plus Iceland, Liechtenstein and Norway.