The European Securities and Markets Authority (ESMA) has published a questions and answers (Q&As) document on the AIFM Directive to promote common supervisory approaches and practices in the application of the AIFM Directive and its implementing measures
by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the AIFM Directive.
The Alternative Investment Fund Managers Directive (the AIFM Directive) puts in place a comprehensive framework for the regulation of alternative investment fund managers (AIFMs) within Europe. The requirements are designed to ensure that AIFMs can manage
AIFs on a cross-border basis and the AIFs that they manage can be sold on a cross-border basis.
The content of the Q&A document is aimed at national competent authorities to ensure that their supervisory activities are convergent with the responses adopted by ESMA. The answers are also intended to help AIFMs by providing clarity as to the content of
the AIFM Directive rules, rather than creating an extra layer of requirements.
The questions and answers are as follows:
Question 1: first application of the remuneration rules;
Question 2: remuneration rules in case of delegation of portfolio management or risk management activities;
Question 3: annex IV of the AIFMD;
Question 4: notifications of AIF's;
Question 5: reporting under Article 42 of the AIFMD for non-EU AIFMs.
ESMA will review the Q&As on a regular basis to identify if, in a certain area, there is a need to convert some of the material into ESMA guidelines.