ESMA updates AIFMD and UCITS Q&As


By Carolyn H. Jackson and Neil Robson

On July 11, the European Securities and Markets Authority (ESMA) updated two question and answer documents (Q&A). The first related to the Alternative Investment Fund Managers Directive (AIFMD) and the second to the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).

The updated AIFMD Q&A contains new questions and answers relating to reporting requirements for:

  • loans purchased on the secondary market;
  • conversion of the total value of assets under management; and
  • currency of the net asset value.

The updated UCITS Q&A includes two new questions and answers on:

  • issuer concentration; and
  • group links, independence and cooling-off periods.

The purpose of these Q&A documents is to promote common supervisory approaches and practices of both the AIFMD and the UCITS Directive and their implementing measures.