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ESMA calls for improvement of data quality in AIFMD reporting.

On 8 April the European Securities and Markets Authority (ESMA) published the annual statistical report on EU Alternative investment funds. In the report, ESMA calls for improvement of the data quality in the Annex IV reporting. In addition, the reports calls for the follow-up of the improvement of the Alternative Investment Fund Managers Directive (AIFMD) by the European Commission, which was initiated in August 2020.

The three following aspects were highlighted in particular:

  1. The mandatory reporting of legal entity identifier (LEI) codes for AIFMs and AIFs.
  2. All AIFMs to be included in the ESMA public register instead of just the authorized AIFMs.
  3. AIFMs to provide more granular information on the composition of the assets on ISIN level as well as the liabilities.

Since 2019, ESMA and national competence authorities (NCAs) carried out data quality improvement process. AIFMs have been urged to improve the data quality in their reports or provide explanations if the quality requirements are not met. In 2020 some NCAs even implemented the data quality assurance into their automatic validation rules and reject reports that failed the validation checks.

In the annual statistical report, ESMA disclosed the focus of the data quality test as the following:

  • Completeness: provision of LEI on AIFs and AIFMs;
  • Timeline: time expectation for accessibility and availability of information
  • Accuracy: e.g. plausibility check on AuM, NAV and the leverage metircs
  • Consistency: e.g. values of main instruments is consistent to other information of the fund (e.g. Reported liquidity)

The acarda AIFMD reporting platform automatically checks your data and helps you identify quality gaps at an early stage. With our flexible business rule engine, we can quickly implement new requirements and adapt the rules to your specific needs.

Press contact
Jessica Schreiner
Phone:+49 15 25 47 62 361
Email: jessica.schreiner@acarda.de

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