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ESMA review letter to the EU Commission on AIFMD

On August 18th, the European Securities and Markets Authority (ESMA) published a letter that was sent to the European Commission (EC) on recommendations to incorporate in the Alternative Investment Fund Managers Directive (AIFMD).

The ESMA and EU national competent authorities have identified areas of improvement to AIFMD. The review provides the base for their recommendations to be enacted.

The key changes proposed by ESMA in the letter include:

  • harmonisation of the AIFMD and the Undertaking Collective Investments in Transferable Securities (UCITS) regimes (The key difference e.g. diverging requirements for risk management reporting should be addressed.)
  • clarification of permissible business activities, legal uncertainties and consistency in UCITS Directive, AIFMD & MiFID, e.g. whether real estate qualify as financial instrument.
  • clarification of several definitions, e.g. professional investor, semi-professional investor, alternative investment fund (AIF), reverse solicitation, significant influence.
  • increase of digitalised communication.
  • provision of additional Liquidity Management Tools (LMTs).
  • extension of AIFMD supervision to sub-threshold Alternative Investment Fund Managers (AIFMs)

The key changes proposed by ESMA related to regulatory reporting are:

  • amendment of leverage calculation methodologies
  • requirement of Legal Entity Identity (LEI, ISO 17442) for all AIFMs and their AIFs to cross-analyse data between several reporting regimes (EMIR, SFTR, MiFIR)
  • completeness of assets and liabilities (holdings)
  • removal of duplicative information and request data in their operational data structure
  • incorporation of various metrics regarding environmental, social and governmental (ESG) aspects into mandatory reporting

As a SaaS provider for the AIFMD Annex IV reporting, we welcome the recommendations. Our team is ready to incorporate all changes regarding regulatory reporting right from the start.

PhD Christian Engel,

Business Consultant

More news…

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According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

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European Commission considers to extend the exemption period of UCITS KIID following the postponement of new PRIIPs RTS

As anticipated, the European Commission published a consultation paper on 15 July 2021 requesting to extend the exemption period for the UCITS KIID until 30 June 2022.

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CRR II: new reporting regulation from July 2021. What to consider now.

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New standards for PRIIPs-KIDs as of July 01, 2022

According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

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ESMA updates its FAQs on AIFMD

On 28th May 2021, ESMA published an update on its FAQ on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Three new questions related to Annex IV reporting were added to the document. In the Section III question number 84, 85 and 86, ESMA provided detailed explanations and examples on the reporting obligation of NET DV01, NET CS01 and NET Equity Delta of the AIF.

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acarda adds InReg for increased European regulatory monitoring

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