The European Securities and Markets Authority (ESMA) has updated its Questions and Answers on the Alternative Investment Fund Managers Directive (AIFMD).
One new Q&A has been added with regard to reporting to National Competent Authorities. ESMA has provided clarification on reporting on liquidity stress tests for closed-ended unleveraged Alternative Investment Funds (AIFs). These AIFs are exempt from the requirement to implement liquidity risk management systems, yet the reporting field is required. The new Q&A instructs AIFMs to indicate that the question is “Not Applicable” and to report the fact that the AIF is a closed-ended unleveraged AIF. However, if the AIFM does conduct liquidity stress tests for the AIF, the results must be reported in the field.
The update can be found at Section III, Question 83 by clicking here.
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