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ESMA publishes updated AIFMD and UCITS Q&A

11 July 2017

The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).

The AIFMD Q&A includes three new questions and answers on the 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 UCITS Q&A include 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.