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ESMA publishes updated AIFMD and UCITS Q&As

24 May 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&As include three new questions and answers on:

  • Reporting to National Competent Authorities (NCAs) on the breakdown between retail and professional investors;
  • Notification of AIFMs on the AIFs to be managed, if domiciled in another Member State; and
  • Use by an AIF of the exemption for intragroup transactions under Article 4(2) of Regulation (EU) 648/2012 (EMIR), if subject to the clearing obligation of Article 4(1) of EMIR.

 

The UCITS Q&As include one new question and answer on:

  • Application to UCITS of the exemption for intragroup transactions under Article 4(2) of Regulation (EU) 648/2012 (EMIR), if subject to the clearing obligation of Article 4(1) of EMIR.

 

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.