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ESMA updates AIFMD and UCITS Q&As

05 October 2017

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

The UCITS Q&A includes one new question and answer on:

  • Periodic reporting under Article 13 of SFTR for UCITS and AIFs to investors on the use of SFTs and total return swaps.

The AIFMD Q&A includes three new questions and answers on:

  • Application of remuneration disclosure requirements to staff of the delegate of an AIFM to whom portfolio management or risk management activities have been delegated;
  • Manner of disclosure of AIFM delegates’ staff remuneration in Annual Reports; and
  • Periodic reporting under Article 13 of SFTR for UCITS and AIFs to investors on the use of SFTs and total return swaps.

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.