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ESMA updates AIFMD Q&As

29 March 2019

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).

ESMA has added two new Q&As on calculation of leverage under AIFMD.

The Q&As provides clarification on:

  • the treatment of short-term interest rate futures for the purposes of AIFMD leverage exposure calculations according to the gross and commitment methods;
  • the required frequency of the calculation of leverage by an AIFM managing an EU AIF which employs leverage.

The purpose of this Q&A document is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures.