AIFM ESMA Q&A: Update October 2017

Additional questions have been added to the ESMA Q&A on the application of the AIFM Directive. Those questions relate to the disclosures to be inserted in the annual reports in accordance with (i) SFT Regulation¹ and (ii) Article 22 of the AIFM Directive.

As regards the SFT Regulation, ESMA adopts the same approach as for UCITS for disclosing the information required by Article 13 and Section A of the Annex of this Regulation.

In addition, ESMA clarifies that the remuneration-related disclosure requirements under Article 22 (2) (e) also apply to the staff of the delegate of an AIFM to whom portfolio management or risk management activities have been delegated. ESMA also provides for two different ways for complying with this requirement.

Finally, ESMA indicates that it is not possible to insert in the annual reports a link to a document where the information required pursuant to Article 22 (2) (e) and (f) of the AIFM Directive is available in order to comply with the AIFM Directive.