In February 2014, the European Securities and Markets Authority (ESMA) issued answers to important questions on the application of the Alternative Investment Funds Managers Directive. The Q&As ranged from questions related to remuneration to notifications of AIFs and also reporting obligations.
In July 2014, the ESMA issued an updated version of the same Q&As, dealing with new questions related to the reporting obligations of national authorities, and also questions regarding depositaries and the calculation of leverage.
The raison d’être behind the addition of the new questions and answers regarding the reporting obligations of national authorities is to foster cooperation in supervisory approaches and application of the Directive. Questions 22 to 35 are new additions.
The last two sections of the Q&As, namely Section VI on Depositaries and Section VII on the Calculation of Leverage, are completely new. The questions range from those related to cash monitoring duties to delegation of responsibility, and also 3 questions specifically targeted at the calculation of leverage.