Insights

AIFMD alerts

There have been a number of recent updates from the Central Bank regarding AIFMD including the release of a ninth edition of it's AIFMD Q&A and the publication of the matrix of first reporting dates.

Reporting dates matrix

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Reporting dates matrix

In its Final Report on guidelines on reporting obligations under Articles 3(3)d and 24(1), (2) and (4) of the AIFMD, ESMA reported that stakeholders had asked ESMA to clarity when AIFMS should start reporting to their national Competent Authorities. ESMA confirmed that AIFMS should start reporting “as from the first day of the following quarter after they have information to report until the end of the first reporting period. For example, an AIFM subject to half-yearly reporting obligation that has information to report as from 15 February would start reporting information to their national competent authority as from 1 April to 30 June.”

To assist stakeholder with further clarification, the Central Bank of Ireland has published on its website a “Reporting Dates Matrix” clearly outlining the dates of submission for first reports for each entity type based on authorisation, registration and notification date.  

The Central Bank of Ireland has issued a ninth edition of its AIFMD Q&A

The updated AIFMD Q&A introduces 2 new Q&A's relating to derogations from the NU Notices: Q&A 1071 and Q&A 1054.

Q&A 1071 confirms that any derogation granted under the NU Notices to funds which transition to AIF (both QIF and retail) will fall away once the fund becomes subject to the AIF Rulebook. Any derogation previously given will have to be re-applied for and will be considered on a case by case basis. The application for a derogation under the AIF Rulebook will require a detailed proposal and justification for the derogation.

Q&A 1054 provides one exception to the above rule. A QIF feeder scheme with a derogation to invest in an unregulated master will not have to re-apply for this derogation.
 

ESMA publishes its “Guidelines Compliance Table”

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ESMA guidelines compliance table

On 20th June 2014, European Securities and Markets Authority (“ESMA”) published a table summarising the responses received from competent authorities confirming an intention to comply with ESMA’s guidelines on the model Memorandum of Understanding (“MOU”) concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities (the “Guidelines”). Responses were received from 28 countries, 27 of whom confirmed an intention to comply.

As a consequence of late transposition of the AIFMD in Slovenia, neither the Securities Market Agency of Slovenia, nor any other entity, has been designated the competent authority for Slovenia under Article 44 of the AIFMD.

No response was received from Gibraltar.

AIFMD key dates

22 July 2014: the AIFMFD transitional period ceases.

2015: ESMA is due to report on the passport system for EU AIFs and AIFMs, national private placement regimes, and whether to ‘turn on’ the EU passport for 3rd country AIFMs / AIFs.

2015: Dependant on ESMA's recommendation above, the European Commission (EC) may ‘turn on’ the EU passport for 3rd country AIFMs / AIFs.

2017: EC to begin its review of the AIFM Directive.

2018: ESMA is due to publish a second report on the functioning of the passport and whether to ‘turn off’ national private placement regimes.
 

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