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ESMA issues final guidelines on AIFMD reporting
Time to prepare
The wait for the final set of reporting guidelines under AIFMD is now over. A number of helpful and important new clarifications have been made, enabling AIFMs to step up their preparations.
Much to the relief of industry, initial reporting will now be aligned with authorisation and the quarterly calendar year. This will allow for a phasing in of filings from 2014.
AIFMs will need to consider a separate opinion ESMA issued to national regulators advising them to collect some additional items of information. The guidelines now pass to national regulations for adoption and roll-out.
This briefing provides a summary of the key changes in comparison with the draft guidelines and key impacts for AIFMs to consider, as they finalise their preparations for AIFMD reporting. Key areas addressed include:
- Transitional arrangements and reporting cycle
- ESMA ‘opinion’ and additional risk metrics
- Non-EU AIFM reporting
- Master-feeder and fund of funds requirements
- Value of turnover
- Consolidated template
The guidelines will be translated into the official languages of the EU. National regulators will then have two months from the date of the publication of the translations on ESMA’s website, to confirm to ESMA whether they comply or intend to comply with the guidelines by incorporating them into their supervisory practices.
ESMA has fully standardised the format of the reporting to national authorities. It is hoped that national authorities will not alter or add to this format, as to do so would create additional challenge and
inefficiencies for AIFMs.
Developments with regard to ESMA’s opinion on additional information requests will need to be monitored carefully.
AIFMs should now move to finalise their reporting arrangements in line with the new guidelines.
How can we help?
Deloitte offers a range of solutions on AIFMD reporting tailored to your business requirements. Whether you are at the start or the end of the process, whether you are an AIFM or a fund service provider, Deloitte can help.
We can provide:
- A fully managed reporting solution
- A partially outsourced solution
- A complete AIFMD notification and disclosure offering
- A validation process over the design of your reporting programme