AIFMD reporting survey
What lies ahead, what went before
In response to the last financial crisis, there has been a global regulatory drive for greater financial transparency, and reporting schemes such as those under the European Market Infrastructure Regulation (EMIR), Markets in Financial Instruments Regulation (MiFIR), Packaged Retail and Insurance-based Investment Products (PRIIPS), Solvency II, and the Alternative Investment Fund Managers Directive (AIFMD) were put in place with this in mind.
The first round of AIFMD reporting is now behind us, providing a good opportunity to take a step back and consolidate our findings and experiences of the process. Certainly, there is still much ongoing discussion concerning the use and nature of the data collected, but while this debate continues, the survey results from this first round give a preliminary understanding of the reporting process and allow for the development of a more strategic approach for future iterations. Whether the future reporting requirements of AIFMD will remain the same or not is uncertain and depends on the evaluation of regulatory authorities as well as on the maintenance of an ongoing dialogue between fund managers and regulators.
What is more certain is that the production landscape certainly warrants change, as our recent survey suggests.
In addition to these immediate conclusions, in broader AIFMD perspective, the survey results also give indications of how important the distribution of non-EU products remains for asset managers and of the level of challenge they will potentially have to face once the European Securities and Markets Authority (ESMA) decides on the future direction of the AIFMD passport for non-European managers and funds.
Performance magazine issue 18, September 2015
Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.