AIFMD: on the road to implementation
Key developments and impacts
The Alternative Investment Fund Managers Directive (AIFMD) provides a brand new EU framework for the regulation and oversight of alternative investment fund managers (AIFMs). For the first time, AIFMs are required to seek authorisation under a comprehensive regime with far-reaching business impacts.
Time to prepare: ESMA issues final guidelines on AIFMD reporting
The wait for the final set of reporting guidelines under the Alternative Investment Fund Managers Directive (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 31 January 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.
Minimise effort and risk with AIFMD reporting: Get a head start
The reporting framework for AIFMD is now finalised. Fund service providers are ideally placed to assist clients with the new reporting obligations and thereby develop new service offerings from AIFMD.
However, implementing an AIFMD reporting solution is not without challenges and risks. Clients need to know that the reporting solution is correctly calibrated. Deloitte can assist you to get your AIFMD reporting solution right first time – minimising the effort for you and the risk to your business.
The AIFMD reporting requirements are detailed and comprehensive, involving high volumes of static and dynamic data from the AIFM, fund accounting, shareholder services and custody.
Particular care needs to be taken to ensure that the regulatory AuM and leverage exposure calculation methodologies have been interpreted and applied correctly.