The European Securities and Markets Authority has published a consultation paper on May 24, 2013 on its proposed guidelines for national regulators on the reporting obligations placed on alternative fund managers under Articles 3 and 24 of the Alternative Investment Fund Managers Directive.
The guidelines have been drawn up to assist the national securities market regulators of European Union member states by providing clarification on the information that managers should provide to their regulators, the timing of reporting, and the procedures to be followed when managers move from one reporting obligation to another.
The consultation paper also includes the reporting template set out in Regulation 231/2013, and a diagram summarising managers' reporting obligations, depending on the total value of their assets under management and the nature of the alternative investment funds they manage or market in the EU.
The paper, which also provides stakeholders with detailed IT guidance for XML filing, is accompanied by the publication of the reporting XSD schema (ESMA/2013/599) that alternative fund managers will have to use to report the information under Articles 3 and 24 to national regulators. ESMA is also seeking feedback from stakeholders on the reporting schema.
The authority says it will consider all comments received by July 1. It will use feedback from the consultation in finalising the guidelines on reporting obligations under Articles 3 and 24 of the directive.
In our AIFM Directive blog on our website, we will continue to track and analyse progress toward the full implementation of the AIFM Directive, following the publication of the Level 2 regulation by the European Commission at the end of last year, including the progress of EU member states toward adoption of the primary legislation and the process of drafting technical guidance.
Olivier Sciales
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