On the 21^st July 2014, the European Markets and Securities Authority (ESMA) published a set of updated Q&As in respect of the application of the Alternative Investment Fund Managers Directive (‘AIFMD’).

The updated Q&A clarifies:

1. the reporting obligations to National Competent Authorities; and
2. the obligations for depositaries and the calculation of leverage.

The Q&As are aimed at National Competent Authorities with a view to promoting common supervisory approaches and practices in the application of the AIFMD and its implementing measures. The content of ESMA’s responses is also helpful to AIFMs in that it provides clarity as to the content of the AIFMD rules, rather than creating an extra layer of requirements.

The said Q&As are reviewed by ESMA on an ongoing basis such that they may be edited and updated as necessary, when new questions are received.

ESMA’s updated Q&A document is available on its official website.