AIFMD Update: MFSA Issues Guidance on Reporting Obligations

AIFMD Update: MFSA Issues Guidance on Reporting Obligations

On the 10th April 2015 the Malta Financial Services Authority (MFSA) published a Frequently Asked Questions (“FAQ”) document clarifying the reporting obligations incumbent upon AIFMs under Articles 3 and 24 of the Alternative Investment Fund Managers Directive (AIFMD).

The MFSA’s said FAQ document aims primarily to resolve various questions which it has received over the course of the past months from industry players with regards to the transparency reporting requirements applicable to AIFMs.

Accordingly, the MFSA has provided comprehensive feedback in relation to, inter alia, the following matters:

  • Timing and manner of submission of returns to the MFSA;
  • Clarifications re. the reporting submission dates for AIFMs and AIFs under transitional arrangements;
  • In the case of AIFMs managing fund of funds, the AIF information to be reported by the AIFM in relation to the underlying funds of the AIF;
  • The correct NAV to be used by the AIFM when the NAV of the fund of funds is not available at the end of the applicable reporting period;
  • A confirmation that a UCITS Manager which manages one or more PIFs or AIFs does fall within the scope of the AIFMD reporting obligations provided that the UCITS Manager would be required to report to the MFSA only in relation to the AIFs under management;
  • Clarification that AIFMs are permitted to delegate the operational function of transparency reporting to third party service providers, provided that the sole responsibility to ensure that the returns are submitted accurately and in a timely manner is retained by the AIFM;
  • What type of qualitative and quantitative information to be reported by AIFMs;
  • Confirmation that the Net Asset Value of an AIF should reflect the AIF’s net asset value per unit or share subject to the Offering Documents or instruments of incorporation;
  • The manner in which an AIFM should determine leverage on a substantial basis for the purposes of reporting under Article 24(4) AIFMD;
  • Clarification that the unique identifiers for AIFMs and AIFs will be the unique licence code available on the licence of the AIFM or AIF taking into consideration letters and numbers only (i.e. excluding any spaces and punctuation marks).

Moreover, the MFSA also revised the AIFMD FAQ document issued on 6th February 2014 and last revised on the 22nd September 2014, such that these have now been updated with additional questions and the section on transparency reporting requirements has been moved to the aforementioned new FAQ document on AIFMD Reporting.

The full FAQ document is available for download from the dedicated AIFMD section of the MFSA’s official website at:

https://www.mfsa.com.mt/pages/viewcontent.aspx?id=506

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