The European Securities and Markets Authority has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). The AIFMD Q&A includes three new questions and answers on the reporting requirements for:

• Loans purchased on the secondary market;
• Conversion of the total value of assets under management; and
• Currency of the net asset value.

The UCITS Q&A include two new questions and answers on:

• Issuer concentration; and
• Group links, independence and cooling-off periods.

This updated Q&A incorporates AIMA proposals submitted to ESMA in September 2016 that the Guidelines should be revised so that AIFs are not required to use the notional value of loans in their portfolio to measure the AIF’s exposure to such loans

If members have any questions or comments please contact Nick Smith