The European Securities and Markets Authority (ESMA) has released its latest update to the running AIFMD Q&As  and UCITS Q&As, which contains new Q&As in relation to the format and modalities of the periodic reporting under SFTR for UCITS and AIFs on the use of SFTs and total return swaps.  

The AIFMD document also contains two new Q&As regarding remuneration disclosures and its application to delegate structures. It notably recommends that remuneration disclosures apply to portfolio and risk management delegates, and should be done on a prorated basis “for the part of the AIF’s assets which are managed by the identified staff within the delegate”. The second Q&A requires remuneration information to be included in full in the annual report, rather than by way of a link.

If you have any questions please contact Marie Adelaide de Nicolay.