On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD) (2014/ESMA/163).

The aim of the Q&A is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures. The answers are also intended to help alternative investment fund managers (AIFMs) by providing clarity as to the content of the AIFMD rules. The questions relate to the following matters: first application of the remuneration rules, remuneration rules in the case of delegation of portfolio management or risk management activities, annex IV of the AIFMD, notification of alternative investment funds (AIFs) and reporting under Article 42 of the AIFMD. Q&A.