On December 2, 2015 the European Securities and Markets Authority (ESMA) published an updated Question and Answer document in relation to the Alternative Investment Fund Managers Directive (AIFMD) which puts in place a comprehensive framework for the regulation of alternative investment fund managers within Europe.

The document provides responses to questions asked by the general public and is updated on a rolling basis in the place of a formal consultation process. The Q&A was last updated in July 2015 and the new additions to the document are highlighted in yellow; these primarily concern reporting to national competent authorities.