ESMA Q&A

ESMA Q&A on Application of AIFMD

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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.

Short Selling: ESMA Questions and Answers

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On October 10, ESMA published a first update to its Questions and Answers on the implementation of the Regulation on short selling and certain aspects of credit default swaps (the Short Selling Regulation).  ESMA’s Questions and Answers provides responses to questions posed by market participants and regulatory authorities, with the aim of promoting the consistent application of the Short Selling Regulation throughout Europe.  The Questions and Answers have been updated in respect of questions related to: 

  • the transparency of net short positions;
  • calculating the net short position;
  • uncovered short sales;
  • the duration adjustment for calculating net short positions in sovereign debt;
  • net short positions when different entities in a group have long or short positions or for fund management activities; and
  • exemption for market making activities and for primary dealers operations.