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This is the fifth publication to date and likely not the last. The latest version significantly elaborates on the reporting obligations to national competent authorities under Articles 3, 24 and 42. It also adds a new section on the delegation of portfolio management and/or risk management.
For non-EU AIFMs marketing their AIFs in the Union under Article 42 of the AIFMD, the reporting obligations to national competent authorities does not depend on the actual marketing period of the AIF but rather on the existence of investors in the AIF in the jurisdiction of the authority concerned. Therefore, non-EU AIFMs should continue to report to national competent authorities after the marketing period has ended unless they confirm that no investors in the jurisdiction of the authority concerned are invested in the AIFs.
According to Article 110 of the implementing Regulation, AIFMs shall take into account all the EU AIFs they manage and AIFs they market in the Union to calculate the reporting frequency. The AIFM should therefore calculate a unique reporting frequency taking into account all the AIFs it markets in the Union and apply the same reporting frequency to all Member States where it markets its AIFs.
The position type in relation to a derivative instrument should be determined by reference to the exposure to the underlying of the derivative instrument. As a result, a long position on a put option should be reported as ‘Short’ whereas a short position on a put option should be reported as ‘Long’.