AIFMD requires competent authorities in each Member States to provide ESMA with information on the AIFMs that are managing or marketing AIFs under their supervision either under the application of the passport regime or under that Member State’s national regime.

ESMA has now issued technical advice to the European Commission regarding the content and detail of such information.

Background

Under the current rules of AIFMD, EU AIFMs benefit from the EU passport when managing and marketing EU AIFs in the EU.  By contrast, non-EU AIFs and non-EU AIFMs are subject to the national private placement regime of each of the Member States where they market or manage AIFs.  AIFMD makes provision for the passport to be potentially extended in the future. The information provided to ESMA by the Competent Authorities will allow ESMA to advise on whether the passport regime should be extended to third country AIFMs and AIFs.

Information to be provided

ESMA’s technical advice provides that each national competent authority will be required to provide the following information on a quarterly basis:

• Information regarding the functioning of the passport for EU AIFMs managing or marketing EU AIFs. This will include the number of authorised AIFMs that use the EU passport for marketing or managing AIFs and any failures by an AIFM to provide information to host competent authorities. The average time between the receipt of a complete notification file from an AIFM and its transmission from the home state regulator to the host competent authority will also be requested.
• Information regarding the number of EU and non-EU AIFMs marketing non-EU AIFs and details of any supervisory actions or sanctions imposed. The number of on-site visits that a competent authority has performed at the premises of non-EU AIFMs, in accordance with the AIFMD Memorandum of Understanding, will also be requested. 
• Whether AIFMs have moved to non-EU countries (and the reasons for such a move) and whether AIFMs have encountered difficulties or limitations in establishing themselves or marketing AIFs in any third country.

The first deadline for the delivery of this information is 19 May 2014.

Contributed by Vincent Coyne