Scanning Special June 2014

EUROPE

competent authorities, the timing of such report- ing together with the procedures to be followed. What’s in there? On 25 March 2014, ESMA updated its AIFMD re- porting technical guidance by issuing: « Version 1.2 of ESMA/2013/1358 (AIFMD report- ing - XML documents); and « Rev3 version of ESMA /2013/1358 (AIFMD re- porting IT technical guidance). The description of changes is included in the IT technical guidance (2013/1358) in the Excel sheet “change history”. What’s next? The reporting frequency of authorised AIFMs de- pends on their assets under management, their strategies and their use of leverage. Please refer to the last update of the CSSF AIFMD Q&A as to get more information on AIFM reporting periods.

es shall be made. These guidelines reflect the legislative status and regulatory developments in Luxembourg, United Kingdom and Ireland as at 25 March 2014.

AIFMD: ESMA Q&A updated Background ESMA published on 17 February 2014 a Q&A on the application of the AIFMD. ESMA published on 25 March 2014 a Q&A on the application of the AIF- MD (ESMA 2014/296) that provides some insight on (1) the application of the AIFMD remuneration rules, (2) AIFs notification procedure and (3) the AIFM reporting to national competent authorities. What’s in there? On 25 March 2014, ESMA updated the “reporting” section 3 of the Q&A. What’s next? We will keep you informed of any further ESMA Q&A update. ESMA updates AIFM reporting technical guidance Background Regulation 231/2013 (AIFMD Level 2 Regulation) provides, inter alia, details on the AIFM reporting obligations to national competent authorities as required under Article 3 and Article 24 of AIFMD. It includes in particular, a comprehensive report- ing template that AIFMs will have to use to comply with their reporting obligations. In November 2013, ESMA issued a full set of re- porting guidelines providing clarification on the information that AIFMs should report to national THE Q&A IS AVAILABLE HERE.

AIMA’S PRESS RELEASE IS AVAILABLE HERE.

The AIFMD practical planning is available to AIMA’s members only.

ESMA consultation paper on Central Securities Depositories Regulation (CSDR) Background CSDR aims at creating a uniform European regula- tory framework for central securities depositories. The European Commission, the EU Parliament and the Council reached a political agreement on the draft legislation on 26 February 2014. What’s in there? On 20 March 2014, ESMA issued a consultation paper on the content of draft technical stand- ards (DTS) for the CSDR. This consultation paper follows the structure of the CSDR, with the first section focusing on settlement discipline. The second part focuses on CSD authorisation, representing most of the technical standards under CSDR. « A list of the possible minimum requirements for an application for registration as CSD; « A template for CSD registration application; and « A list of minimum information to be included in the CSD record so that a comprehensive The consultation paper also includes:

THE AIFMD REPORTING XML DOCUMENTS ARE AVAILABLE HERE.

THE AIFMD REPORTING IT TECHNICAL GUIDANCE IS AVAILABLE HERE.

AIFMD guidelines for hedge fund managers Background

Alternative investment funds managers falling into the scope of AIFMD must submit an applica- tion for authorisation by 22 July 2014. What’s in there? On 17 April 2014, the Alternative Investment Management Association (AIMA) released a new set of AIFMD guidelines for hedge fund managers. These guidelines highlight the impact of AIFMD on hedge funds’ managers business and identify key areas where strategic and operational choic-

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