On October 5, the European Securities and Markets Authority (ESMA) updated two question and answer documents: one relating to the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the other relating to the Alternative Investment Fund Managers Directive (AIFMD).

The updated UCITS Q&A contains one new question and answer on periodic reporting under Article 13 of the Regulation, which relates to the reporting and transparency of securities financing transactions (SFTR) for UCITS and alternative investment funds (AIFs) for investors using securities financing transactions (SFTs) and total return swaps.

The updated AIFMD Q&A contains new questions and answers relating to the following topics:

  • the application of remuneration disclosure requirements to staff of the delegate of an alternative investment fund manager (AIFM) to whom portfolio management or risk management activities have been delegated;
  • the manner of disclosure of AIFM delegates’ staff remuneration in annual reports; and
  • periodic reporting (under Article 13 of the SFTR) for UCITS and AIFs to investors on the use of SFTs and total return swaps.

The UCITS Q&A and AIFMD Q&A are available here and here.