October 2017: Tapestry Alert: Financial Services: EU: ESMA Publishes updated AIFMD and UCITS Q&A

The European Securities and Markets Authority (ESMA) has published updated Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS Directive). The updated AIFMD Q&A includes new responses covering remuneration disclosure.

  • For the AIFMD Q&A, click here.
  • For the UCITS Q&A, click here.


ESMA publishes Q&A documents to promote common supervisory approaches in the implementation of the Directives. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of those Directives.

The Q&A is aimed at competent authorities to ensure that supervisory activities are consistent with the responses adopted by ESMA. However, the answers are also intended to help firms by clarifying the content of the rules, rather than creating an extra layer of requirements.

The Q&A contains clarity on the application of certain remuneration requirements, amongst other topics.


The AIFMD Q&A has been updated to include two new responses relating to remuneration:

  • clarity that remuneration-related disclosure requirements under Article 22(2)(e) of the AIFMD also apply to the staff of the delegate of an AIFM to whom portfolio management or risk management activities have been delegated, and details of what this disclosure should include; and
  • clarity that information mentioned under Article 22(2)(e) and (f) of the AIFMD cannot be disclosed in the annual report by the way of a link to a document where the relevant information is available. The information prescribed by Article 22(2)(e) and (f) of the AIFMD should be included in the annual report. This is without prejudice to references in the annual report to other documents where additional information may be found.

Tapestry Comment
The Q&A documents published by the European Supervisory Authorities, such as ESMA, are useful for firms seeking clarity on a point within the rules or guidance. These clarifications will be useful for Alternative Investment Fund Managers dealing with these points.

We will keep you updated if further remuneration-related amendments are published.

If you have any questions about your remuneration compliance, please do ask – we are always delighted to help!

Janet and Matthew

Janet CooperMatthew Hunter



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