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Dear Chair: ESMA’s Latest Technical Guidance on AIFMD Reporting Explained


Yesterday, 21st of April, 2023, the Central Bank of Ireland (the “Central Bank”) sent a Dear Chair letter to all Alternative Investment Fund Managers in Ireland. In the Central Bank letter, Darragh Rossi, Head of Division, Funds Supervision Division, set out significant AIFMD reporting changes that the Central Bank will implement in November 2023.


The significant changes are a result of the 6th of January, 2023, ESMA publication of IT technical guidance revision 5 relating to AIFMD reporting. The ESMA changes introduce new rule validations for the Alternative Investment Fund Manager Return and the Alternative Investment Fund Return, making more fields mandatory and including stricter rules to improve data quality. As a result of the ESMA changes alternative investment managers including Authorised AIFMs, Registered AIFMs, Non-EU AIFMs and Internally Managed AIFs, may now have reporting obligations regarding AIFMD reporting. According to the Central Bank, it is the responsibility of the firm to determine if it has a reporting obligation to the Central Bank and it is also the responsibility of the firm to determine the reporting frequency.

End-to-end data management and data quality has long been an issue for Alternative Investment Fund Managers and now the European regulators will increase the regulatory burden in that area. The Central Bank has made it clear in the letter from Darragh Rossi that Irish AIFMs will be required to resubmit incorrect returns and that firms submitting incorrect or late returns may be subject to further action.It is important for firms to stay up-to-date with regulatory changes and to comply with reporting obligations to avoid reputational damage and potential legal action. The AQMetrics solution ensures accurate and timely reporting to the Central Bank at all times even in the face of significant regulatory change.

AQMetrics keeps up-to-date with developments published by ESMA and the Central Bank so that our clients don’t have to. AQMetrics is familiar with the proposed changes outlined in the IT technical guidance revision 5 documents and has started to develop and test its solution for the emerging regulatory change so that AQMetrics is ready well ahead of the implementation date.

Read our datasheet on AQMetrics approach to data management for fund managers including AIFMs.


Contact us if your firm has a reporting obligation and you require assistance in meeting the new regulatory requirements.


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