Level 3 Guidance & Q&As

AIFMD Level 3 Guidelines & Q&As

Official ESMA and EBA Guidelines, Supervisory Briefings, Opinions, and Questions & Answers supplementing Directive 2011/61/EU.

9 measures & guidance

Guidelines & supervisory guidance

7 items

Measure type	Title & reference	Summary & scope	Target articles
ESMA Guidelines	Guidelines on sound remuneration policies ↗ ESMA/2013/232	Principles and criteria for sound remuneration policies for AIFMs	Art. 13
ESMA Guidelines	Guidelines on key concepts of the AIFMD ↗ ESMA/2013/611	Concepts and criteria to determine the qualification of entities as AIFs and AIFMs	Art. 4
ESMA Guidelines	Guidelines on model MoU for information exchange with third-country authorities ↗ ESMA/2013/998	Standard model cooperation arrangements between EU NCAs and third-country supervisory authorities	Art. 20 Art. 21 Art. 34 Art. 35 Art. 36 Art. 37 Art. 40 Art. 42
ESMA Guidelines	Guidelines on reporting obligations ↗ ESMA/2014/869	Periodic reporting requirements, data templates, and XML specs for AIFMs reporting to NCAs	Art. 3 Art. 24
ESMA Guidelines	Guidelines on liquidity stress testing in UCITS and AIFs ↗ ESMA34-39-897	Liquidity stress testing principles for fund managers to assess portfolio liquidity risks	Art. 16
ESMA Guidelines	Guidelines on performance fees in UCITS and certain types of AIFs ↗ ESMA34-39-992	Standardised model for calculating and charging performance fees in retail-marketed AIFs	Art. 43
ESMA Guidelines	Guidelines on funds' names using ESG or sustainability-related terms ↗ ESMA34-472-440	Minimum portfolio thresholds and exclusion criteria for funds using ESG or sustainability terms in their names	Art. 23

2 Q&As

Measure type	Q&A reference	Subject & question scope	Target articles
Q&A	ESMA AIFMD Q&A (Archive to 2023) ↗	Questions & Answers on the application of the AIFMD (Consolidated document up to 31 Dec 2023)	Art. all
Q&A	ESMA Single Rulebook Q&A Tool ↗	ESMA Interactive Single Rulebook Q&A Search Tool (AIFMD questions from 1 Jan 2024 onwards)	Art. all