Transparency or Annex IV Reporting Solutions
With few exceptions, non-UCITS funds that are marketed into the EEA are classified under European rules as Alternative Investment Funds (AIFs). Managers of AIFs, regardless of where they are located, are required to perform ‘Transparency’ or ‘Annex IV’ reporting within the EEA. Where the manager is an EEA authorised Alternative Investment Fund Manager (AIFM), it must report to its home state regulator in respect of all funds managed and marketed in the EEA. Third country managers must report to the relevant regulator of each jurisdiction in which an AIF is marketed. The scale and scope of this reporting can, thus, be significant.
Further, the mandatory reporting taxonomies are highly granular. Each contains 38 detailed questions relating to the AIFM and circa 300 pertaining to each AIF, covering both static and non-static information. The information to be reported must be obtained from a variety of sources, typically including:
- The AIFM’s own accounting and prudential records,
- Transactional, position and valuation data maintained by fund administrators, and
- Other third-party sources and systems.
The reporting frequency is determined by the Assets under Management of AIFs managed and / or marketed in the EEA, and range from a quarterly to annual requirement.
ACA can help ease the burden of this reporting requirement. However simple or complex a firm’s transparency reporting needs are, our unparalleled regulatory and reporting expertise can assist. Our transparency reporting solutions include:
- Ad hoc advice on discrete questions relating to taxonomies or Directive interpretation
- The review and/or challenge of in-house or administrator prepared filings
- Full “managed service” outsourcing for EEA and non-EEA AIFMs required to report to national regulators