The European regulator ESMA just published a small addition to its Q&A relating to the AIFM Directive.

Before outlining them, could someone please tell European Securities and Markets Authority (ESMA) that the new format of the Q&A used since 2024 as a sort of database is the definition of un-intuitive and not user-friendly? I understand it is simple for ESMA to just throw everything in a data base without any categorisation, and let any user trust its luck to find the right keywords when looking for a specific topic. But for anyone wanting to use the content it is an absolute nightmare.

The two new points treated are not fundamental revelations, but rather clarifications of existing administrative practice:

– AIFMs cannot delegate the portfolio management function to an entity that is not under public supervision.
– AIFMs are not allowed to hold client money.