Reporting obligation for non-EU AIFMs as of Q1 2023

Reporting obligation for non-EU AIFMs as of Q1 2023

Notified managers of alternative investment funds (Alternative Investment Fund Managers, AIFMs) and funds from outside the EU are currently exempt from certain reporting obligations under the Alternative Investment Funds Managers Directive (AIFMD) in the Netherlands.

However, the AFM has recently indicated that this exemption will soon expire. Non-EU AIFMs will be obliged to report to the AFM with effect from Q1 2023 and submit their first reports in April 2023.

To be able to submit these reports, a non-EU AIFM should have an AFM Portal account. The AFM has published information on how a non-EU AIFM should apply for login details (link) and on how a non-EU AIFM can submit the relevant reports via the AFM Portal (link).

The AFM will also supervise data quality. The AFM, together with ESMA, will annually review the data quality of the fund reports by means of a Data Quality Engagement Framework (DQEF) review. These reviews identify inconsistencies in the reporting that are probably due to reporting errors. The AFM has indicated that the reports submitted in 2023 will not be subject to a DQEF review.

It is important that the non-EU AIFMs will start to prepare for this additional reporting obligation.