Summary of SPOT inspections on AIFM reporting by asset management companies

This series of SPOT inspections for 2019 targeting “AIFM” asset management companies (AMCs) consisted of a review of the AIFM reporting system of five market participants. As announced in the AMF’s supervision priorities for 2019: “One of the primary objectives of the AIFM Directive was to introduce reporting requirements for AMCs and alternative investment funds (AIFs) for supervisory and financial stability purposes. The Directive requires management companies to produce a risk report, providing information on the management company and the funds it manages, relating to both the composition of assets and the level of risk of each fund (liquidity, leverage, etc.). It must also include descriptive data on the strategy and exposures of each AIF. The quality of the data received remains a crucial issue. […] Work is also being carried out at the European level within the European Securities and Markets Authority (ESMA).” This supervisory action is a continuation of the study by C. Le Moign and K. Siempis published in January 2019 entitled Initial Lessons Learned from AIFM Reporting