The Belgian Financial Services and Markets Authority (FSMA) has issued a circular that aims to clarify technical details of how managers registered and approved in Belgium of alternative investment funds (AIFs) of the European Union (EU) or of AIFs marketed in a EU member state, should comply with the reporting obligations set out in the law of April 19, 2014 on alternative investment funds and their managers (AIFM Law).
The frequency and nature of the reporting requirements depend on managers’ levels of assets under management, investment strategies and use (if any) of leverage. The managers will have the responsibility to determine the frequency of each reporting, to comply with such frequency and to notify the FSMA of potential changes of frequency. Regarding the calculation of assets under management, managers should refer to article 2 of the European Commission Regulation 231/2013 of December 19, 2013 (Level 2 Implementing Regulation).
Reporting to the FSMA should be established in accordance with the reporting templates of Annex IV of the Level 2 Implementing Regulation. Regarding the content of information to be provided in the templates of Annex IV, FSMA refers to the guidelines 2013/1339 of the European Securities and Markets Authority (ESMA). Text fields in the relevant tables should be completed in English.
FSMA further indicates that there are four types of reporting:
- Reporting relating to the manager of AIFs;
- Reporting relating to the AIF;
- Reporting relating to the AIF which is using substantial leverage;
- Additional reporting (upon request from the FSMA and for which there is neither a template included in Annex IV nor tables published by ESMA).
FSMA circular specifies that the reporting files should be submitted electronically exclusively via the FiMiS platform (Financial Institutions and Markets Information System). The manager should officially notify the FSMA with the names and relevant information of the two persons who will be in charge of the filing via the FiMiS platform and the FSMA will provide personal certificates for access to the platform to such persons.
A test period regarding the functionalities, the downloading and filing of the reporting files on FiMiS platform will be put in place. Managers interested by such test should contact the FSMA via email.