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By Zach Milloy, London-based partner at global law firm Paul Hastings LLP.

The AIFMD contains numerous ongoing obligations that apply to sponsors and funds long after fundraising has been completed. As part of our AIFMD refresher series, this article summarizes one of the key AIFMD ongoing requirements that both EU and non-EU alternative investment fund managers must comply with for each fund marketed in the European Union and the United Kingdom. As most sponsors are aware, the AIFMD includes ongoing compliance requirements, including reporting to regulators and investors, post-deal notifications to EU and UK regulators and ESG investor reporting - this article focuses on the AIFMD-compliant annual report under Article 22 of the AIFMD.

Key Takeaway

Given the requirement to include ESG reporting under the EU SFDR in a fund's AIFMD Annual Report, fund managers should be aware of a potential increase in investor requests for a fund's AIFMD-compliant annual report.

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Both EU and non-EU fund managers marketing an alternative investment fund in the EU or the UK (either under an EU marketing passport or the relevant national placement regimes (AIFMs)) are required to prepare an AIFMD-compliant annual report which should be made available to either their home member state regulator or the regulators in each jurisdiction where the fund is registered for marketing, and to investors, on request.

Pursuant to Article 22 of the A......................

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