The following important procedural steps can be identified:
1. Application scope
The reporting requirements will apply to AIFMs who have:
- Notified an AIF for marketing under an Article 42 AIFMD notification in the Netherlands;
- Notified an AIF for marketing under an Article 36 AIFMD notification in the Netherlands; or
- Notified an AIF for marketing in accordance with the Dutch designated state regime (Section 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht)).
2. Required information
The Periodic Reports must contain the information listed in Article 24 AIFMD (as further elaborated in Annex IV of the AIFMD Level 2 Regulation). In short, this includes:
- The principal markets and instruments in which the AIFM trades on behalf of all AIFs it manages;
- Details on each EU AIF managed by the AIFM and each AIF the AIFM offers in the EU(upon request) a detailed list of all the EU-AIFs the AIFM manages and all the AIFs offered by the AIFM in the EU.
3. Frequency and deadlines
Initially, non-EU AIFMs must file quarterly, half-yearly, and year-end Periodic Reports. The AFM will re-assess the reporting frequency using the ESMA reference table after each half year (H1/Q2, and H2/Q4).
The first report on Q1 2023 is due on 30 April 2023 (15 May 2023 for Fund-of-Funds). We refer to the AFM website for an (up-to-date) overview of the relevant submission deadlines. Newly notified AIFMs must first submit Periodic Reports to the AFM after the first full quarter has elapsed.
The AFM will commence executing validation checks on the Periodic Reports from Q1 2024 onwards. When these checks identify inconsistencies, AIFMs will be required to re-submit updated and corrected Periodic Reports.
4. Reporting instructions
Periodic Reports must be filed using the AFM’s online portal (Portaal AFM, the “AFM Portal”).
Filing Periodic Reports requires an AFM Portal account. Non-EU AIFMs must therefore register with the AFM Portal well ahead of the first reporting deadline. To that extent, non-EU AIFMs must take the following steps:
- A director of the non-EU AIFM must create a personal account on the AFM Portal;
- The director must link his/her personal account to the non-EU AIFM by declaring and demonstrating that he/she is a director of the non-EU AIFM;
- After completing steps (1) and (2), the director can authorise other persons within or outside the non-EU AIFM (that have created a personal account on the AFM Portal) to file reports on behalf of the non-EU AIFM.
Click here for the AFM instruction guide for registering an account on the AFM Portal. Should you need help with the registration process, please feel free to contact us.
You can find the guide on how to comply with the reporting requirements via the AFM Portal of the AFM here. Please note that Periodic Reports must be submitted in .xml format, using the ESMA template files, the instructions can be found on this website.