Information subject to transparency requirements
In the context of the objective to increase transparency, the Directive introduces a new disclosure regime requiring AIFM to report detailed information about the AIF on a regular basis.
In respect of each AIF, an AIFM must provide an annual report no later than six months following the end of the financial year (prepared in accordance with the accounting standards of the home Member State of the AIF, or, as the case may be, in accordance with the accounting standards of the third country where the AIF has its registered office) to:
- investors (on request);
- the competent authorities of the home Member State of the AIFM; and
- where applicable, the home Member State of the AIF, for each of its AIF.
Disclosures in annual report
The annual report must contain the following elements:
- a balance-sheet or a statement of assets and liabilities;
- an income and expenditure account for the financial year;
- a report on the activities of the financial year;
- any material changes in the information disclosed to investors pursuant to Article 23 during the financial year covered by the report;
- the total amount of remuneration for the financial year (split into fixed and variable remuneration) paid by the AIFM to its staff members, the number of beneficiaries of such remuneration, and, where relevant, details of carried interests paid by the AIF; and
- the aggregate amount of remuneration broken down by senior management and members of staff of the AIFM whose actions have a material impact on the risk profile of the AIF.