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Iceland and the AIFMD reporting XML

Iceland and the AIFMD reporting XML

Only in February this year the EU issued a notice to UK Asset Managers and stakeholders stating that in event of no agreement, as of March 30th 2019, all UCITS funds and UK AIF managers will become non-EU AIFs and will need to comply with regulations applicable to non-EU AIFs, including the so called national private placement regimes. This will involve the funds or managers obtaining permission to market their funds in a respective EU country, and with respect to regulatory reporting will also require the funds to submit AIFMD Annex IV reports in the country the fund is marketing within. With only 6 months to go some AIFs and UCITS are already in the process of implementing contingency plans in the event of a no-deal scenario.

According to the new bill that passed the Icelandic parliament on May 11 2020, Alternative Investment Managers (AIFMs) authorized or registered by the Icelandic FSA will need to file their transparency report to the Icelandic FSA in an eXtensible Markup Language (XML) format. The new act applies to managers who operate or market one or more AIFs in Iceland or other states within the EEA, regardless of the form of the AIF (open-end or closed-end).

Before the Alternative Investment Fund Directive (AIFMD) passed into law in Iceland, funds operating under the UCITS Directive have been submitting their regulatory reporting through web services. Download the instructions on data submissions using the Icelandic FSA (FME) web services here.

How does the new process work?

AIFMs authorised or registered under AIFMD will need to get access to the Icelandic FSA reporting system by requesting a username and password. There, they will be able to file the AIFMD reporting XML for regulatory reporting.

When do I need to submit the AIFMD reporting XML?

Regulatory reporting under (AIFMD) starts as of 2021, with the first report to be submitted before 31.01.2021 for the operating year ending 31.12.2020.

What transparency information is required for Annex IV reporting?

The AIFMD Annex IV report is split into two separate reports, the AIFM report for the alternative investment fund manager and the AIF report for the alternative investment funds. The transparency information required for the Annex IV report can be found in the AIFMD Annex IV resource section.

Which version of the AIFMD reporting XML do I need to file?

You can file the standard ESMA 1.2 XML that validates against the schemas located on the ESMA webpage.

Can multiple funds be filed in one XML file, or does each fund need its own XML file?

There will be one AIF report for all the alternative investment funds operated by the AIFM. So yes, multiple funds can be filed in one XML file.

How can I make the AIFMD Annex IV reporting simple and efficient?

AIFMs looking for a standalone solution for AIFMD Annex IV reporting might want to take a look at Matterhorn’s AIFMD Annex IV reporting software. We offer an Annex IV reporting template that includes a comprehensive description of what information is required in each field. Our software application validates the clients data against ESMA requirements and checks consistency. Geographical, counterparty and other look-throughs will be automatically calculated for AIF and AIFM. With our AIFMD reporting software you can generate the right AIFMD reporting XML for multiple jurisdictions at the click of a button, from one data feed.

Our system is designed in such a way that all application logic and data processing is executed locally. No data will leave your premises making it extremely secure.


About Matterhorn

Matterhorn Reporting Services is a RegTech company helping financial organizations to meet the challenges of an increasingly complex international regulatory environment. We do this by offering our Regulatory Reporting Hub (RegHub) applications that streamline and simplify your compliance and reporting obligations. Our knowledgeable consultants constantly monitor the evolution of the different regulations and ensure our applications are always kept up-to-date.
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