ESMA final report on integrated collection of funds' data under AIFMD II

The European Securities and Markets Authority (ESMA) has published its final report on the integrated collection of funds' data, as part of its broader simplification and burden reduction agenda for EU reporting frameworks and due to legislative changes introduced by the Directive amending the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (AIFMD II). ESMA proposes moving away from fragmented national reporting requirements towards a common EU reporting framework based on a single reporting template, designed to be proportionate to different fund sizes and investment strategies, with the aim of reducing duplication and improving data consistency. This would operate under a hybrid operational model, with data collected at national level but with data validation, storage and analytics being organised at EU level. The EU-level centralised data hub would facilitate data sharing between authorities and limit duplicative data requests.

ESMA will take forward the conclusions of the report in the context of its forthcoming work on the regulatory and implementing technical standards under AIFMD II. It will publish a consultation paper later this year, with the aim of finalising the technical standards by April 2027. After that, the implementation of the new template and the remaining recommendations will be phased in, with the first phase integrating reporting under AIFMD II, and the second phase expanding the integrated framework to other reporting obligations. The go-live of reporting is expected in H1 2029 at the earliest.

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