Entrée en vigueur le 23 août 2021 des Orientations de l’ESMA portant sur l’article 25 de la Directive 2011/61/EU (AIFMD) (uniquement en anglais)

The Guidelines on Article 25 of Directive 2011/61/EU (AIFMD) concerning leverage-related systemic risk in the alternative investment funds sector were published on the European Securities and Markets Authority (ESMA) website on 17 December 2020 and were designed to be applicable two months after the publication of their translations on ESMA’s website in all official EU languages.

The CSSF hereby informs market participants that the official translations were published on the ESMA website on 23 June 2021. As a consequence, the Guidelines are applicable as from 23 August 2021.

The main objective of the Guidelines, which apply only to National Competent Authorities (NCAs) and not to market participants, is to ensure the common, uniform and consistent application of Article 25 of the AIFMD.

In particular, the Guidelines relate to the assessment of leverage-related systemic risk and aim to ensure that NCAs adopt a consistent approach when assessing whether the conditions for imposing leverage-related measures are met.