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BaFin AIFMD Reporting – Germany

The reporting obligation applies to AIF management companies (also known as AIFMs) based in Germany, that manage or intend to manage AIFs within Germany, the EU, or the EEA (European Economic Area).

  • The regulation also applies to German AIFMs managing funds outside the EU/EEA or marketing AIFs in the EU.
  • For foreign AIF management companies, the obligation applies as per Section 35 (6) of the German Investment Code (KAGB).
  • If a company is registered rather than licensed, it still has reporting obligations under Section 44 of KAGB.

Reporting Procedure

  • Data Format:
    • The reporting must be in XML format, following the technical specifications published by ESMA.
    • The reports should contain XML files for both AIFM (management company) and AIF (investment fund) data. Submitting data for each AIF separately is not allowed.
    • GZIP compression is required for the XML files, and they must be uploaded through the MVP Portal.

BaFin XML compliant solution:

AIFMD Annex IV – 2 solutions for Efficient Reporting
  • MVP Portal:
    • Data can only be submitted via the MVP (Melde- und Veröffentlichungssystem) portal.
    • Email submission or entry into an online form is not permissible.
    • You can access the technical specifications and guidelines for submission via the portal.
  • Submission Requirements:
    • Ensure that the XML files are GZIP-compressed before uploading.
    • The naming conventions for the GZIP files must be:
      • For AIFM reports: AIFM_<filename>.gz
      • For AIF reports: AIF_<filename>.gz
    • The files must not contain any characters other than 0-9, A-Z, a-z, ., _, –. The length of the filename is also limited to 100 characters.
    • It’s helpful to include the BaFin-ID and the name of the reporting company in the file name.

Technical Details

  • XML Specifications:
    • Only XML data following the ESMA XSD (XML Schema Definition) will be accepted. The current version of the XSD files is available from ESMA and BaFin.
    • For AIFM submissions, make sure to correctly fill out all mandatory fields. Missing or incorrect data will result in errors.
    • Ensure there are no placeholders (such as “0” or blank spaces) in fields that can remain empty.
    • Some fields are mandatory, and failure to fill them correctly can result in rejection. These mandatory fields include identifiers like AIFM national code and AIF national code.
    • Certain data, such as percentage figures (e.g., geographical focus), must add up to 100% when summed together.
  • Error Handling:
    • If an error occurs during the submission, the system will generate a “feedback file” indicating what went wrong.
    • The status of your submission can be checked through the MVP portal to see if it was approved (“ESMA ok”) or if errors need to be corrected.
    • The MVP system will not accept duplicates. If a file is submitted multiple times, you’ll get an error message. You’ll need to update the timestamp if resubmitting a corrected file.

Reporting Deadlines

  • Reporting Frequency:
    • Reports are due within one month after the reporting date (or 1 month and 15 days for fund-of-fund structures).
    • Depending on the fund and its reporting obligations, the reporting period can be:
      • Annual
      • Semi-annual
      • Quarterly
  • Important Considerations:
    • It’s highly recommended not to wait until the last minute to submit your report due to possible technical delays, both on the BaFin system and ESMA’s system.

Data Quality

  • Quality Checks:
    • BaFin regularly monitors the quality of submitted data through its Data Quality Engagement Framework (DQEF).
    • If there are data errors, BaFin will notify the management company via email and request corrections.
    • It’s essential to correct these errors promptly and ensure future submissions meet the quality standards.
    • Regular data quality checks are important as they can highlight persistent reporting issues that may need to be fixed for future submissions.

Support

  • AIFMD Reporting Support:
    • For any issues related to AIFMD reporting, BaFin has dedicated support via email: [email protected]
  • Ensure that you’ve read both ESMA guidelines and BaFin’s documentation before reaching out.
  • When emailing support, be sure to include your BaFin-ID and the relevant reporting date and time of submission.

MVP System Issues:

  • For technical problems related to the MVP Portal (e.g., login issues or upload failures), contact [email protected]
    • .

Special Considerations for New AIFMs

  • New AIFMs:
    • New AIF management companies must register for the appropriate MVP procedure for AIFMD reporting.
    • Applications should be submitted correctly and completely to avoid delays.
    • Multiple applications are required if several people from a single company need access to the MVP portal.
  • Authorization and Power of Attorney:
    • If data submission is done by someone other than the AIFM, a valid power of attorney must be included with the application.
    • Each AIF management company needs a separate application for portal access.

Test Environment

  • Test Procedure:
    • BaFin also provides a Test environment for companies to submit test reports before using the production system.
    • Test reports help detect issues early and allow for corrections before live submissions.
    • However, test submissions do not count as real submissions and do not fulfill the regulatory deadlines.
  • Important Note:
    • The test procedure should not be used with dummy data, as the data is verified for accuracy, and using fake data can lead to errors.