Decoding the AIFMD for the Netherlands
Any new financial legislation introduced by the government can disrupt the harmonious functioning of a business. The legislation on financial reporting is capable of even throwing key decision-makers off their game in terms of compliance and being on the right side of the law. It is important to understand the processes and procedures that you may have to undertake for the impending filing of Q4 reports this year.
In the Netherlands, a proprietary reporting portal called e-Line DNB has always been in use. All companies have understood its inherent requirements and process has been put in place to ensure error-free compliance. However, the government has recently declared that all reports are now to file with a Digital Reporting Portal (Digitaal Loket Rapportages or DLR). The European Securities and Markets Authority (ESMA) has announced that the Alternative Investment Funds Manager report will have to migrate to this new portal by 31st December 2019. It is imperative for the Q4 filing of 2019 to be done in the new portal format.
What is changing?
Reporting templates used will be different in the DLR when compared to the old e-line DNB mechanism. Each organization will be given a unique set of credentials that they can use to gain access to the DLR. The AIFMD reports will then have to be uploaded into the portal and submitted as an XML file, according to the ESMA. The authority has given detailed documentation on their website to help organizations align their reporting to the currently accepted version – 1.2. The files are in ESMA’s most up-to-date format XSD. As newer versions provided, they will be named incremental from the previous one. A detailed explanation of the modifications to be done on the XSD files and other IT guidance also included in the downloadable document available on the official ESMA website.
Has all this information been overwhelming? It could be especially without the support of individuals who have expertise in compliance and reporting. Large amounts of your company’s key data that needs conversion into XML requires a robust software provided by a trusted service provider. At DataTracks, we take to understand your need and the importance of keeping your valuable data secure. For a durable and long-term solution for your compliance needs, we have developed a structured and cost-effective software that makes the conversion process easy and quick. If you are to be compliant with the legislation from the get-go, you will need to start on the process of having your report ready now, given the lead time. We would be delighted to have a conversation with you about how you can save while ensuring compliance in your reporting. You can give us a call on +31 (0) 20 2253 702 or get in touch with us over mail email@example.com
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