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Recital 37

Recital 37

(37)To support supervisory convergence in the area of delegation, ESMA should receive more complete information on the application of this Directive, including in the area of appropriate oversight and control of delegation arrangements, in all Member States. To that end, it should draw on reporting obligations to competent authorities, and on the exercise in the area of delegation of its supervisory convergence powers, before the next reviews of Directives 2009/65/EC and 2011/61/EU take place. ESMA should provide a report that analyses market practices regarding delegation, and compliance with the rules on delegation, as well as substance requirements such as those relating to the human and technical resources that AIFMs, management companies and their delegates employ for the purpose of carrying out their functions.

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