Sweden's Finansinspektionen recently released additional information on reporting leverage for AIFMs:
Finansinspektionen would like to clarify the requirements of the AIFM reporting of leverage.
According to Article 6 (1) of Commission Delegated Regulation (EU) No 231/2013, the leverage of an AIF shall be expressed as the ratio between the exposure of an AIF and its net asset value.
According to Articles 7 and 8 of the Delegated Regulation, the exposure shall be the sum of the absolute values of all positions. For example, if the exposure is €2bn and NAV is €1bn the calculation would be (€2bn/€1bn)*100 = 200%. This is the figure that should be recorded in the transparency report.
If no leverage is employed, 100% should be recorded.
More information is available on the Finansinspektionen website: http://www.fi.se/Folder-EN/Startpage/Reporting/Alternative-investment-fund-managers/