Transparency obligations require AIFs to disclose investor reporting, fee and material risk information and notify of control or team changes. Alternative Investment Funds must disclose to investors financial, operational, portfolio and transactional information, fees charged to Managers, Sponsors or their associates, inquiries or legal actions, material liabilities, breaches of fund documents, changes in control of Sponsor/Manager or investee companies, and significant changes in key investment personnel. Funds must provide annual reports with investee financials and material risk disclosures covering concentration, foreign exchange, leverage, realization, strategy, reputation and extra financial risks; certain funds face more frequent reporting and must furnish information to the Board for systemic risk identification, analysis and mitigation.