ESMA issues consultations on AIFMD implementing measures
New guidelines issued for comment
The European Securities and Markets Authority (ESMA) has published two consultation papers on the Level 2 implementing measures for the Alternative Investment Managers Directive (AIFMD).
The main consultation paper issued on 13th July seeks comments on technical advice relating to the general provisions, authorisation and operating conditions, depositary, transparency requirements and leverage rules. Comments must be submitted by 13th September 2011.
Some of the main areas covered by the consultation include:
- Depositary liability and requirements
- Professional indemnity insurance / capital adequacy
- Reporting and operational requirements
- Risk / leverage
- Conflicts of interest
ESMA released a further consultation on 23rd August relating to supervision and third country requirements under the AIFMD. The deadline for responses to this consultation is 23rd September 2011.
Some of the main areas covered under this consultation include:
- Supervisory co-operation and exchange of information
- Delegation of portfolio or risk management functions to third country entities
- Assessment of equivalence of third country depositary frameworks
ESMA is expected to provide its finalised advice to the European Commission by 16th November 2011.
The AIFMD was officially published on 1st July 2011 and with the national transposition deadline set as 21st July 2013.
Read the main consultation here.
Read the ESMA consultation on third country requirements here.
Partner, Head of Investment Management
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