AIFMDESMA’s final advice |
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The European Securities and Markets Authority (ESMA) published its final advice to the European Commission on the detailed rules that are applicable to firms within the scope of the Alternative Investment Fund Managers Directive (AIFMD) on November 16, 2011.
During the consultation period, the Commission and the European Parliament expressed opinions conflicting with aspects of the ESMA’s advice. The extent of changes between now and the final implementing measures is unknown. The European Commission expects to issue its final implementing measures by mid-2012, following a dialogue with the European Council and Parliament. Member states will be required to transpose the Directive by July 22, 2013, and comply with the requirements on July 22, 2014.
Asset managers should be aware that ESMA’s advice represents a positive step forward on the road to implementation, however significant concerns remain. It is important to note that this advice does not contain guidance on remuneration policies applicable to the alternative investment fund manager (AIFM) and this will be the next big piece of work for ESMA.
This briefing sets out the high-level answers to selected key questions that have been answered by the ESMA advice and will be useful reading for asset managers that manage and/or market funds in the EU, administrators, depositaries, prime brokers, and subinvestment managers.
To learn more about AIFMD, please read the attachment.
AIFMD: ESMA’s final advice
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