On August 1, the European Securities and Markets Association (ESMA), published an Opinion (ESMA/2013/1072) containing practical arrangements to address the issue of late transposition of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD).  AIFMD was supposed to be transposed into member states’ national law by July 22, but with some states failing to meet the deadline, ESMA’s Opinion aims to minimise the impact on industry and investors.  Opinion.