On August 13, the European Securities and Markets Authority (ESMA) published the final version of its guidelines on key concepts of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) (ESMA/2013/611).

 The purpose of the guidelines is to ensure common, uniform and consistent application of the concepts that comprise the definition of “AIF” (the Alternative Investment Fund) in Article 4(1)(a) of the AIFMD by clarifying each of these concepts. 

Competent authorities to which the guidelines apply must notify ESMA within two months of the date of publication whether they comply or intend to comply with the guidelines, with reasons for non-compliance.  In the absence of a response by this deadline, competent authorities will be considered as non-compliant.  Guidelines.