Alternative Investment Fund Managers Directive

ESMA Announces Open Hearing on AIFMD

On July 23, ESMA announced that an open hearing will take place on the draft Guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive (“AIFMD”). The draft Guidelines form the consultation process and were published on June 28. The hearing will cover the scope of the proposed Guidelines. Agenda.

The hearing will take place at ESMA’s offices in Paris on September 25 and is open to all members of the public.

Publication of Final Alternative Investment Fund Managers Directive

On July 1, the Official Journal of the European Union published the final agreed text of the Alternative Investment Fund Managers Directive (AIFM Directive). The AIFM Directive creates a framework for subsequent rulemaking measures, which will be proposed by ESMA no later than November 16 and published in early 2012. The AIFM Directive will be effective on July 22 and EU member states will be required to transpose the AIFM Directive and such subsequent rulemaking provisions into national law by July 22, 2013. AIFM Directive.

ESMA Discussion Paper on Implementation of AIFMD

On April 15, the European Securities and Markets Authority issued a discussion paper on the implementation of Article 3 of the Alternative Investment Fund Managers Directive. The paper specifies ESMA‘s proposed approach regarding: (i) the calculation of assets under management to indentify funds under the authority of the Directive; (ii) the influence of leverage and cross-holding on such a determination; (iii) registration requirements; and (iv) procedures for smaller fund managers to “opt in” to the Directive. Comments must be submitted by May 16. ESMA Paper.