On 16 November 2011 the European Securities and Markets Authority (ESMA) published its final advice on the detailed rules that will underlie the Alternative Investment Fund Managers Directive (AIFMD). ESMA’s final advice (500 pages) and the accompanying press release can be accessed here.
The AIFMD has to be implemented into the national law of the EU member states by 22 July 2013. The AIFMD’s objective is to create a comprehensive regulatory and supervisory framework for alternative investment managers - private equity firms, hedge funds, real estate funds, commodity funds and all other funds that are not covered by the UCITS Directive – at European level. ESMA has drawn up its detailed technical advice at the request of European Commission. For more on the AIFMD generally, see our “Private equity” category and particularly this post.
ESMA’s advice covers four main areas, as summarised in its press release: