EUROPEAN UNION: ESMA publishes Guidelines on key concepts of the AIFMD

Tuesday May 28 2013

On 23 February 2012, ESMA published a discussion paper (DP) on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (2012/117), which was followed on 19 December 2012 by the publication of a consultation paper (CP) on guidelines on key concepts of the AIFMD (2012/845). The CP set out formal proposals for guidelines ensuring common, uniform and consistent application of the concepts in the definition of ‘AIF’ in Article 4(1)(a) of the AIFMD by providing clarification on each of these concepts. On 24 May 2013, ESMA published its final report which sets out the final text of the guidelines on key concepts of the AIFMD.

Section II sets out the feedback statement to the CP (ESMA/2012/845) previously published by ESMA.

Annex I provides for the cost-benefit analysis related to the guidelines.

Annex II includes the opinion of the Securities and Markets Stakeholder Group (SMSG) on the DP.

The SMSG did not provide a formal response to the CP.

Annex III contains the full text of the final guidelines.

The guidelines in Annex III will be translated into the official languages of the EU, and the final texts will be published on the ESMA website. The deadline for reporting requirements will be two months after the publication of the translations and the guidelines will apply from such date.

Please see the above link for more details.