EUROPEAN UNION: ESMA Publishes Guidelines on Sound Remuneration Policies under the AIFMD

Monday February 11 2013

Annex II of the AIFMD establishes a set of rules (largely inspired from the provisions of Directive 2006/48/EC, the “CRD”) with which AIFMs have to comply when establishing and applying the remuneration policies for certain categories of their staff. Article 13(2) of the AIFMD requires ESMA to develop guidelines on sound remuneration policies which comply with Annex II of the AIFMD. Accordingly, ASMA have published a report that sets out the final text of the guidelines on remuneration policies required by the AIFMD.

The contents of the report include:

• The feedback statement to the consultation paper (ESMA/2012/406) previously published by ESMA;
• The cost-benefit analysis;
• The opinion of the Securities and Markets Stakeholder Group; and
• The full text of the final guidelines.

The guidelines in Annex III (the full text of the final guidelines) 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 requirement dates will be two months after the publication of the translations. The guidelines will apply from 22 July 2013, subject to the transitional provisions of the AIFMD.

Please see the above link for more details.