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  • 12/19/2012 Consultation Paper - Draft Regulatory Technical Standards on Types of AIFMs
    The consultation paper was published by ESMA with the objective of ensuring uniform application of the AIFM Directive across the EU. These standards distinguish between managers of AIFs whose investors have the right to redeem their shares at least annually (open-ended AIFs), and those whose investors have less frequent redemption rights. Feedback is sought by stakeholders by February 1, 2013.
  • 12/19/2012 Consultation Paper - Guidelines on Key Concepts of AIFM Directive
    ESMA’s draft guidelines were published in response to the ambiguity in scope of the AIFM Directive, particularly which rules were applicable to hedge funds, private equity and real estate funds. To achieve consistent application of the provisions throughout the EU, the guidelines set out criteria to define: (i) a collective investment undertaking; (ii) capital raising; and (iii) an investment policy. The deadline for stakeholders to provide feedback is February 1, 2013.
  • 12/19/2012  Level 2 Delegated Regulation 
    The AIFM Directive made provision for an extensive set of implementing measures (‘level 2 measures’) included in this document. Key measures include: (i) the calculation of the assets under management; (ii) the method for calculating leverage; (iii) clarification of certain operating conditions for AIFMs; (iv) the delegation of AIFM functions; (v) specific provisions related to risk and liquidity management; (vi) clarification of a depositary’s duties and liability; (vii) transparency requirements; and (viii) rules relating to third countries outside of the EU.
  • 07/13/2011 Consultation paper - ESMA Draft Technical Advice to the European Commission on Possible Implementing Measures of the AIFM Directive
    The consultation paper details ESMA’s proposals for implementing measures for the AIFM Directive in response to a request for assistance by the European Commission to ESMA's predecessor, CESR, in December 2010. ESMA sought to receive feedback from stakeholders in order to finalise the draft technical standards for review by November 16, 2011.
  • 06/28/2012 Press Release and Consultation Paper - ESMA Guidelines on Sound Remuneration for AIFMs
    Annex II of the AIFM Directive establishes a set of rules with which AIFMs must comply when establishing and applying the remuneration policies for certain categories of their staff. The AIFM Directive required ESMA to develop guidelines, as set forth in the consultation paper, on sound remuneration policies which comply with Annex II of the AIFM Directive. This consultation paper represents ESMA’s proposals on remuneration policies as required by the AIFM Directive.
  • 06/08/2011 The AIFM Directive
    The directive was finalised with the objective of creating a comprehensive and effective regulatory and supervisory framework for AIFMs on a European level. An AIFM is defined as a legal or natural person whose business is predominantly composed of managing “collective investment undertakings”. Requirements imposed by the directive include, amongst other things, capital requirements, risk and liquidity management and the appointment of a single depositary to rules regarding disclosure to investors and reporting to competent authorities. The text of the AIFM Directive was published in the Official Journal for the European Union on July1, 2011 and must be implemented by all Member States by July 22, 2013.
  • 11/11/2010 European Parliament Legislative Resolution on the Proposal for a Directive on AIFMs
    The European Parliament approved, by passing a resolution, the EU Commission proposal on AIFMs. A list of FAQs was published alongside the resolution to ensure a better understanding of the draft document.
  • 04/29/2009 Proposal for a Directive on AIFMs
    The EU Commission proposed an AIFM Directive after the financial crisis highlighted the vulnerability of AIFMs to macro prudential and micro prudential risks. The proposal sought to enable Member States in the EU to take coordinated action as necessary to ensure the proper functioning of financial markets. Other documents that were published in conjunction with the proposal include:
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