ESMA Issues Draft Technical Advice on Implementing Measures for the Alternative Investment Fund Managers Directive (“AIFMD”)

On 13 July 2011, following a request for assistance from the European Commission (“Commission”) on the content of the implementing measures for the AIFMD (which must be implemented by Member States of the European Union by 22 July 2013), the European Securities and Markets Authority (“ESMA”) issued a consultation paper setting out ESMA’s proposals in this area. Responses to the 72 questions raised by ESMA are required by 13 September 2011.

The attached Client Alert reviews ESMA’s draft advice, which covers the following:

• General provisions, authorisation and operating conditions;
• Depositary aspects; and
• Leverage and transparency requirements.