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ARTICLE · 03 JANUARY 2013

AIFMD Update: Level 2 Issues And ESMA Consultations

Dillon Eustace
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On December 19, 2012 the alternative investment funds industry received an early Christmas present from the European Commission in the form of the long awaited Level 2 measures which flesh out the rules for Alternative Investment Fund Managers ("AIFMs") in accordance with the Alternative Investment Fund Managers Directive ("AIFMD").

European UnionFinance and Banking
Dillon Eustace
Dillon Eustace
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Introduction

On December 19, 2012 the alternative investment funds industry received an early Christmas present from the European Commission in the form of the long awaited Level 2 measures which flesh out the rules for Alternative Investment Fund Managers ("AIFMs") in accordance with the Alternative Investment Fund Managers Directive ("AIFMD").

At the same time, the European Securities and Markets Authority ("ESMA") issued a Consultation Paper entitled "Guidelines on key concepts of the AIFMD" and a set of draft Technical Standards on types of AIFMs, which its press release notes are aimed at ensuring the uniform application of the AIFMD across the EU.

Level 2

The Level 2 measures, formally a Commission Delegated Regulation, supplements AIFMD in a number of areas dealing in particular with operating conditions, organisational requirements, valuation rules, rules concerning the delegation of AIFM functions, depositaries' responsibilities and liabilities as

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