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ARTICLE · 12 JANUARY 2012

ESMA Final Report (ESMA/2011/379) On Technical Advice On Possible Implementing Measures Of The AIFM-D

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P+P has been assisting the European Venture Capital Association in drafting answers to the Consultation Papers.

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On November 16, 2011, following the consultation papers as of July 13, 2011 (ESMA/2011/209) and August 23, 2011 (ESMA/2011/270) (the "Consultation Papers") of the European Securities and Markets Authority ("ESMA") issued its final report (the "Final Report") which provides ESMA's technical advice on Level II measures concerning the Directive on Alternative Investment Fund Managers, which entered into force on July 21, 2011 ("AIFM-D"). The Final Report is ESMA's final response to the European Commission's request for assistance to ESMA's predecessor CESR as of December 2, 2010 (the "Commission's Request"). The European Commission will now prepare the implementing measures in light of ESMA's advice.

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