ARTICLE · 16 JANUARY 2013

ESMA published draft guidelines on key concepts of the AIFMD

POELLATH

On December 19, 2012 the European Securities and Market Authority published two consultation papers on the Directive on Alternative Investment Fund Managers.

GermanyFinance and Banking

Uwe Bärenz

Amos Veith, LL.M.

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On December 19, 2012 the European Securities and Market Authority ("ESMA") published two consultation papers on the Directive on Alternative Investment Fund Managers ("AIFMD"). These consultations are of particular importance as they should lead, inter alia, to clarification about certain key concepts of the AIFMD which are of very substantial importance as regards the applicability of the AIFM regime to certain structures.

The consultation papers are based on the Discussion Paper on key concepts of the AIFMD and types of AIFM (ESMA/2012/117) dated February 23, 2012 (please see our Client Memorandum dated February 24, 2012). In the consultation paper on key concepts ESMA sets out guidelines ensuring uniform and consistent application of the definition of the term "AIF" in the meaning of the AIFMD.

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ESMA published draft guidelines on key concepts of the AIFMD

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