The European Securities and Markets Authority
("ESMA") has published final guidelines
(the "Guidelines") on remuneration of
alternative investment fund managers
("AIFM"). The publication of the
Guidelines follows a consultation on draft remuneration
guidelines which closed in September 2012. The
Alternative Investment Fund Managers Directive
("AIFMD") establishes a set of rules
that AIFMs must comply with when establishing and applying a
remuneration policy for certain categories of their staff and the
Guidelines are intended to further clarify the AIFMD
provisions.
Which entities / individuals are
affected?
The remuneration provisions in the AIFMD apply to all AIFM that
fall within its scope. The Guidelines will apply to
identified staff whose professional activities might have a
material impact on the profile of the alternative investment fund
("AIF"). This includes: