On 17 February 2014 the European Securities and Markets
Authority ("ESMA") published its first Q&A on the
application of AIFMD (the "Q&A"). The purpose of the
Q&A is to promote common supervisory approaches and practices
in the application of AIFMD and operates in addition to the Q&A
on AIFMD issued by the European Commission. ESMA will review the
Q&A on a regular basis to identify if there is a need to
convert some of the material into ESMA guidelines. ESMA intends to
edit and update the Q&A on an ongoing basis when new questions
are received from the general public and Member State
regulators.
CLARIFICATIONS ON THE APPLICATION OF THE REMUNERATION
GUIDELINES
The Q&A addresses, in particular, questions in relation to:
(i) the timing of the application of the remuneration rules set out
in the ESMA Guidelines on sound remuneration policies under the
AIFMD (ESMA/2013/232) (the "Remuneration Guidelines")
and; (ii) the application of the Remuneration Guidelines to
