ESMA Publishes Opinion On AIFMD Rules Covering Late Transposition

The European Securities and Markets Authority has published on August 1 an opinion on what rules should apply to alternative fund managers and their cross-border marketing of funds where this might be affected by the failure of European Union member states to adopt the Alternative Investment Fund Managers Directive into national law on time.

According to a survey by Ernst & Young and the Alternative Investment Management Association, only 12 out of 27 member states had transposed the directive into their national legislation by July 29, a week after the formal deadline of July 22 for all countries to do so and the date of entry into effect of the AIFMD's provisions.

ESMA was obliged to take the same course two years ago in order to offer guidance to fund managers and regulators affected by the failure of several member states to adopt the UCITS IV directive on time, a particular problem given the widespread cross-border marketing of retail funds throughout the EU.