The AIFM Directive Is Beginning To Take Shape - ESMA Technical Advice Out For Feedback & Finalisation Of Proposed Implementing Measures

Background and timing of ESMA consultation process on the AIFM Directive

The new Directive on Alternative Investment Fund Managers ("AIFM Directive") entered into force on 21 July 2011, following its publication in the "Official Journal" of the European Union on 1st. of July. However, as the AIFM Directive only sets out the high-level framework for future rules for the management of alternative investment funds in the European Union, implementing measures are needed to flesh out the specific legal, technical and regulatory details of the new regime.
On 13 July 2011 the European Securities and Markets Authority ("ESMA", formerly known as CESR) issued draft advice on implementing measures for the AIFM Directive and launched a consultation process. The draft advice, presented in the form of a "Consultation Paper", responds to a request of the European Commission for assistance addressed to CESR (i.e. the predecessor organisation of ESMA) end of last year.