EU Alternative Investment Fund Managers Directive (AIFMD) Implementing Measures: Key Aspects of ESMA Draft Advice
Christos Vasiliou, Board Member
The European Securities and Markets Authority (ESMA); the successor of CESR, has been assigned with the mandate of providing the European Commission with proposals regarding the AIFMD implementing measures (i.e. implementing acts and delegated acts). ESMA has published a Consultation Paper (CP) containing its draft proposals which shall be finalised in the light of the feedback received and be subsequently submitted to the European Commission by 16 November 2011.
The present article undertakes the task to present a summary of key issues dealt with in the CP regarding the AIFMD authorisation thresholds and the depositary’s appointment, tasks and liability regime. It is motivated by the fact that the AIFMD is itself the result of a series of constantly modified draft texts, the monitoring and presentation of which has led to the understanding of the finally adopted provisions. In addition, the implementing measures form part of the AIFMD framework.