The European Securities and Markets Authority has published the detailed level-two implementing measures for the Alternative Investment Fund Managers Directive.
The rules proposed by ESMA will establish a comprehensive framework for alternative investment funds, their managers and depositaries. The European Commission will now prepare the implementing measures on the basis of the advice issued by ESMA.
ESMA’s advice covers four broad areas: general provisions for managers’ authorisation and operating conditions; governance of alternative investment funds’ depositaries; transparency requirements and leverage; and third countries.
The objective of the AIFM Directive is to increase transparency and tackle systemic risk, ultimately contributing to