03/12 The AIFMD: continuing the discussions

Hedge funds briefing note

The FSA, ESMA and the UK’s Treasury each released a discussion paper on the AIFMD in respectively January, February and March. Whilst the industry is probably more interested in seeing the Commission’s draft implementing measures (now expected in Summer 2012) and ESMA’s guidelines on sound remuneration policies required under Article 13(2), these three discussion papers keep the various AIFMD discussions going. Of particular note, the FSA’s paper gives a tantalising glimpse of the regulatory landscape for FSA/FCA authorised AIFMs, the Treasury’s paper hints at a three-tier regime for UK AIFMs and ESMA’s paper comes up with something that makes it very clear that the surprises are far from over.

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