Clifford Chance
Second ESMA Consultation Paper on the Alternative Investment Fund Managers Directive – Supervision and Third Country Entities
7 September 2011
On 23 August 2011, the European Securities and Markets Authority ("ESMA") released its second draft technical advice on possible implementing measures in respect of the Alternative Investment Fund Managers Directive ("AIFMD"). It deals with implementing measures in respect of (i) delegation of portfolio management and risk management functions to third country entities, (ii) assessment of equivalence of third country depositary frameworks and (iii) supervisory co-operation and exchange of information in relation to marketing non-EU AIFs and EU AIFs managed by non-EU AIFMs. This second consultation paper follows a first consultation paper which was published on 13 July 2011 and covered a much wider range of topics.
