Clifford Chance

ESMA Consultation Paper on the Alternative Investment Fund Managers Directive

27 July 2011

On 13 July 2011, the European Securities and Markets Authority ("ESMA") released its first draft technical advice on possible implementing measures in respect of the Alternative Investment Fund Managers Directive ("AIFMD"). This draft advice is the first step in the process of putting in place approximately one hundred level 2 implementing measures, technical standards and guidelines under the AIFMD. Although agreement was reached on the AIFMD in October 2010 and the final text published in the Official Journal on 1 July 2011, these implementing measures, technical standards and guidelines are needed to give concrete shape to the general provisions and principles set out in the AIFMD.

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