On 24 May, 2013, the European Securities and Markets Authority (ESMA) published the final guidelines on key concepts of AIFMD (the Guidelines). Click here for a copy of the Guidelines.
The Guidelines expand upon the definition of Alternative Investor Fund (AIF) in European Union Directive 2011/61/EU (AIFMD) by providing interpretative guidance on concepts such as ‘collective investment undertaking’, ‘raising capital’, ‘number of investors’ and ‘defined investment policy’. The Guidelines also provide guidance on the treatment of sub-funds in umbrella structures by providing that if a sub-fund of an umbrella fund satisfies the definition of AIF then the umbrella fund as a whole is an AIF.
The Guidelines do not have direct effect in EU Member States; however, EU Member State competent authorities are expected to make every effort to comply with guidelines and recommendations issued by ESMA.