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.

For more information or if you have any questions, please feel free to contact the author or any of the Key Contacts for GANADO’s Investment Management & Funds Industry Grouping.