As noted in our recent Front Page newsalert, ESMA published a consultation paper on guidelines on sound remuneration policies under the UCITS V Directive and the Alternative Investment Fund Managers Directive .The proposed guidelines are set out in section 8.4 (Annex IV) of the consultation paper and a draft of the revised AIFMD guidelines is set out in section 14.5 (Annex V) of the consultation paper (the amendments relate to the guidelines for AIFMs being part of a group). Comments can be made on the proposals until 23 October 2015. ESMA aims to publish the final version of the UCITS remuneration guidelines together with a final report by the first quarter of 2016, ahead of the UCITS V transposition deadline of 18 March 2016. The final report is expe cted to include the final revised AIFMD remuneration guidelines. The draft revised AIFMD guidelines state that they will apply two months after they are published by ESMA.