ESMA launched a consultation on Guidelines on key concepts of the Alternative Investment Fund Managers Directive. ESMA’s draft guidelines are aimed at clarifying the rules applicable to hedge funds, private equity and real estate funds. The proposals aim to clarify what entities fall under the remit of the AIFMD, by setting out the criteria for what is considered to be:

  • a collective investment undertaking;
  • capital raising;
  • defined investment policy; and the number of necessary investors.