The European Securities and Markets Authority (ESMA) has published a press release announcing the publication of its consultation paper seeking views on its proposed approach to the implementing measures in relation to certain aspects of the Alternative Investment Fund Managers Directive (AIFMD). The paper contains details of the provisions it is proposing to recommend to the European Commission , which is responsible for drafting the 'level 2' implementing measures which will subsequently be adopted at the EU level by the Commission, and ESMA has been mandated by the Commission to provide to it advice in this respect. As we digest the detail of the proposals and their implications for our clients, we will keep you updated.

The consultation process follows the publication of the AIFMD  in the Official Journal of the EU on 1 July 2011.  Accordingly, the AIFMD will come into force on 21 July 2011. You can access our bulletin on the Directive's publication here.

The deadline for responses to the consultation is 13 September 2011. ESMA will then finalise its advice in light of the responses received with a view to submitting its formal advice to the Commission by the stated deadline of 16 November 2011. The consultation therefore provides a critical opportunity to put forward views on the level 2 measures, the significance of which should not be underestimated.