As highlighted in our Front Page newsalert, the long awaited Alternative Investment Fund Managers Directive (AIFMD) Level 2 Regulation (Regulation) issued (19 December 2012). The Regulation, when it enters into force, will be directly applicable and will not require any transposition into Member State law. It will supplement elements of the AIFMD. To further supplement the AIFMD by level 3 provisions, the European Securities and Markets Authority (ESMA) launched consultations on key concepts of the AIFMD and on draft regulatory technical standards on types of AIFMs. The closing date for responses to these consultations is 1 February 2013. The Guidelines and Technical Standards will be finalised in the first half of 2013.