The European Securities and Markets Authority (“ESMA”) published a discussion paper on 15 April 2011 regarding implementing measures under Article 3 of the Alternative Investment Fund Managers Directive (the “AIFMD”).

The discussion paper sought views from market participants on policy options for future implementing measures.

The paper does not contain formal proposals but rather outlines the proposed approach to implementing measures.

The objective is to provide harmonised regulatory standards for alternative investment fund managers within the scope of the AIFMD with a view to improving the oversight of the sector and ensuring the proper functioning of financial markets.

The deadline for comments was 16 May 2011 and a Consultation Paper is planned for publication in summer 2011 outlining the proposals.