On 23 August 2011 ESMA published its second consultation on the secondary measures for implementing the Alternative Investment Fund Managers Directive (AIFMD). The paper forms the basis of ESMA’s advice to the European Commission which is due by 16 November 2011. ESMA published an earlier consultation setting out much of its advice on the proposed implementing measures on 13 July 2011. ESMA said this second consultation came later since the issues were “less urgent”. Much of the consultation refers to third countries having equivalent standards as EU Member States in order to ensure there is a “level playing field” for all participants. ESMA also suggests a list of such jurisdictions should be published.