ESMA published its final report containing guidelines on key concepts of the Alternative Investment Fund Managers Directive (2011/61/EU) on 24 May 2013. The guidelines apply to Alternative Investment Fund Managers (AIFMs) and national regulators and explain the concepts used in the AIF definition. Specifically, there are guidelines on the meaning of collective investment undertaking, raising capital, the number of investors, and defined investment policy.

The guidelines will be translated and published on the ESMA website. National regulators must confirm their compliance or intention to comply to ESMA within two months of the guidelines being published on ESMA's website.