ESMA has published and submitted to the Commission the final version of the draft regulatory technical standards (RTS) on types of alternative investment fund managers (AIFMs). The RTS provide definitions of managers of closed-ended and open-ended AIFs, the latter being those who manage funds where unit- or shareholders can redeem, at current net asset value, at least once a year, without taking into account initial holding periods or arrangements to manage the fund’s liquidity profile. (Source: ESMA Publishes Draft RTS to Determine Types of AIFMs)