ESMA published the translations of the Guidelines on sound remuneration policies under the AIFMD on 3 July, 2013. The guidelines apply from 22 July 2013, subject to the transitional provisions of the AIFMD. Publication of the translated guidelines triggers a transitional period of two months. Within this period, national regulators must advise ESMA whether they intend to comply with the guidelines. Any national regulator that does not intend to comply needs to explain its reasons. National regulators are expected to make every effort to comply.