To further supplement the AIFMD by level 3 provisions, ESMA launched a consultation on Guidelines on key concepts of the Alternative Investment Fund Managers Directive. ESMA’s draft guidelines are aimed at clarifying the rules applicable to hedge funds, private equity and real estate funds. The proposals aim to clarify what entities fall under the remit of the AIFMD, by setting out the criteria for what is considered to be:

  • a collective investment undertaking;
  • capital raising;
  • defined investment policy; and
  • the number of necessary investors. The closing date for responses to the consultation is 1 February 2013. The Guidelines will be finalised in the first half of 2013.