On 3 December 2010, the EU Commission published a provisional request to ESMA for technical advice on level 2 measures for the Alternative Investment Fund Managers Directive (AIFM Directive). ESMA published a call for evidence seeking stakeholders' input on the implementing measures and has now published the responses. ESMA is expected to publish its draft advice on the content of the implementing measures, as a consultation, in the near future and to issue its advice to the EU Commission by 16 November 2011.

The latest version of the draft AIFMD to issue was the text adopted by the EU Parliament on 11 November 2010. It currently appears that the EU Council will adopt the final text of the AIFMD in mid May and it will then be signed by the presidents of EU Council and EU Parliament before being sent to the publications office. The AIFMD will enter into force on the twentieth day after its publication in the EU Official Journal, except for Article 53 (which amends UCITS IV to deal with a UCITS capacity to invest in repackaged loans and to insert provisions regarding delegation of powers to the EU Commission). Member States will be required to implement the AIFMD into national law within a further two years.