ESMA publishes Q&A regarding the application of the AIFMD
In February 2014, the European Securities and Markets Authority (ESMA) published a question-and-answer (Q&A) document regarding the application of the Alternative Investment Fund Managers Directive (AIFMD). This Q&A should not be confused with the answers that the European Commission has issued to questions received by it relating to the transposition of the AIFMD.
ESMA’s Q&As are chiefly directed at competent authorities in EU member states (namely the Financial Conduct Authority in the UK) to promote a common supervisory approach and practice. However, the responses will also be useful for fund managers as they are likely to provide clarity on the approach to be taken by the authorities on topical issues…
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This was the finding of the High Court following an appeal by the losing party from a master’s decision that relief should be granted.