Filling in the gaps on AIFMD and an update on EMIR on OTC Derivatives and Solvency II

Hot on the heels of the release of the FSA discussion paper on the Alternative Investment Fund Managers Directive (AIFMD), the European Securities and Markets Authority (ESMA) recently published a short discussion paper tackling some of the key issues on scope. ESMA’s paper fills in some of the gaps in AIFMD by analysing what is an Alternative Investment Fund Manager (AIFM) and an Alternative Investment Fund (AIF) (and therefore what is not). It will assist ESMA to map draft regulatory technical standards to determine types of AIFMs, for consultation and then endorsement by the European Commission by the end of 2012.

The discussion papers may help corporate real estate groups, listed or unlisted, with or without REIT status, as well as real estate holding subsidiaries of a real estate fund and joint ventures, to determine whether or not AIFMD applies to them…

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