In a published discussion paper, ESMA provides some clarification on the interpretation of certain important aspects of the AIFM Directive and on its scope of applicability.
(e) the range of functions that an Alternative Investment Fund Manager (“AIFM”) must carry out in accordance with the AIFM;
(f) the criteria based on which national competent authorities can determine whether or not an entity falls under the scope of the definition of “Alternative Investment Fund” (“AIF”) under the AIFMD;
(g) the interrelation between the AIFMD and the Undertakings for Collective Investment in Transferable Securities Directive, e.g. which services may entities that are authorised under one of these directives, provide under the other;
(h) clarification concerning the treatment of authorised “investment firms” and “banks” under the AIFMD, in particular the fact that these types of entities may not be authorised under the AIFMD.
In light of the feedback received, ESMA will develop formal proposals for draft regulatory technical standards, which will be submitted to the market by mean of a consultation paper. The results of that public consultation will be used by ESMA in finalising the draft regulatory technical standards to be submitted to the European Commission for endorsement by the end of 2012.