Clarity still needed despite Esma’s level 2 advice on AIFM directive to EU commission

Long way still to go

While not as large as the Dodd-Frank Act, the 500-odd page document detailing the European Securities and Markets Authority (Esma) final advice to the European Commission on the implementation of the alternative investment fund managers (AIFM) directive is not an easy read. Esma’s views on the detailed rules underlying the directive, known as level 2, do not bring final clarity and certainty about what happens next.

The rules proposed by Esma establish a “comprehensive framework for alternative