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

Hedge funds still in doubt after publication of European Securities and Markets Authority’s (Esma) advice on implementation of the alternative investment fund managers (AIFM) directive.

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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

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