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ESMA final guidelines on sound remuneration policies under the AIFM Directive

15 February 2013 by Olivier Sciales | Comments (1) | Share

The European Securities and Markets Authority has published final guidelines on remuneration of alternative investment fund managers, designed to prevent conflicts of interest arising that could lead to managers taking on excessive risk to the detriment of their investors. The guidelines have been finalised following the…

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ESMA consults industry on draft guidelines and technical standards for AIFM Directive

19 December 2012 by Olivier Sciales | Comments (2) | Share

The European Securities and Markets Authority is inviting feedback from members of the alternative investment industry on its proposed guidelines relating to key concepts of the European Union’s Alternative Investment Fund Managers Directive. The directive, which provides a legal framework for both alternative investment…

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Commission published long-awaited Level 2 rules for AIFM Directive

19 December 2012 by Olivier Sciales | Comments (0) | Share

The European Commission has adopted on December 19 a delegated regulation providing detailed implementing rules for the Alternative Investment Fund Managers Directive, a document that industry members have awaiting for several months. The Level 2 regulation, which will have direct application throughout the European Union…

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Special limited partnership (société en commandite spéciale) introduced under Luxembourg’s AIFMD legislation

22 October 2012 by Olivier Sciales | Comments (1) | Share

Luxembourg’s legal framework for alternative fund structures will be significantly extended as part of the draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into national law. In addition to implementing the directive, the Luxembourg legislation introduces changes designed…

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Luxembourg’s AIFM Directive transposition law awaits scrutiny by Parliament

15 October 2012 by Olivier Sciales | Comments (0) | Share

The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24. Although the deadline for member states to adopt the directive into their national law is July…

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Esma unveils draft remuneration guidelines for alternative fund managers

12 July 2012 by Olivier Sciales | Comments (6) | Share

The European Securities and Markets Authority has published on June 28 a consultation paper on proposed guidelines on remuneration of alternative investment fund managers, which will apply to managers of alternative funds including hedge funds, private equity funds and real estate funds. Under the Alternative Investment…

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AIFM Directive – Analysis highlights Commission’s divergence from Esma level 2 proposals

24 May 2012 by Olivier Sciales | Comments (0) | Share

The Alternative Investment Management Association has published an analysis of the divergences it has identified between the European Commission’s draft Level 2 regulation implementing the Alternative Investment Fund Managers Directive and the technical advice provided to the Commission last November by the European…

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Esma to open discussions on AIFMD supervision with non-EU regulators

10 May 2012 by Olivier Sciales | Comments (0) | Share

The European Securities and Markets Authority will take charge of negotiating regulatory co-operation agreements with non-European Union countries required by the Alternative Investment Fund Managers Directive, but the national regulators of EU member states will have to sign such agreements themselves. Esma announced…

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European Commission publishes AIFMD level 2 implementation proposals

3 April 2012 by Olivier Sciales | Comments (2) | Share

The European Commission’s proposals for level 2 implementation measures for the Alternative Investment Fund Managers Directive has been circulated to European Union member states and to the European Parliament. The Commission’s draft has prompted criticism from hedge fund managers quoted in media reports and from a…

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Luxembourg’s amended SIF law comes into force

2 April 2012 by Olivier Sciales | Comments (0) | Share

Luxembourg’s legislation amending the February 2007 law on Specialised Investment Funds came into force on April 1, following publication in the country’s official gazette, the Mémorial, on March 30. It is now identified as the law of March 26, 2012, the date on which it received royal assent. The revised legislation…

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