The Alternative Investment Fund Managers Directive intends to create a uniform regulatory framework for all EU-managed funds not currently regulated under UCITS. In this news series, PwC thoroughly analyses the proposals and outlines the likely major implications for the AIF industry, including Hedge Funds, Private Equity and Real Estate investment funds.

AIFMD News Edition 10 - Winter 2011

ESMA publishes final advice

AIFMD News: AIFMD final advice published

PwC's AIFMD News series, Edition 10, Autumn 2011

On 16th November, the European Securities and Markets Authority published its final advice to the European Commission on possible implementing measures (also known as the Level 2 measures) under the Alternative Investment Fund Managers Directive.

The objective of this Newsbrief is to re-visit some of these issues by updating our original commentary on the consultation papers in our last Newsbrief, and to generally remind readers of the "bigger picture" which has now been further informed by the "little details".

In our view, it is these details which have the potential to cause the most concern, and which therefore cannot be ignored by industry – asset managers and service providers alike - when it comes to preparing their AIFMD solutions.