Securities and Markets Stakeholder Group Publishes Comments on ESMA’s Advice on Supervision and Third Countries under the AIFMD

October 28, 2011

The Securites and Markets Stakeholder Group has published its review of ESMA's draft technical advice to the European Commission on implementation of the Alternative Investment Fund Managers Directive.

The Group has taken the view that ESMA's advice should focus on providing a balance between serving as a guide for industry participants and national authorities and staying within the perimeters of the Level 1 text of the Directive. In particular, they suggest that ESMA should reconsider its advice on areas such as equivalence, cooperation agreements with third-country authorities, preferential treatment, and depositary requirements.