ESMA: Consultation on the discussion paper on ESMA’s policy orientations on possible implementing measures under Article 3 of the Alternative Investment Fund Managers Directive
April 15, 2011
ESMA has published a discussion paper (ESMA/2011/121) setting out its proposed approach, including alternative options where relevant, for developing the future rules for alternative investment fund managers.
The discussion paper asks for stakeholders' views on points including:
- how to identify the portfolios of Alternative Investment Funds (AIFs) under management by a particular fund manager and the calculation of the total value of assets under management;
- how leverage influences the assets under management;
- how to determine the value of the assets under management by an AIF for a given calendar year;
- how to treat potential cases of cross-holding among the AIFs managed by a fund manager; and
- how to treat AIFMs whose total assets under management occasionally exceed and/or fall below the relevant threshold.