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By Laurent FESSMANN, Partner and Marie-Christine O’MAHONY, Associate, Baker McKenzie
On 18 August 2020, the European Securities and Markets Authority (ESMA) addressed a letter(1) to the European Commission highlighting some areas of the Alternative Investment Fund Managers Directive(2) (“AIFMD”) where improvements could be made (the “Letter”). The Letter is a result of ESMA’s significant exchanges with National Competent Authorities (“NCAs”) on the practical aspects of the AIFMD since its publication in 2011 as well as of the KPMG report(3). Annex I to the Letter lists 19 key topics identified in the AIFMD framework and ESMA’s proposed changes. Annex II to the Letter...
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