Regulatory Alerts2013-04-02
Final Report on Draft Regulatory Technical Standards on Types of AIFMs
The European Securities and Markets Authority issued final regulatory technical standards to define Alternative Investment Fund Managers as either managing open-ended or closed-ended funds under the AIFMD. The standards establish redemption frequency as the primary criterion for classification, aligning secondary market trading with direct redemption rights to ensure consistency with UCITS rules. ESMA finalized these definitions after reviewing stakeholder feedback, explicitly excluding lock-up periods from the assessment while mandating that managers adapt liquidity and valuation procedures if a fund's classification changes.
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