ESMA Publishes Final Guidelines on Sound Remuneration

On February 11, the European Securities and Markets Authority published its final report and guidelines on sound remuneration policies under the Directive (the “AIFMD”) on Alternative Investment Fund Managers (“AIFMs”). The AIFMD must be implemented by Member States by July 22, 2013, when the guidelines will also take effect (subject to incorporation into domestic supervisory practices). Although the guidelines are not binding law, competent authorities and AIFMs must make “every effort” to comply with them.