tailieunhanh - Discussion paper: Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM

Bond Funds, which account for € billion of shares/units in issue, and are therefore the largest fund category, experienced minor positive revaluations of € billion, but mostly benefitted from increased confidence in bonds by recording significant new investment of €12 billion, the highest relative inflow of any category. Hedge Funds, which account for € billion of shares/units in issue, also benefitted from positive revaluations and net inflows. Revaluations at €3 billion, or per cent, were not as marked as for equity funds or remaining funds, perhaps due to hedge funds assuming short. | A OCiTiO European Securities and x Col I la Markets Authority Discussion paper Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM A OCiTiO European Securities and x Col I la Markets Authority Date 23 February 2012 ESMA 2012 117 Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they indicate the specific question to which the comment relates and respond to the question stated contain a clear rationale clearly stating the costs and benefits and describe any alternatives ESMA should consider. ESMA will consider all comments received by 23 March 2012. All contributions should be submitted online at under the heading Your input -Consultations . Publication of responses All contributions received will be published following the close of the consultation unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at under the heading Legal Notice . Who should read this paper This document will be of interest to asset management companies and trade associations of asset management companies managing funds falling in the scope of the Alternative Investment Fund Managers Directive. ESMA 103 rue de Grenelle 75007 Paris France Tel. 33 0 1 58 36 43 21 esma Table of Contents I. Executive Summary 5 II. Background 6 III. Definition of AIFM 6 IV. Definition .