On February 11, the European Securities and Markets Authority (ESMA) published its final report in relation to sound remuneration policies under the Alternative Investment Fund Managers Directive (AIFMD). The guidelines are intended to ensure that the provisions on remuneration in Articles 13 and 22(2)(e) and (f) of Annex II to the AIFMD are applied in a consistent and uniform manner.

The full text of the final guidelines is contained in Annex III to the report and include key information on:

• the categories of staff that they apply to;
• the types of remuneration covered by the guidelines; and
• internal governance arrangements of Alternative Investment Funds in respect of remuneration.

The guidelines will apply from July 22, 2013, subject to the transitional provisions prescribed by the AIFMD.