ESMA publishes responses to the consultation on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD

29 October 2015

The European Securities and Markets Authority (ESMA) has published the responses received to the consultation on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD.

This consultation paper represents the first step in the development of the guidelines on remuneration policies required by the UCITS V Directive and sets out ESMA’s formal proposals for these guidelines.

This consultation paper also proposes a targeted revision of the Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) (“AIFMD Remuneration Guidelines”), which were published on 3 July 2013.

This consultation paper is of interest to asset management companies managing UCITS funds and AIFMs managing AIFs and their trade associations, as well as institutional and retail investors investing into such funds and their associations.

ESMA welcomed mainly comments if they:

• respond to the question stated;
• indicate the specific question to which the comment relates;
• contain a clear rationale; and
• describe any alternatives ESMA should consider.

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