Following an earlier consultation process, the European Securities and Markets Authority (ESMA) has published its draft regulatory technical standards (RTS) to determine types of alternative investment fund managers (AIFMs) under the AIFMD. The draft RTS distinguish between AIFMs managing open-ended and closed-ended alternative investment funds (AIF), in order to apply the AIFMD rules on liquidity management, valuation procedures and the transitional provisions. Open-ended is now broadly defined as any fund which allows for redemptions up to on an annual basis.
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