The European Securities and Markets Authority (ESMA) has published the advice it has received from the Securities and Markets Stakeholder Group (SMSG) on its consultation paper on proposed guidelines on sound remuneration policies under UCITS V and the Alternative Investment Fund Managers Directive (AIFMD).

In its advice the SMSG states that it “believes it to be critical to ensure, that where sub-segments of industries as diverse as the UCITS or AIFM already have in place proven arrangements which have been negotiated and agreed with investors and/or which achieve the alignment of interest between investors and managers and their identified staff, which is the purpose of these guidelines, such fund managers should not be deprived of the possibility to disapply, on a case by case basis, certain of the requirements.”

View SMSG advice to ESMA on its Consultation Paper on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD, 11 November 2015