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Alternative Market Briefing

Fund managers will have a longer wait for bonuses under proposed EU rules

Friday, June 29, 2012

Bailey McCann, Opalesque, New York: The European Securities and Markets Authority (ESMA), issued a new paper with proposed guidelines for when fund managers will be paid bonuses today. Under the new rules, bonuses would be withheld for a longer period of time to ensure that fund managers are acting within the broader interests of the fund. ESMA’s future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds.

The regulator did not specify how long the new wait period would be, only that all bonuses should have a waiting period before being paid out and that the wait period should be longer for managers that carry the most risk. The rules are being proposed in accordance with the Alternative Investment Fund Managers Directive (AIFMD) which seeks to regulate not only the market activities of funds but their pay as well.

"The proposed remuneration guidelines for alternative investment funds are an important step in creating a single EU rulebook by ensuring the consistent application of the AIFMD remuneration requirements across member states," Steven Maijoor, ESMA Chair, said in a statement issued with the paper.

Funds have until September 27, 2012 to comment on the proposed guidelines. ESMA aims to publish a final report before the end of 2012, so th......................

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