ESMA’s focus in 2013 in the investment funds area will be divided between the finalisation of the key elements of the Alternative Investment Fund Managers Directive (AIFMD) framework, leading up to the transposition deadline of July 2013, and work in the area of UCITS. This area will also be supplemented by activity with respect to the Regulations on Venture Capital (VC) and Social Entrepreneurship Funds (SEFs). Regarding AIFMD, ESMA intends to finalise the draft Regulatory Technical standards (technical standards) to define the types of AIFM required by Article 4(4) of the Directive by Q1 2013. These technical standards are a key.
