In this article, the partners in Travers Smith LLP's Financial Services and Markets Department consider the FCA's September 2013 consultation on amendments to its AIFM Remuneration Code and draft supplementary guidance on proportionality.

The consultation follows the publication of European Securities and Markets Authority (ESMA) guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD or AIFM Directive).