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AIFMD

Entry into force

21 July 2011 / Transposition into national law: 22 July 2013

Scope of application

The AIFMD contains supervisory requirements for alternative investment fund managers (AIFMs). It defines alternative investment funds (AIFs) as “collective investment undertakings, including investment compartments thereof, which (i) raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of these investors; and (ii) do not require authorisation pursuant to [the UCITSD]” (Art. 4 para. 1 let. a AIFMD). The provisions of the AIFMD apply to both closed-ended and open-ended funds, regardless of their legal form.

Content

The AIFMD (in contrast to the UCITSD) lays down the rules for the authorization, ongoing operation, and transparency of AIFMs, not the funds themselves (Art. 1 AIFMD). These rules include the following in particular:

  • Permitted activities (Art. 6 AIFMD);
  • Organizational and financial requirements (Arts 8 and 9 AIFMD);
  • Remuneration policies consistent with sound and effective risk management (Art. 13 in conjunction with Annex II AIFMD);
  • Prevention, management, and disclosure of conflicts of interest (Art. 14 AIFMD);
  • Requirements for adequate risk and liquidity management (Arts 15 and 16 AIFMD);
  • Special rules on leveraged funds (e.g. Art. 15 para. 4 and Art. 23 para. 5 AIFMD).

EU passport

Once authorized, AIFMs may offer their services in other EU Member States.

Third countries

The AIFMD covers not only AIFMs with their registered office in the EU (“EU AIFMs”), but also AIFMs with their registered office in a third country (“non-EU AIFMs”) insofar as they either manage one or more EU AIFs or market one or more AIFs in the Union. Article 37 et seqq. of the AIFMD grant non-EU AIFMs access to the internal EU market (management or marketing passport), subject to certain conditions.

Delegated acts relating to the AIFMD

  • Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision
  • Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries
  • Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds
  • Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds
  • Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (ELTIFs)
  • Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds