Inside this Topic Guide
The EU Alternative Investment Fund Managers Directive (AIFMD) regulates the management, administration and marketing of alternative investment funds (AIFs) in the European Union. An AIF is a collective investment undertaking that is not subject to the UCITS regime. This includes hedge funds, private equity funds, retail investment funds, investment companies and real estate funds.
Key issues covered by the AIFMD include authorisation and operating conditions for AIFMs, remuneration, conduct of business and valuation requirements, transparency, marketing and rules in relation to third countries. The Directive also includes requirements for firms acting as a depositary of an AIF.
| Status |
Directive published in OJ 1 July 2011 and entered into force on 21 July 2011. |
| Next |
- 1 September 2020: ESMA consultation on guidance to address leverage risk in the AIF sector closes.
- 30 September 2020: ESMA guidelines on liquidity stress testing of UCITS and AIFs will apply
- Early autumn 2020: Following the AIFMD Review, the EU Commission plans to consult on whether amendments to the AIFMD are needed.
- 10 March 2021: Provisions in the Disclosure Regulation (EU) 2019/2088 that affect AIFMs begin to apply. See the ESG and Sustainability: funds and investment management Topic Guide for more information.
- 2 August 2021: Directive (EU) 2019/1160 amending Directive 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings will apply
- Timing Uncertain: Extension of the passport to non-EU AIFs and AIFMs: the Commission has the power under Article 67(8) to adopt a delegated act which would extend the passport to non-EU AIFMs in accordance with Article 35 and 37-41. This delegated act has not yet been adopted.
- Timing Uncertain: Termination of national private placement regimes: The Commission has the power to adopt a delegated act under Article 68 that would specify the date on which national private placement regimes are to terminate if it has received a positive opinion in this regard from ESMA. ESMA's opinion is to be given after three years of entry into force of the delegated act referred to in Article 67(8), which has yet to be adopted.
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| Implementation |
- Deadline for transposition into national law was 22 July 2013. A transitional period ended on 22 July 2014. All EU member states have implemented. The AIFMD was incorporated into the European Economic Area Agreement (EEA Agreement) on 1 October 2016.
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