Inside this Topic Guide
The 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 |
- 2017: European Commission expected to adopt a delegated act under Article 67 specifying the date when passports for non-EU AIFMs and AIFs will be available
- 22 July 2017: The European Commission was expected to start its review of the application and the scope of the AIFMD
- 2018?: EU institutions to consider amendments to the AIFMD and UCITS framework to adopt recommendations made by ESMA in its July 2016 opinion on asset segregation and application of depositary delegation rules to CSDs.
- Q4 2018/Q1 2019: ESMA to provide an opinion on the functioning of the passport for EU AIFMs marketing non-EU AIFs in the EU pursuant to Article 35 and for non-EU AIFMs managing and/or marketing AIFs in the EU pursuant to Articles 37 to 41, and on the functioning of the marketing of non-EU AIFs by EU AIFMs in the Member States and the management and/or marketing of AIFs by non-EU AIFMs in the Member States pursuant to the applicable national regimes as set out in Articles 36 and 42.
- Q4 2018: ESMA to provide advice to the European Parliament, the Council of the EU and the European Commission on the termination of the existence of national private placement regimes set out in Articles 36 and 42 in parallel with the existence of the passport in accordance with the rules set out in Article 35 and Articles 37 to 41
- Q1 2019 (or three years after the adoption of the Delegated Act): European Commission to decide whether to adopt delegated act under Article 68 specifying the date for termination of national private placement regimes (NPPR).
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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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