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.
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| Next |
- On 25 November 2021, the Commission adopted a Capital Markets Union (CMU) legislative package, including a proposal for a directive amending AIFMD (AIFMD2) following a review of the framework, with proposed changes covering delegation, loan-origination / liquidity rules, reporting and depositaries.
- 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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| Other measures affecting the AIFMD |
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