Directive 2011/61/EU - Alternative Investment Fund Managers Directive (AIFMD)

Version status: Entered into force | Document consolidation status: Updated to reflect all known changes

Published date: 1 July 2011

Directive 2011/61/EU - Alternative Investment Fund Managers Directive (AIFMD)

	Recitals
	Chapter I General provisions (arts. 1-5)
	Article 1 Subject matter
	Article 2 Scope
	Article 3 Exemptions
	Article 4 Definitions
	Article 5 Determination of the AIFM
	Chapter II Authorisation of AIFMs (arts. 6-11)
	Article 6 Conditions for taking up activities as AIFM
	Article 7 Application for authorisation
	Article 8 Conditions for granting authorisation
	Article 9 Initial capital and own funds
	Article 10 Changes in the scope of the authorisation
	Article 11 Withdrawal of the authorisation
	Chapter III Operating conditions for AIFMs (arts. 12-21)
	Section 1 General requirements (arts. 12-17)
	⚠ Article 12 General principles
	Article 13 Remuneration
	Article 14 Conflicts of interest
	Article 15 Risk management
	Article 16 Liquidity management
	Article 17 Investment in securitisation positions
	Section 2 Organisational requirements (arts. 18-19)
	Article 18 General principles
	Article 19 Valuation
	Section 3 Delegation of AIFM functions (art. 20)
	Article 20 Delegation
	Section 4 Depositary (art. 21)
	Article 21 Depositary
	Chapter IV Transparency requirements (arts. 22-24)
	Article 22 Annual report
	Article 23 Disclosure to investors
	⚠ Article 24 Reporting obligations to competent authorities
	Chapter V AIFMs managing specific types of AIF (arts. 25-30)
	Section 1 AIFMs managing leveraged AIFs (art. 25)
	Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage
	Section 2 Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers (arts. 26-30)
	Article 26 Scope
	Article 27 Notification of the acquisition of major holdings and control of non-listed companies
	Article 28 Disclosure in case of acquisition of control
	Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies
	Article 30 Asset stripping
	Chapter VI Rights of EU AIFMs to market and manage EU AIFs in the Union (arts. 30a-33)
	Article 30a Conditions for pre-marketing in the Union by an EU AIFM
	Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM
	Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM
	Article 32a De-notification of arrangements made for the marketing of units or shares of some or all EU AIFs in the Member States other than in the home Member State of the AIFM
	Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
	Chapter VII Specific rules in relation to third countries (arts. 34-42)
	Article 34 Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States
	Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
	Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
	Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40
	Article 38 Peer review of authorisation and supervision of non-EU AIFMs
	Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM
	Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
	Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs
	Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM
	Chapter VIII Marketing to retail investors (arts. 43-43a)
	Article 43 Marketing of AIFs by AIFMs to retail investors
	Article 43a Facilities available to retail investors
	Chapter IX Competent authorities (arts. 44-55)
	Section 1 Designation, powers and redress procedures (arts. 44-49)
	Article 44 Designation of competent authorities
	Article 45 Responsibility of competent authorities in Member States
	⚠ Article 46 Powers of competent authorities
	Article 47 Powers and competences of ESMA
	Article 48 Administrative penalties
	Article 49 Right of appeal
	Section 2 Cooperation between different competent authorities (arts. 50-55)
	Article 50 Obligation to cooperate
	Article 51 Transfer and retention of personal data
	Article 52 Disclosure of information to third countries
	Article 53 Exchange of information relating to the potential systemic consequences of AIFM activity
	Article 54 Cooperation in supervisory activities
	Article 55 Dispute settlement
	Chapter X Transitional and final provisions (arts. 56-71)
	⚠ Article 56 Exercise of the delegation
	Article 57 Revocation of the delegation
	Article 58 Objections to delegated acts
	Article 59 Implementing measures
	Article 60 Disclosure of derogations
	Article 61 Transitional provisions
	Article 62 Amendments to Directive 2003/41/EC
	Article 63 Amendments to Directive 2009/65/EC
	Article 64 Amendment to Regulation (EC) No 1060/2009
	Article 65 Amendment to Regulation (EU) No 1095/2010
	Article 66 Transposition
	Article 67 Delegated act on the application of Article 35 and Articles 37 to 41
	Article 68 Delegated act on the termination of the application of Articles 36 and 42
	Article 69-a Other review
	Article 69 Review
	Article 69a Assessment of the passport regime
	Article 69b Accessibility of information on the European single access point
	Article 70 Entry into force
	Article 71 Addressees
	Annexes
	Annex I
	Annex II Remuneration Policy
	Annex III Documentation and information to be provided in case of intended marketing in the home Member State of the AIFM
	Annex IV Documentation and information to be provided in the case of intended marketing in Member States other than the home Member State of the AIFM
	Annex V Liquidity management tools available to AIFMs managing open-ended AIFs
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