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

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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)

Consolidation Status: Updated to reflect all known changes

Proposed changes

• AIFMD with proposed changes from COM(2021) 724 final / 2021/0379 (COD)
• AIFMD with proposed changes from COM(2021) 721 final / 2021/0376 (COD)
• AIFMD with proposed changes from Directive (EU) 2022/... of the European Parliament and of the Council of ... amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU, 2014/65/EU, (EU) 2015/2366 and (EU) 2016/2341 as regards digital operational resilience for the financial sector

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

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