Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2019 - onwards
  Version 4 of 4    

Article 4 Definitions

1. For the purpose of this Directive, the following definitions shall apply:

(a) "AIFs" means collective investment undertakings, including investment compartments thereof, which: (i) raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and (ii) do not require authorisation pursuant to Article 5 of Directive 2009/65/EC;

(b) "AIFMs" means legal persons whose regular business is managing one or more AIFs;

(c) "branch" when relating to an AIFM means a place of business which is a part of an AIFM, which has no legal personality and which provides the services for which the AIFM has been authorised; all the places of business established in the same Member State by an AIFM with its registered office in another Member State or in a third country shall be regarded as a single branch;

(d) "carried interest" means a share in the profits of the AIF accrued to the AIFM as compensation for the