The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry


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In April 2009, the European Commission (Commission) proposed a directive on alternative investment fund managers (‘AIFMs’) with the objective of creating a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The proposed alternative investment fund managers directive (the ‘Directive’) was aimed at providing harmonised regulatory standards for all AIFMs within scope. The final agreement on the framework directive (‘Level 1’) was achieved in November 2010 and the Directive entered into force on 21 July 2011.

The Level 1 text left many implementing matters to the Commission to resolve through delegated acts. To inform their drafting in respect of these delegated matters, the Commission requested that the European Securities and Markets Authority (ESMA) provide technical advice on the implementing measures of the Directive. ESMA submitted its technical advice to the Commission on 16 November 2011. Following consideration of the ESMA advice and input from various other sources, the Commission published the majority of the implementing measures in one regulation (‘Level 2’) on 19 December 2012.

Member States have until July 2013 to transpose the Directive into national law, and many Member States have already begun that process. As the Level 2 implementing measures were set out as a regulation rather than as a directive, the Level 2 requirements will enter into force as published and do not require transposition into national law.

During the course of the first half of 2013 ESMA is expected to finalise and publish a variety of guidelines and regulatory technical standards to further harmonise the implementation of the Directive by Member States and AIFMs.

This site is designed to be a resource hub for members seeking information about the Directive, Level 2, ESMA guidelines and other Directive related regulatory guidance.

Official texts

Access to the official text of the Level 1, Level 2 and any other official text of a related implementing directive, regulation, guidelines, regulatory technical standards or otherwise published by the Commission or by ESMA. Access to the relevant transposition/implementing laws and regulations adopted by key European fund jurisdictions is also included.


This section includes a timeline showing the key stages in the regulatory process for the Level 1 Directive, from April 2009 to July 2011 and a timeline showing the key phases in the regulatory process of the Level 2 Regulation, from December 2010 to December 2012. This section also includes a timeline showing the key timing and expected AIFMD developments up to 2018.

Consultations and Responses

Access to the various consultation papers and discussion papers published by the Commission, ESMA and Member State competent regulatory authorities, along with the corresponding responses submitted by AIMA.

Implementing AIFMD Planner

Access to materials that are part of AIMA’s AIFMD implementation project. Included in this are an online operational guide and self-diagnostic tool, jointly produced by AIMA and PwC, the professional services firm, that will assist hedge fund firms in preparing for and tracking their compliance readiness as they approach the Directive’s July 2013 transposition deadline, as well as a series of papers from AIMA’s various Directive sub-working groups looking at the complex and potentially difficult aspects of implementing and complying with the Directive.

Other AIMA Documents

Access to various other materials and documents produced by AIMA in connection with the Directive, Level 2, various ESMA consultations and consultations by various Member States and Member State competent authorities. In this area you will find, an archive of consultation responses, press releases, guidance notes, briefing notes, FAQs and other resources all produced by AIMA.

Other Resources

Access to various other resources, including expert opinions including speeches, client memos and reports by law firms, consultants and other experts, various press reports about the Directive and quotes from key figures voicing their concerns about the Directive.

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