The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

Official Texts and other Official Information

Access to the official texts 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. 

UNOFFICIAL AIFMD consolidated text (November 2014)

European Council, Parliament and Commission

Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council

Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU of the European Parliament and of the Council

Commission Delegated Regulation (EU) of 17 December 2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards determining types of alternative investment fund managers

Final text of the AIFMD Level 2 Implementing Measures published by the European Commission on 19 December 2012

Final text of the Level 1 Directive on Alternative Investment Fund Managers (2011/61/EU) published by the European Council on 13 May 2011

European Securities and Markets Authority (ESMA)

ESMA's opinion to the European Parliament, Council and Commission and responses to the call for evidence on the functioning of the AIFMD EU passport and of the National Private Placement Regimes (July 2015)

ESMA's advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to non-EU AIFMs and AIFs (July 2015)

Questions and Answers - Application of the AIFMD (July 2015)

Table of AIFMD Cooperation Arrangements signed by the EU authorities (17 July 2014)

Final report Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (15 November 2013)

Guidelines on key concepts of the AIFMD (13 August 2013)

ESMA Opinion - Practical arrangements for the late transposition of the AIFMD (1 August 2013)

ESMA Final Report - Guidelines on sound remuneration policies under the AIFMD (11 February 2013)


Member States






Czech Republic




France (Also available in English here)




Ireland (See also The AIF Rulebook)



Lithuania (Draft)

Luxembourg (See also AIFMD implementation in Luxembourg)


The Netherlands

Poland (not available)

Portugal (not available)

Romania (not available)

Slovakia (also available in English here)

Spain (not available)

Sweden (See also further information here)

UK (See also HM Treasury AIFMD Q&A, FCA Policy Statement PS 13/5 Implementation of the AIFMD (June 2013) and The FCA Handbook)

Links to Official Government Websites

Although we do try to keep this page up to date, things do change from time to time and we encourage members to verify they have the current versions by checking the relevant official government websites. Links to those websites are included below for convenience.

European Commission


Main Menu

  1. Home
  2. About
    1. Our Core Objectives
    2. Meet the team
    3. AIMA Council
    4. Global Network
    5. Sponsoring Partners
    6. Opportunities at AIMA
    7. AIMA’s 25th anniversary in 2015
  3. Join AIMA
    1. Benefits of Membership
    2. Membership Fees
    3. Application form
  4. Members
    1. AIMA DDQs
    2. AIMA Annual Reports
    3. AIMA Governance
    4. AIMA Logo
      1. Policy note
    5. AIMA Members' List
    6. AIMA Review of the Year
    7. Committees and Working Groups
    8. Weekly News
    9. Update Profile
  5. Investors
    1. AIMA Investor Services
    2. AIMA Members' List
    3. Investor Steering Committee
  6. Regulation
    1. Asset Management Regulation
      1. EU Asset Management Regulation
        1. AIFMD
        2. European Capital Markets Regulation
        3. MiFID / MiFIR
        4. UCITS
        5. European Venture Capital Directive
        6. Shareholder Rights Directive
        7. European Long Term Investment Fund Regulation
        8. Loan Origination Funds
        9. Capital Raising
        10. AIFMD-Related Events
      2. US Hedge Fund Adviser Regulations
        1. Registration and Reporting
        2. Incentive-Based Compensation
        3. JOBS Act
      3. Asia Pacific Asset Management regulation
      4. Other Jurisdictions’ Asset Management Regulation
      5. Private Placement Regime
        1. Canada
        2. Dubai
        3. Finland
        4. Germany
        5. Hong Kong
        6. Japan
        7. Saudi Arabia
        8. Sweden
        9. United Arab Emirates
      6. Systemically Important Financial Institutions ('SIFIs')
      7. Remuneration
        1. UK
        2. United States
        3. CRD IV and CRR
        4. AIFMD
        5. MiFID
      8. Shadow Banking
      9. Volcker Rule
      10. Other
      11. Systemic Risk Reporting
      12. Dealing Commission
      13. Corporate Governance
      14. Securitisation
    2. Markets Regulation
      1. Algorithmic and High Frequency Trading
        1. EU Automated Trading
        2. US Automated Trading
      2. Benchmarks
      3. Capital Markets Union
      4. Derivatives/Clearing
        1. BCBS - IOSCO
        2. EMIR
        3. Dodd-Frank Act Title VII
        4. Hong Kong
        5. MiFID II / MiFIR - Derivatives
        6. Singapore
      5. Market Abuse
      6. MiFID II / MiFIR
      7. Position Limits
        1. MiFID II - Commodities
        2. CFTC Position Limits
      8. Recovery and Resolution
        1. EU
        2. CPSS-IOSCO
        3. Financial Stability Board
      9. REMIT
      10. Securities Settlement
      11. SFT reporting & transparency
      12. Short Selling
    3. Tax Affairs
      1. Automatic Exchange of Information (AEOI)
        1. FATCA
        2. EU - AEFI
        3. OECD - Global Standard on AEFI
      2. Australia - Investment Manager Regime (IMR)
      3. Base Erosion - Profit Shifting (BEPS)
      4. FIN 48 and IAS 12
      5. Financial Transaction Tax (FTT)
      6. UK Investment Management Exemption (IME)
      7. UK Offshore Funds Regime
      8. Other
    4. AIMA's Policy Principles
    5. Search
    6. Resources
      1. Guidance Notes
      2. Jurisdictional Guides
      3. Noticeboard
        1. AEOI: FATCA and other regimes
        2. AIFMD
        3. Algorithmic and High Frequency Trading
        4. Bank/Capital Regulation (including NSFR)
        5. BEPS
        6. CFTC Registration and Exemptions
        7. Corporate Governance
        8. Dealing Commission
        9. Derivatives
        10. FTT
        11. MiFID / MiFIR
        12. Other Hot Asset Management Topics
        13. Other Hot Markets Topics
        14. Other Hot Tax Topics
        15. Position Limits
        16. Trading
        17. UCITS
        18. UK Partnership Tax Review
        19. US State and Local Taxes
        20. Volcker Rule
      4. Hedge Fund Manager Training
      5. Quarterly Regulatory Update
      6. Webinar Programme
      7. Regulatory Compliance Association
        1. About the Regulatory Compliance Association
        2. RCA Curricula and initiatives for alternative investment firms
        3. Meet the regulators and Sr. Fellows
  7. Education
    1. Research
      1. AIMA Research
      2. Industry research
      3. Search research documents
    2. AIMA Journal
      1. Recent issues
      2. Search AIMA Journal articles
      3. AIMA Journal Archive
    3. '25 Years in Hedge Funds'
      1. Introduction - AIMA's global mantra
      2. How the hedge fund industry has evolved over the last 25 years
      3. How the regulatory landscape has changed for hedge funds
      4. Separating fiction from reality: The most common and persistent hedge fund myths
      5. The next five years - where is the hedge fund industry headed?
      6. Virtual roundtable - Leading figures from the hedge fund industry look ahead to 2020
      7. Learning the lessons from the past
      8. Accessing hedge funds: how ‘solutions’ are the new FoHFs
      9. 'Big data': The growth of the global hedge fund industry
    4. "The Case for Hedge Funds"
      1. Global Hedge Fund Industry Paper: The value of our industry
      2. The Value of the Hedge Fund Industry to Investors, Markets and the Broader Economy: Research commissioned by AIMA and KPMG
      3. The Evolution of an Industry: KPMG/AIMA Global Hedge Fund Survey
      4. Contributing to Communities: A global review of charitable and philanthropic activities by the hedge fund industry
      5. Beyond 60-40: The evolving role of hedge funds in institutional investor portfolios
      6. The Cost of Compliance: Global hedge fund survey by AIMA, MFA and KPMG
      7. Capital Markets and Economic Growth: Long-term trends and policy challenges
      8. Apples and Apples: How to better understand hedge fund performance
      9. The Extra Mile: Partnerships between hedge funds and investors
      10. Key articles by AIMA on the case for hedge funds
    5. AIMA Guides to Sound Practices
    6. AIMA guides for institutional investors
    7. CAIA Association pages
      1. Fundamentals of Alternative Investments
    8. Regulatory Compliance Association pages
      1. About the Regulatory Compliance Association
      2. RCA Curricula and initiatives for alternative investment firms
      3. Meet the regulators and Sr. Fellows
    9. Certified Investment Fund Director programme
    10. Services to Start-up Managers
    11. Glossary
    12. Cyber Security Resources
  8. Events
    1. AIMA Events
      1. AIMA Annual Conference
        1. 2015 Conference - Agenda
        2. 2015 Conference - Charity Dinner
        3. 2015 Conference - Videos
      2. AIMA's Global Policy and Regulatory Forum
        1. 2015 Forum - Review
        2. 2015 Forum - Photos
        3. 2015 Forum - Agenda
        4. 2015 Forum - Sponsors and Supporting Organisations
    2. AIMA webinars
    3. Industry events
  9. Media
    1. Press Releases & Statements
    2. AIMA's blog
    3. Media Coverage
      1. Articles by AIMA
        1. Archive
      2. AIMA in the news
      3. Video interviews
      4. Industry news
    4. Media Contacts
    5. Press Materials