Overview

The Alternative Investment Fund Managers Directive (‘AIFMD’) affects alternative investment fund managers (‘AIFMs’) who are either:

• established within the EU and who manage alternative investment funds (‘AIFs’) whether or not those AIFs are marketed within the EU; or

• established outside the EU, but who manage AIFs within the EU or market AIFs within or into Member States which have opted to maintain or introduce a private placement regime for third country funds and managers.

We have prepared a brief summary of what is covered by the AIFMD, which can be accessed here.

AIMA responses and other policy documents

• AIMA MFA Position Paper on the omnibus proposals on cross-border distribution of investment funds (14 May 2018)
• AIMA Summary of the omnibus proposals on cross-border distribution of investment fund (26 March 2018)
• AIMA's concerns regarding the ESMA Q&A related to AIFMD Annex 1 and Delegation (03 February 2017)
• ESMA Q&A related to AIFMD Annex I and Delegation - FCA (25 November 2016)
• Cross-border distribution of funds - AIMA Response - European Commission (07 October 2016)
• Call for evidence on asset segregation and custody services - AIMA Response - ESMA (26 September 2016)
• ESMA's advice on the extension of the AIFMD passport to 12 non-EU jurisdictions - AIMA Summary (01 September 2016)
• National Private Placement Regimes in the UK, Germany and France - AIMA Summary (01 September 2016)
• Transparency reporting requirements for AIFMs - AIMA response to the FCA (01 September 2016)
• Guidelines on sound remuneration policies under UCITS V and AIFMD - AIMA response - ESMA (23 October 2015)
• AIFMD Passporting Fees - AIMA Briefing Note (28 August 2015)
• AIMA's response to FCA QCP number 8 (05 May 2015)
• AIFMD: additional measure of leverage - AIMA Response - European Commission (27 April 2015)
• Guidelines on asset segregation under the AIFMD - AIMA Response (02 February 2015)
• AIMA’s response to the ESMA call for evidence on the AIFMD passport and third country AIFMs (13 January 2015)

AIFMD Implementation Planners

Our AIFMD Implementation Planner will guide AIMA member firms through some of the key questions they will need to answer in order to determine whether and how they fall in scope of the Directive as well as private a high level summary of the key legislation provisions of both the Level 1 and Level 2 texts.   

For members interested in setting up an AIFMD or AIF in Ireland, Luxembourg or the United Kingdom, the country-specific guides will guide members through the key questions they will need to answer in order to determine whether and how they fall in scope of the Directive as implemented in each of those countries.  

The online Self-Diagnostic tool will assist AIMA member firms in preparing for and tracking their compliance readiness as they approach the Directive's transposition and implementation deadlines.   Please review our user guide in conjunction with using this resource. 

• AIFMD Implementation Planner (31 May 2014)
• AIFMD Planner - Luxembourg (30 May 2014)
• AIFMD Planner - Republic of Ireland (30 May 2014)
• AIFMD Planner - UK (30 May 2014)

Official texts 

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)

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

Capital Raising

By definition, an AIF is an entity that raises capital from a number of investors.  It is important that hedge fund managers seeking to raise capital from EU investors understand the applicable requirements for marketing and private placement to EU investors.  Access here various materials designed to aid that understanding.

• National Private Placement Regimes in the UK, Germany and France - AIMA Summary (01 September 2016)
• AIFMD Implementation in The Netherlands - AIMA Summary (03 February 2014)
• Considerations for Non-EU Fund Managers Marketing Funds in the EU - AIMA Guidance Note (01 November 2013)

Remuneration

The AIFMD includes rules on remuneration application to AIFMs.   Under Article 13 of the AIFMD, ESMA is required to develop further guidelines on the application of the AIFMD remuneration requirements and is required to cooperate closely with the EBA in developing these requirements.