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 high level note on AIFMD review (September 2019) (18 September 2019)
- ESMA Guidelines on Liquidity Stress Tests (16 September 2019)
- AIMA BAI CBDF Transposition Letter (06 September 2019)
- Joint AIMA and MFA response to ESMA Survey on Short-Termism (29 July 2019)
- Summary - cross-border distribution of investment funds - Directive and Regulation (15 July 2019)
- AIMA and ACC response to ESMA consultation on liquidity stress tests (19 April 2019)
- AIMA Summary - Report on the Operation of the Alternative Investment Fund Managers Directive (12 February 2019)
- Scope and Definitions under the AIFMD (13 December 2018)
- AIMA responds to European Commission Draft Delegated Regulation on the safekeeping duties of AIF depositaries (03 July 2018)
- AIFMD/UCITS: Commission Proposals to Amend AIFMD and UCITS Level 2 Depositary Requirements (26 June 2018)
- 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)
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)
European Council, Parliament and Commission
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)
Guidelines on key concepts of the AIFMD (13 August 2013)
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.
- Joint AIMA and MFA response to SEC concept release on exempt offerings (25 September 2019)
- 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)
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.