Alternative Investment Fund Managers Directive ('AIFMD')


AIMA actively monitors and advocates on a variety of initiatives that will affect the operations of alternative investment fund managers ("AIFMs").  This can include matters within the four corners of AIFMD such as requirements affecting organisational, operational and risk management functions, managing leverage and liquidity risks, remuneration, investments in securitisations and private companies, valuation, delegation, interactions with depositaries, and marketing, among other things.  It also inlcudes initiatives outside the AIFMD itself, including ESG, the requirements under DORA, etc. where AIFMs are in scope.  

Current work:

AIFMD Level 2 (Commission Delegated Regulation 231/2013) has been recently amended by the European Commission to incorporate sustainability-related factors in the management of an AIFM. The new requirements notably ask that AIFMs shall take into account sustainability risks when conducting due diligence and that they must retain the necessary resources and expertise for the effective integration of sustainability risks in their operations. Furthermore, AIFMs' senior managers are now responsible for the integration of sustainability risks in their managment activities. The delegated act is subject to a scrutiny period until July 2021 and should thereafter be published in the Official Journal. It will enter into application 12 months after the publication in the Official Journal. The current version of the delegated act is available here.

Member States are currently transposing the changes to AIFMD made by the Cross-Border Distribution of Funds ("CBDF") Directive into national law.  Those national requirements and the related CBDF Regulation will apply from 2 August 2021.  ESMA has also published Guidelines on marketing communications listing some prescriptive requirements to apply to marketing materials, as well as a Report on marketing requirements and marketing communications presenting each EU member states marketing requirements and assessing cross-border distribution of funds in the EU. AIMA, together with AIMA Sponsoring Partners KPMG and Clifford Chance, has also developed an implementation guide to assist AIFMs in addressing the new compliance requirements introduced under the CBDF Directive and CBDF Regulation.  This implementation guide can be accessed in the AIFMD Resources tab below.  Although these new marketing and pre-marketing requirements will apply in the EU, our understanding is that the FCA is not intending to introduce these requirements in the UK.

Upcoming actions: 

The European Commission is currently considering the scope and nature of the changes to the Level 1 Directive and to the Level 2 Delegated Regulation they will propose in their next consultation paper, currently expected to be published in November or December 2021.

(Last updated: 12 July 2021)

Other related workstreams

Financial Stability

Financial stability and the topics of liquidity risk management and risks related to the use of leverage are high on the agenda of global and regional supervisory bodies following COVID-19-related market events. AIMA continuously engages with various policymakers around the globe to share information and insights on our industry's management of such risks.


The increasing use of outsourcing by regulated entities is of growing importance to a number of supervisory authorities. ESMA guidelines on cloud outsourcing came into force on 31 July 2021. The CBI has issued a consultation paper on draft new outsourcing guidelines.

EU Remuneration

IFR/IFD remuneration requirements effective as of 26 June 2021. EBA to publish updated IFD remuneration guidelines and ESMA consulting on MiFID remuneration guidelines through 19 October 2021. Notable other EU remuneration requirements under AIFMD and the UCITS Directive are also linked.

UK Remuneration

New requirements for investment firms and CPMIs effective 1 January 2022. AIMA has responded to the FCA's third IFPR consultation which sought views on remuneration disclosure requirements. Near-final rules to be published in Q3 2021.


Reporting requirements under various global supervisory regimes are complex and time-consuming. AIMA's advocacy focuses on the improvement of a more efficient and streamlined reporting framework across the reporting regimes.

Responsible Investment

AIMA's resources for implementing responsible investment (also known as 'ESG') and interpreting the relevant regulation. Notable research papers and relevant events are also linked.


Securitisation is a core feature of capital markets. It provides a mechanism by which illiquid loans originated by banks and finance companies are transferred to capital market investors. A reformed securitisation framework will help reduce the EU’s over-reliance on bank funding, while preserving the financing of the European economy. The UK is also consulting currently on potential reforms to its securitisation requirements.

Other resources

AIFMD Official Texts

All of the directives, regulations, amending texts, ESA texts, etc. that apply to AIFMs all in one spot.