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:

The Commission has published a proposal to review the AIFMD. The legislative proposal covers specific topics of the AIFMD, rather than a general overhaul. Substance requirements when seeking an authorisation as an AIFM as well as data collection on delegation arrangements are under review, in addition to the review of liquidity risk management (LRM) by AIFMs and the selection and activation of related LRM tools, disclosures of fees and charges for investors and regulatory reporting (Annex IV). The proposal also introduces a specific framework for loan originating funds. AIMA has filed an initial high level position with EU policy makers (Member States, Members of the European Parliament and EU Commission). 

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 theoretically apply from 2 August 2021 but some Member States are late in their local transposition.  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.

ESMA has also published a response to the European Commission's request for input on reverse solicitation. ESMA's conclusion is that NCAs do not have enough data points and information on reverse solicitation to be able to draw insightful comments on the impact of reverse solicitation on marketing. It further notes that new reporting requirements could be considered to fill this information gap.

Upcoming actions: 

AIMA is currently finalising a more formal position paper to comment on the AIFMD review proposal and will thereafter engage with EU policy-makers.  Log in to read more about the current status of the AIFMD review.

If you wish to be involved in AIMA’s engagement on AIFMD, please contact Marie-Adélaïde de Nicolay, head of AIMA Brussels office.

(Last updated: 6 January 2022)

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 have publish its updated IFD remuneration guidelines. 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. Final rules published on IFPR remuneration requirements.


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. The European Commission published a proposal for a European Single Access Point and outlined its Supervisory Data Strategy, introducing a range of new initiatives and actions to improve EU-wide regulatory reporting.

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.