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Updated 16/01/2025

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In force since 21/07/2011

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Level 2 legal acts in relation to AIFMD

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Procedure 2009/0064/COD

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Synchronised with EUR-Lex on 16/01/2025

AIFMD Tool Alternative Investment Fund Managers Directive (AIFMD)

Alternative Investment Fund Managers Directive (AIFMD)

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (Text with EEA relevance)

CHAPTER I - GENERAL PROVISIONS (Article 1-5)Article 1 - Subject matter Q&A Article 2 - Scope Q&A Article 3 - Exemptions DAIAQ&AGL Article 4 - Definitions RTSDAQ&AGL Article 5 - Determination of the AIFM Q&A

CHAPTER II - AUTHORISATION OF AIFMs (Article 6-11)Article 6 - Conditions for taking up activities as AIFM Q&AGL Article 7 - Application for authorisation Q&A Article 8 - Conditions for granting authorisation Q&A Article 9 - Initial capital and own funds DAQ&A Article 10 - Changes in the scope of the authorisation Article 11 - Withdrawal of the authorisation

CHAPTER III - OPERATING CONDITIONS FOR AIFMs (Article 12-21)

SECTION 1 - General requirements (Article 12-17)Article 12 - General principles DAGL Article 13 - Remuneration Q&AGL Article 14 - Conflicts of interest DAQ&A Article 15 - Risk management DAQ&AGL Article 16 - Liquidity management RTSDAQ&AGL Article 17 - Investment in securitisation positions DA

SECTION 2 - Organisational requirements (Article 18-19)Article 18 - General principles DAQ&AGL Article 19 - Valuation DAQ&A

SECTION 3 - Delegation of AIFM functions (Article 20)Article 20 - Delegation DAQ&AGL

SECTION 4 - Depositary (Article 21)Article 21 - Depositary DAQ&AGL

CHAPTER IV - TRANSPARENCY REQUIREMENTS (Article 22-24)Article 22 - Annual report DAQ&AGL Article 23 - Disclosure to investors DAQ&AGL Article 24 - Reporting obligations to competent authorities DAQ&AGL

CHAPTER V - AIFMs MANAGING SPECIFIC TYPES OF AIF (Article 25-30)

SECTION 1 - AIFMs managing leveraged AIFs (Article 25)Article 25 - Use of information by competent authorities, supervisory cooperation and limits to leverage DAGL

SECTION 2 - Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers (Article 26-30)Article 26 - Scope Q&A Article 27 - Notification of the acquisition of major holdings and control of non-listed companies Article 28 - Disclosure in case of acquisition of control Article 29 - Specific provisions regarding the annual report of AIFs exercising control of non-listed companies Article 30 - Asset stripping Q&A

CHAPTER VI - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION (Article 31-33)Article 31 - Marketing of units or shares of EU AIFs in the home Member State of the AIFM ITSQ&A Article 32 - Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM ITSDAQ&A Article 33 - Conditions for managing EU AIFs established in other Member States ITSRTSDAQ&A

CHAPTER VII - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES (Article 34-42)Article 34 - Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States DAGL Article 35 - Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM DAQ&AGL Article 36 - Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM DAQ&AGL Article 37 - Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 DAIAQ&AGL Article 38 - Peer review of authorisation and supervision of non-EU AIFMs Article 39 - Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM Q&A Article 40 - Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM DAQ&AGL Article 41 - Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs Q&A Article 42 - Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM DAQ&AGL

CHAPTER VIII - MARKETING TO RETAIL INVESTORS (Article 43)Article 43 - Marketing of AIFs by AIFMs to retail investors DAQ&A

CHAPTER IX - COMPETENT AUTHORITIES (Article 44-55)

SECTION 1 - Designation, powers and redress procedures (Article 44-49)Article 44 - Designation of competent authorities Article 45 - Responsibility of competent authorities in Member States Q&A Article 46 - Powers of competent authorities Q&A Article 47 - Powers and competences of ESMA Q&A Article 48 - Administrative penalties Article 49 - Right of appeal

SECTION 2 - Cooperation between different competent authorities (Article 50-55)Article 50 - Obligation to cooperate Q&A Article 51 - Transfer and retention of personal data Article 52 - Disclosure of information to third countries Article 53 - Exchange of information relating to the potential systemic consequences of AIFM activity DA Article 54 - Cooperation in supervisory activities Q&A Article 55 - Dispute settlement

CHAPTER X - TRANSITIONAL AND FINAL PROVISIONS (Article 56-71)Article 56 - Exercise of the delegation Article 57 - Revocation of the delegation Article 58 - Objections to delegated acts Article 59 - Implementing measures Article 60 - Disclosure of derogations Article 61 - Transitional provisions RTSQ&A Article 62 - Amendments to Directive 2003/41/EC Article 63 - Amendments to Directive 2009/65/EC Article 64 - Amendment to Regulation (EC) No 1060/2009 Article 65 - Amendment to Regulation (EU) No 1095/2010 Article 66 - Transposition Q&A Article 67 - Delegated act on the application of Article 35 and Articles 37 to 41 DAQ&A Article 68 - Delegated act on the termination of the application of Articles 36 and 42 Article 69 - Review Q&A Article 70 - Entry into force Article 71 - Addressees

ANNEX I DAQ&A ANNEX II Q&AGL ANNEX III Q&A ANNEX IV Q&A

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