Alternative Investment Fund Managers Directive (AIFMD)
Directive 2011/61/EU of the European Parliament and the European Council on alternative investment fund managers.
Entry into force
22 July 2013
What is the AIFM Directive?
The AIFMD aims to create a harmonised regulation framework for alternative funds distributed in the European Union (EU).
The AIFMD has the objective of regulating the alternative investment fund managers and the distribution of AIFs in the European Union in order to ensure investor protection and avoid systemic risk.
The AIFMD applies to:
- EU AIFMs managing AIFs, irrespective of their country of domiciliation (EU AIFs or non-EU AIF)
- Non-EU AIFMs managing EU AIFs
- Non-EU AIFMs which market their AIFs in the EU
Key topics covered by Level 1
With an objective of harmonisation, the Directive covers key topics:
Delegation of duties to third parties
Use of leverage funds
Valuation requirements by the investment manager himself or by an outside expert
Conduct of business
Reporting to National Competent Authorities,
Marketing provisions and rules in relation to third countries
Key topics covered by Level 2
Calculation of assets under management, method used to calculate leverage, level of additional capital, operating requirements applicable to managers, delegation of financial management duties, risk management, liquidity management, depositaries’ responsibilities and reporting requirements.
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