AIFMD: Alternative Investment Fund Managers Directive


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:

  • Authorisation 

  • Capital requirements

  • 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

  • Remuneration policies 

  • Reporting to National Competent Authorities,

  • Marketing provisions and rules in relation to third countries

  • Depositary provisions

  • Passport

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.

Find out more

Our Focus forms:

Discover our presentation of the AIFM Directive and of its key elements (summary):
AIFMD UCITS Level 2 | AIFMD Review

Our To Know More form:
Click hereto discover our analysis of the AIFM Directive, its main impacts and its key dates.

Flash News of 30.11.2021 - 
Review of AIFM and UCITS Directives – Proposal from the European Commission
The European Commission published on 25 November 2021 a proposal amending AIFM Directive (Directive 2011/61/EU), notably based on the analysis of the answers to the public consultation on the functioning of this directive that closed on 29 January 2021 - Read more.