{
  "slug": "aifmd",
  "name": "Alternative Investment Fund Managers Directive",
  "short_name": "AIFMD",
  "aliases": [
    "Directive 2011/61/EU"
  ],
  "jurisdiction": "EU",
  "regulator": "ESMA + national competent authorities",
  "kind": "directive",
  "effective_date": "2013-07-22",
  "summary": "EU directive establishing harmonised authorisation, conduct, transparency, and depositary requirements for managers of alternative investment funds (AIFs) marketed in or from the EU. AIFMD II amendments take effect 2026.",
  "scope": "EU-authorised AIFMs and non-EU AIFMs marketing AIFs into the EU.",
  "key_provisions": [
    {
      "section": "Authorisation",
      "summary": "AIFMs above de-minimis thresholds must obtain authorisation from their home-state regulator."
    },
    {
      "section": "Depositary",
      "summary": "Each AIF must appoint a single depositary responsible for cash flow monitoring, safekeeping of assets, and oversight."
    },
    {
      "section": "Annex IV reporting",
      "summary": "Detailed periodic risk reporting to regulators."
    },
    {
      "section": "Marketing passport",
      "summary": "Authorised EU AIFMs may market to professional investors EU-wide via passport notification."
    },
    {
      "section": "Remuneration",
      "summary": "Compensation rules including deferral, claw-back, and at-risk pay."
    }
  ],
  "thresholds": [
    {
      "name": "Sub-threshold AIFM (leveraged)",
      "value": 100000000,
      "currency": "EUR"
    },
    {
      "name": "Sub-threshold AIFM (unleveraged, 5-yr lockup)",
      "value": 500000000,
      "currency": "EUR"
    }
  ],
  "applies_to": [
    "AIFMs",
    "EU AIFs",
    "non-EU AIFs marketed in the EU"
  ],
  "filing_requirements": [
    {
      "form": "Annex IV",
      "frequency": "quarterly or annually depending on AUM",
      "filer": "AIFM",
      "trigger": "Authorisation"
    }
  ],
  "related_regulations": [
    "mifid-ii",
    "ucits"
  ],
  "related_terms": [
    "depositary",
    "annex-iv",
    "marketing-passport",
    "professional-investor"
  ],
  "official_text_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061",
  "history": "Adopted June 2011, effective July 2013. AIFMD II (Directive (EU) 2024/927) tightens loan-origination, delegation, and reporting rules; member states must transpose by April 2026."
}