Alternative Investment Fund Managers Directive

Regulation · CC-BY-4.0

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.

Details

• 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.
• applies to: AIFMs, EU AIFs, non-EU AIFs marketed in the EU
• 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.