AIFMD
Alternative Investment Fund Managers Directive (Directive 2011/61/EU)
Consolidated text of Directive 2011/61/EU (AIFMD), historic version comparisons, and Level 2 regulatory resources implementing AIFMD II.
Table of contents & provision redlines
Select any article below to view clean text, redline comparisons, and notes and other resources.
CHAPTER I
GENERAL PROVISIONS
CHAPTER II
AUTHORISATION OF AIFMs
CHAPTER III
OPERATING CONDITIONS FOR AIFMs
SECTION 1General requirements
SECTION 2Organisational requirements
SECTION 3Delegation of AIFM functions
SECTION 4Depositary
CHAPTER IV
TRANSPARENCY REQUIREMENTS
CHAPTER V
AIFMs MANAGING SPECIFIC TYPES OF AIF
SECTION 1AIFMs managing leveraged AIFs
SECTION 2Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers
CHAPTER VI
RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
- Article 30AConditions for pre-marketing in the Union by an EU AIFM
- Article 31Marketing of units or shares of EU AIFs in the home Member State of the AIFM
- Article 32Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM
- Article 32ADe-notification of arrangements made for the marketing of units or shares of some or all EU AIFs in the Member States other than in the home Member State of the AIFM
- Article 33Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
CHAPTER VII
SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
- Article 34Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States
- Article 35Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
- Article 36Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
- Article 37Authorisation 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
- Article 38Peer review of authorisation and supervision of non-EU AIFMs
- Article 39Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM
- Article 40Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
- Article 41Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs
- Article 42Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM
CHAPTER VIII
MARKETING TO RETAIL INVESTORS
CHAPTER IX
COMPETENT AUTHORITIES
SECTION 1Designation, powers and redress procedures
SECTION 2Cooperation between different competent authorities
- Article 50Obligation to cooperate
- Article 51Transfer and retention of personal data
- Article 52Disclosure of information to third countries
- Article 53Exchange of information relating to the potential systemic consequences of AIFM activity
- Article 54Cooperation in supervisory activities
- Article 55Dispute settlement
CHAPTER X
TRANSITIONAL AND FINAL PROVISIONS
- Article 56Exercise of the delegation
- Article 57Revocation of the delegation
- Article 58Objections to delegated acts
- Article 59Implementing measures
- Article 60Disclosure of derogations
- Article 61Transitional provisions
- Article 63Amendments to Directive 2009/65/EC
- Article 64Amendment to Regulation (EC) No 1060/2009
- Article 65Amendment to Regulation (EU) No 1095/2010
- Article 66Transposition
- Article 67Delegated act on the application of Article 35 and Articles 37 to 41
- Article 68Delegated act on the termination of the application of Articles 36 and 42
- Article 69Review
- Article 69AAssessment of the passport regime
- Article 69BAccessibility of information on the European single access point
- Article 70Entry into force
- Article 71Addressees
ANNEXES
Annexes to the Directive
Secondary legislation & regulatory guidance
Level 2 delegated acts, Regulatory Technical Standards (RTS), Implementing Technical Standards (ITS), and ESA (ESMA, EBA, AMLA, etc.) guidelines.
Level 2 measures
Level 2 delegated regulations & technical standards (RTS/ITS)
Searchable hub containing all 9 Level 2 Delegated Regulations, Implementing Acts, RTS, and ITS measures.
Explore Level 2 hub (9 measures) →Level 3 guidance
Level 3 ESA guidelines, Q&As & opinions
Supervisory guidance, Q&A releases, and opinions issued by ESMA, EBA, and European Supervisory Authorities.
Explore Level 3 hub (7 guidance documents) →Version history & timeline
Chronological consolidated versions available for side-by-side redline comparison.
2011
Original Enactment (2011)
2024-01-09
Pre-AIFMD II consolidated version
2026-04-16