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AIFMD

Directive 2011/61/EU on Alternative Investment Fund Managers
32011L0061 · official text on EUR-Lex

Articles

Chapter I GENERAL PROVISIONS

• Article 1 — Subject matter
• Article 2 — Scope
• Article 3 — Exemptions
• Article 4 — Definitions
• Article 5 — Determination of the AIFM

Chapter II AUTHORISATION OF AIFMs

• Article 6 — Conditions for taking up activities as AIFM
• Article 7 — Application for authorisation
• Article 8 — Conditions for granting authorisation
• Article 9 — Initial capital and own funds
• Article 10 — Changes in the scope of the authorisation
• Article 11 — Withdrawal of the authorisation

Chapter III OPERATING CONDITIONS FOR AIFMs

Section 1 General requirements

• Article 12 — General principles
• Article 13 — Remuneration
• Article 14 — Conflicts of interest
• Article 15 — Risk management
• Article 16 — Liquidity management
• Article 17 — Investment in securitisation positions

Section 2 Organisational requirements

• Article 18 — General principles
• Article 19 — Valuation

Section 3 Delegation of AIFM functions

• Article 20 — Delegation

Section 4 Depositary

• Article 21 — Depositary

Chapter IV TRANSPARENCY REQUIREMENTS

• Article 22 — Annual report
• Article 23 — Disclosure to investors
• Article 24 — Reporting obligations to competent authorities

Chapter V AIFMs MANAGING SPECIFIC TYPES OF AIF

Section 1 AIFMs managing leveraged AIFs

• Article 25 — Use of information by competent authorities, supervisory cooperation and limits to leverage

Section 2 Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers

• Article 26 — Scope
• Article 27 — Notification of the acquisition of major holdings and control of non-listed companies
• Article 28 — Disclosure in case of acquisition of control
• Article 29 — Specific provisions regarding the annual report of AIFs exercising control of non-listed companies
• Article 30 — Asset stripping

Chapter VI RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION

• Article 31 — Marketing of units or shares of EU AIFs in the home Member State of the AIFM
• Article 32 — Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM
• Article 33 — Conditions for managing EU AIFs established in other Member States

Chapter VII SPECIFIC RULES IN RELATION TO THIRD COUNTRIES

• Article 34 — Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States
• Article 35 — Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
• Article 36 — Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
• Article 37 — Authorisation 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 38 — Peer review of authorisation and supervision of non-EU AIFMs
• Article 39 — Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM
• Article 40 — Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
• Article 41 — Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs
• Article 42 — Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM

Chapter VIII MARKETING TO RETAIL INVESTORS

• Article 43 — Marketing of AIFs by AIFMs to retail investors

Chapter IX COMPETENT AUTHORITIES

Section 1 Designation, powers and redress procedures

• Article 44 — Designation of competent authorities
• Article 45 — Responsibility of competent authorities in Member States
• Article 46 — Powers of competent authorities
• Article 47 — Powers and competences of ESMA
• Article 48 — Administrative penalties
• Article 49 — Right of appeal

Section 2 Cooperation between different competent authorities

• Article 50 — Obligation to cooperate
• Article 51 — Transfer and retention of personal data
• Article 52 — Disclosure of information to third countries
• Article 53 — Exchange of information relating to the potential systemic consequences of AIFM activity
• Article 54 — Cooperation in supervisory activities
• Article 55 — Dispute settlement

Chapter X TRANSITIONAL AND FINAL PROVISIONS

• Article 56 — Exercise of the delegation
• Article 57 — Revocation of the delegation
• Article 58 — Objections to delegated acts
• Article 59 — Implementing measures
• Article 60 — Disclosure of derogations
• Article 61 — Transitional provisions
• Article 62 — Amendments to Directive 2003/41/EC
• Article 63 — Amendments to Directive 2009/65/EC
• Article 64 — Amendment to Regulation (EC) No 1060/2009
• Article 65 — Amendment to Regulation (EU) No 1095/2010
• Article 66 — Transposition
• Article 67 — Delegated act on the application of Article 35 and Articles 37 to 41
• Article 68 — Delegated act on the termination of the application of Articles 36 and 42
• Article 69 — Review
• Article 70 — Entry into force
• Article 71 — Addressees