AIFMD

AIFMD

This Overview provides a guide to the Financial Services content within the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) subtopic, with links to appropriate materials.

What is the AIFMD?

The AIFMD and Commission Delegated Regulation (EU) 231/2013, supplementing the AIFMD with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (AIFMD Level 2 Regulation) provide a comprehensive framework for the regulation of alternative investment fund managers (AIFMs) marketing or managing alternative investment funds (AIFs) in the EU. The extensive requirements with which AIFMs must comply are designed to ensure that managers can manage and market AIFs on a cross-border basis.

For information about the AIFMD regime, see Practice Notes: AIFMD—essentials and AIFMD—one minute guide.

UK implementation of AIFMD and assimilation of EU law

In the UK, the Financial Conduct Authority (FCA), in conjunction with HM Treasury implemented the AIFMD through changes to primary and secondary legislation and a number of aspects of the FCA’s Handbook, including the introduction of the Investment Funds sourcebook (FUND). The FCA also made a number of operational changes, including changes to the categorisation of certain firms and

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