Alternative Investment Fund Managers Directive (AIFMD) meaning

This tracker outlines the consultation papers issued by the Financial Services Authority (FSA) from 2008–2013, listed in reverse date order, and includes links to the relevant FSA webpage and/or PDF versions of the papers. For details of Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consultation papers, together with subsequent rules and guidance, see: • FCA consultation paper tracker-2021 [Archived] 2013 Publication date Consultation Paper (including FSA webpage if available) Description March 2013 - FSA webpage: CP13/9: Implementation of the Alternative Investment Fund Managers Directive Part 2; CP13/9: Follow-up consultation on draft rules and guidance for implementing the Alternative Investment Fund Managers Directive (AIFMD). March 2013 - FSA webpage: CP13/8: Publishing information about warning notices; CP13/8: Proposals on how the Financial Conduct Authority (FCA) would publish details about the subject-matter of a warning notice where it considers publication appropriate. March 2013 - FSA webpage: CP13/7: Consumer credit regulation-our proposed regime; CP13/7: Invites views on the proposed framework and rules for the new consumer...

This timeline outlines key developments linked to the Alternative Investment Fund Managers Directive (EU) 2011/61/EU (EU AIFMD) from January 2024 onwards. For earlier developments, see Alternative Investment Fund Managers Directive (AIFMD)—timeline [Archived]. For further guidance on EU AIFMD, see Practice Note: EU AIFMD—essentials. For guidance on the UK Alternative Investment Fund Managers (AIFM) regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. 2026 13 March 2026 — ESMA — Guidelines on Liquidity Management Tools (LMTs) for UCITS and open-ended AIFs. The European Securities and Markets Authority (ESMA) has published guidelines on LMTs for UCITS and open-ended AIFs...

ARCHIVED: This timeline has been archived and is not being updated. For updates from January 2024 and beyond, refer to EU AIFMD—timeline. For additional guidance on EU AIFMD, consult Practice Note: EU AIFMD—essentials. For more guidance on the UK Alternative Investment Fund Managers (AIFM) regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. Date Source Document Description 15 December 2023 European Commission Commission Delegated Regulation (EU) /... supplementing Directive 2009/65/EC of the European Parliament and of the Council concerning regulatory technical standards setting out the information to be reported regarding the cross-border operations of management firms and undertakings for collective investment in transferable securities (UCITS) Commission Implementing Regulation (EU) /... ...

While most of the prescriptive measures are aimed at European Union Alternative Investment Fund Managers (AIFMs), non‑EU AIFMs will also need to amend pre‑contractual disclosures, regulatory reporting and periodic reporting so that the new reporting elements are included. This article highlights the principal action points AIFMs should consider before the swiftly approaching implementation deadline. What AIFMs need to do AIFMD 2 establishes a fresh loan origination framework to enable cross‑border lending, creating obligations for EU AIFMs. These obligations sit alongside the prescriptive measures primarily directed at EU AIFMs and require early focus. Loan Origination Activities and Loan-Originating AIFs Common rules apply to alternative investment funds (AIFs) that originate loans, covering borrower due diligence, concentration limits, a ban on originate‑to‑distribute strategies, and no lending to retail. More exacting standards attach to AIFs that are loan‑originating AIFs, including leverage limits, a liquidity policy and liquidity stress‑testing requirements. Complying with these measures will necessitate updates to fund documents and to internal systems and controls...

Asset Management & Investment Funds—CBI publishes feedback report on CSA on sustainability risks and disclosures On 23 October 2025, the Central Bank of Ireland (CBI) issued its feedback report on the 2024 European Securities and Markets Authority (ESMA) Common Supervisory Action (CSA), which evaluated fund management companies’ (FMCs) adherence to sustainability-related disclosures and the embedding of risk considerations (Feedback Report). As part of the wider European push on sustainable finance, the exercise closely reviewed the extent to which Irish FMCs meet the Sustainable Finance Disclosure Regulation (SFDR), the Taxonomy Regulation, and the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) Directive Level two obligations on integrating sustainability risks. Although the CBI observed strong alignment with supervisory expectations and a clear willingness to meet SFDR obligations, it also highlighted several areas requiring enhancement. The CBI has issued Risk Mitigation Programmes (RMPs) to certain FMCs, and the report sets out concrete expectations for FMCs to implement. The CBI expects consideration and action at board...

This Practice Note explores the position of depositaries under the UK framework that transposes the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD). It examines the depositary obligations within the UK AIFM regime, setting out which UK entities can serve as a depositary, the scope of their functions (including oversight), and the rules on delegation, liability, and the depositary agreement. For details on the parallel EU regime, see Practice Note: EU AIFMD—depositaries. UK implementation of AIFMD depositary requirements The AIFMD has been given effect in the UK through a blend of primary legislation in the Financial Services and Markets Act 2000 (FSMA 2000), secondary legislation—principally the Alternative Investment Fund Managers Regulations 2013, SI 2013/1773 (AIFM UK Regulations)—and rules made by the Financial Conduct Authority (FCA) across its Handbook, chiefly in the Investment Funds sourcebook (FUND). Within the FCA Handbook, AIF depositary provisions sit mainly in FUND 3.11 (in accordance with the table in FUND 3.11.2 R and FUND 3.11.3 R). These rules are supplemented by Articles 83 to...

This Practice Note offers a synopsis of the organisational, valuation and delegation requirements under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), as supplemented by Commission Delegated Regulation (EU) 231/2013 (EU AIFMD Level 2 Regulation). It sets out how alternative investment fund managers (AIFMs) should structure their operations and distils the principal provisions concerning asset valuation and delegation. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into force in EU Member States on 22 July 2013 and governs the management, administration and marketing of alternative investment funds (AIFs) across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also extends to: non-EU AIFMs who manage EU AIFs; and in part, non-EU AIFMs who actively market AIFs in the EU For general information on how the AIFMD applies, see: Investment funds, asset management, and benchmarks...

This Practice Note reviews the remuneration framework originating from the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) and set out in the alternative investment fund manager (AIFM) Remuneration Code (the Code) within the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) of the Financial Conduct Authority (FCA) Handbook at SYSC 19B. It outlines the main elements of the Code, including its reach, the meaning of remuneration and the Code’s principles. Managers of alternative investment funds (AIFs), including hedge funds, private equity funds and other AIFs (such as commodity funds, venture capital funds, real estate funds and investment funds), may all potentially fall within the scope of the remuneration requirements. For an accessible checklist of the relevant requirements, see: —checklist. For details on the equivalent EU requirements, see Practice Note: EU AIFMD—remuneration requirements. For an overview of the UK AIFM regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. Scope of the Code The Code applies to a full-scope UK AIFM of a UK AIF or...