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European Union

EU AIFMD and AIFMD II: scope, exemptions, small AIFMs, authorisation, capital, delegation, depositaries, remuneration, reporting, loan origination, liquidity management and passporting essentials

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Practice notes
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The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) establishes a comprehensive regime for the oversight of alternative investment fund managers (AIFMs) that market or manage alternative investment funds (AIFs) in the EU, including hedge funds, private equity funds and real estate investment funds. This Practice Note reviews core aspects of AIFMD and outlines its scope, available exemptions, the regulatory framework, the authorisation process and measures for small AIFs. It also examines the amendments introduced by Directive (EU) 2024/927 (AIFMD II), which took effect on 15 April 2024 and applies from 16 April 2026, save for certain reporting updates that commence 12 months later, from 16 April 2027...

AIFMD regulatory framework

AIFMD was published in the Official Journal of the EU (OJ) on 1 July 2011, entered into force on 21 July 2011 and was required to be implemented by EU Member States by 22 July 2013...

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Web page updated on 21/05/2026

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