Jurisdiction(s):
European Union

EU AIFMD: organisational, conduct, risk, liquidity, leverage, valuation and delegation requirements, external valuers and depositaries, with AIFMD II updates on loan origination, delegation reporting and EU substance

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Practice notes

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 (EU Law)—overview and Practice Note: EU AIFMD—essentials. For the latest developments relating to the AIFMD, see: EU AIFMD—timeline...

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Web page updated on 21/05/2026

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