Jurisdiction(s):
European Union

EU AIFMD marketing, pre-marketing and passporting: professional/retail investor scope, notifications, NPPRs, third-country regimes, supervisory co-operation and AIFMD II changes

Published by a LexisNexis EU Law expert

Practice notes

This Practice Note examines the marketing, passporting and third-country regimes within the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD).

What is the AIFMD?

The AIFMD (Directive 2011/61/EU) took effect in EU Member States on 22 July 2013 and addresses the management, administration and marketing of AIFs across the EU. As implemented, it 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 applies 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 the application of AIFMD, see Investment funds, asset management, and benchmarks (EU Law)—overview and Practice Note: EU AIFMD—essentials. For the latest developments in relation to the AIFMD, see: EU AIFMD and UCITS—timeline.

Background on marketing, passporting and third-country regimes

The AIFMD provides a framework governing the offering or placing of shares and units in AIFs by directly limiting marketing by or on behalf of the alternative investment fund manager (AIFM), and also supervises offering and placing activities undertaken by certain other market participants. An alternative investment fund...

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Web page updated on 21/05/2026

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