Alternative Investment Fund Managers Directive 2011
| European Union directive | |
| Text with EEA relevance | |
| Title | Alternative Investment Fund Managers Directive |
|---|---|
| Made by | European Parliament and Council of the European Union |
| Made under | Art. 53 |
| Journal reference | L 174, 1.7.2011, p. 1–73 |
| History | |
| Date made | 8 June 2011 |
| Came into force | 21 July 2011 |
| Current legislation | |
The Alternative Investment Fund Managers Directive 2011/61/EU (or "AIFMD" for short) is an EU law on the financial regulation of hedge funds, private equity, real estate funds, and other "Alternative Investment Fund Managers" (AIFMs) in the European Union. The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation. It followed the global financial crisis. Before, the alternative investment industry had not been regulated at EU level.
It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law. As of 2014, the countries that had transposed AIFMD into law include the Czech Republic, the United Kingdom, Luxembourg,Germany,France,Malta and Ireland. In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with AIFMD implementation.
The AIFMD was prompted as part of a wider regulatory effort undertaken by G20 nations following the global market downturn of 2008. Provisions of the AIFMD include increasing transparency by AIFMs and assuring that national supervisors, the European Securities and Markets Authority (ESMA), and the European Systemic Risk Board (ESRB) have the information they need to monitor financial systems in the EU. The AIFMD also is intended to protect investors.
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