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Policy

Harmonised regulatory framework

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AIFMD

The Alternative Investment Fund Managers Directive (AIFMD or Directive 2011/61/EU) creates a comprehensive regulatory and supervisory framework for the management and marketing of private equity, venture capital and other alternative investment funds (AIFs) in the European Economic Area. The harmonised European standards for alternative investment fund managers (AIFMs) aim to enhance the transparency of the activities of AIFMs and the funds they manage towards investors and public authorities. The AIFMD entered into force on 22 July 2011 and is due to be officially reviewed in 2021.

The practical application of the AIFMD is affected by other pieces of legislation. In the first half of 2019, the EU institutions agreed a new horizontal measure to facilitate and improve cross-border capital investment flows in the EU. Among the measures contained in the new Directive, which will be applicable across EU Member States from August 2021, is an EU-wide approach to the pre-marketing of investment funds.

How does it affect private equity?

The AIFMD is the piece of EU law with by far the biggest direct impact on the private equity and venture capital industry, particularly fund managers (regardless of whether or not they are located in the EU or meet the minimum threshold) as well as European LPs.

The Directive is directly applicable to private equity fund managers with assets under management greater than €500 million and enables them to manage and market their funds more easily across the EU through a single internal market passport. To benefit from this access, fund managers need to be authorised with their national competent authorities, and comply with stringent operational requirements in the field of depositaries, valuation, capital adequacy, disclosure, investor reporting and remuneration.

While fund managers with less than €500 million under management are exempted from the full requirements of the AIFMD, they are still subject to a simplified registration and reporting regime.

AIFMD member guides

Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry.

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AIFMD library

Report

Capital Markets Union Key Performance Indicators - Third Edition 2020

28 Oct 2020
Download PDF 5.12 MB
Positions & consultation responses

Response to ESAs Consultation on Article 8 Disclosure Templates (SFDR)

16 Oct 2020
Download PDF 528.13 KB
Positions & consultation responses

Response to ESMA Guidelines on leverage limits

01 Sep 2020
Download PDF 483.82 KB
Positions & consultation responses

Feedback on the draft Delegated Regulation on the integration of sustainability in AIFMD

06 Jul 2020
Download PDF 274.41 KB
Positions & consultation responses

Response to Consultation on the Cross-border Distribution of Funds Implementing Standards

01 Jul 2020
Download PDF 375.29 KB
Positions & consultation responses

Response to ESMA Consultation on Sustainability in AIFMD/UCITS

19 Feb 2019
Download PDF 553.48 KB
Positions & consultation responses

Position Paper on the cross-border distribution of funds legislation

07 May 2018
Download PDF 473.57 KB
Positions & consultation responses

Response to Commission Consultation on AIFMD supervisory reporting

28 Feb 2018
Download PDF 775.85 KB
Economic contributions

Evaluation of the AIFMD

29 Jan 2018
Download (Member only) PDF 1.57 MB (Member only)
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Meet the team

Public Affairs

Martin Bresson Image

Martin Bresson

Public Affairs

Public Affairs Director

Erika Blanckaert Image

Erika Blanckaert

Public Affairs

Senior Public Affairs Manager

Christophe Verboomen Image

Christophe Verboomen

Public Affairs

Public Affairs Manager

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