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Harmonised regulatory framework



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

Positions & consultation responses

Response to Commission consultation on institutional investors and asset managers' duties regarding sustainability

22 Jan 2018
Download PDF 842.83 KB
Positions & consultation responses

Response to Commission Consultation on "Reducing barriers to cross-border distribution of investment funds”

14 Jul 2017
Download PDF 394.9 KB

AIFMD Essentials 2017

24 May 2017
Download (Member only) PDF 1.52 MB (Member only)
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Paper on the main barriers to the cross-border distribution of funds

30 Nov 2016
Download PDF 225.64 KB
Positions & consultation responses

Response to Commission consultation on the cross-border distribution of funds

10 Oct 2016
Download PDF 1.02 MB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

Response to ESMA Consultation Paper on Remuneration

23 Oct 2015
Download PDF 489.15 KB

ESMA's advice on the AIFMD Third Country Passport

30 Jul 2015
Download PDF 147.48 KB
Positions & consultation responses

AIFMD - Introduction of a Third-Country Passport for non-EEA AIFMs/AIFs

06 Jul 2015
Download PDF 175.52 KB
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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