Alternative Investment Fund Managers Directive (AIFMD)
17/01/2025 → 16/04/2026: 2 inserted · 0 removed · 35 amended · 0 moved · 1 renamed · 140 unchanged
Position-only shifts inside the same heading are not changes. Amended = the printed text changed.
Preamble
Preamble · 1 unchanged
Recitals
Recitals · 95 unchanged
Recital 1 · Recital 2 · Recital 3 · Recital 4 · Recital 5 · Recital 6 · Recital 7 · Recital 8 · Recital 9 · Recital 10 · Recital 11 · Recital 12 · Recital 13 · Recital 14 · Recital 15 · Recital 16 · Recital 17 · Recital 18 · Recital 19 · Recital 20 · Recital 21 · Recital 22 · Recital 23 · Recital 24 · Recital 25 · Recital 26 · Recital 27 · Recital 28 · Recital 29 · Recital 30 · Recital 31 · Recital 32 · Recital 33 · Recital 34 · Recital 35 · Recital 36 · Recital 37 · Recital 38 · Recital 39 · Recital 40 · Recital 41 · Recital 42 · Recital 43 · Recital 44 · Recital 45 · Recital 46 · Recital 47 · Recital 48 · Recital 49 · Recital 50 · Recital 51 · Recital 52 · Recital 53 · Recital 54 · Recital 55 · Recital 56 · Recital 57 · Recital 58 · Recital 59 · Recital 60 · Recital 61 · Recital 62 · Recital 63 · Recital 64 · Recital 65 · Recital 66 · Recital 67 · Recital 68 · Recital 69 · Recital 70 · Recital 71 · Recital 72 · Recital 73 · Recital 74 · Recital 75 · Recital 76 · Recital 77 · Recital 78 · Recital 79 · Recital 80 · Recital 81 · Recital 82 · Recital 83 · Recital 84 · Recital 85 · Recital 86 · Recital 87 · Recital 88 · Recital 89 · Recital 90 · Recital 91 · Recital 92 · Recital 93 · Recital 94 · Recital 95
Chapter I - GENERAL PROVISIONS
- amended Article 4 - Definitions Chapter I
Chapter II - AUTHORISATION OF AIFMs
- amended Article 6 - Conditions for taking up activities as AIFM Chapter II
- amended Article 7 - Application for authorisation Chapter II
- amended Article 8 - Conditions for granting authorisation Chapter II
- amended Article 9 - Initial capital and own funds Chapter II
Chapter II · 2 unchanged
Chapter III - OPERATING CONDITIONS FOR AIFMs
- amended Article 12 - General principles Chapter III › Section 1
- amended Article 14 - Conflicts of interest Chapter III › Section 1
- amended Article 15 - Risk management Chapter III › Section 1
- amended Article 16 - Liquidity management Chapter III › Section 1
- amended Article 17 Chapter III › Section 1
- amended Article 18 - General principles Chapter III › Section 2
- amended Article 20 - Delegation Chapter III › Section 3
- amended Article 21 - Depositary Chapter III › Section 4
Chapter III · 2 unchanged
Chapter IV - TRANSPARENCY REQUIREMENTS
- amended Article 22 - Annual report Chapter IV
- amended Article 23 - Disclosure to investors Chapter IV
Chapter IV · 1 unchanged
Chapter V - AIFMs MANAGING SPECIFIC TYPES OF AIF
- amended Article 25 - Use of information by competent authorities, supervisory cooperation and limits to leverage Chapter V › Section 1
- amended Article 26 - Scope Chapter V › Section 2
- amended Article 29 - Specific provisions regarding the annual report of AIFs exercising control of non-listed companies Chapter V › Section 2
Chapter V · 3 unchanged
Chapter VI - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
- amended Article 30a - Conditions for pre-marketing in the Union by an EU AIFM Chapter VI
- amended Article 32a - De-notification of arrangements made for the marketing of units or shares of some or all EU AIFs in the Member States other than in the home Member State of the AIFM Chapter VI
Chapter VI · 3 unchanged
Chapter VII - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
- amended Article 35 - Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM Chapter VII
- amended Article 36 - Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM Chapter VII
- amended Article 37 - Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 Chapter VII
- amended Article 40 - Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM Chapter VII
- amended Article 42 - Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM Chapter VII
Chapter VII · 4 unchanged
Chapter VIII - MARKETING TO RETAIL INVESTORS
- amended Article 43 - Marketing of AIFs by AIFMs to retail investors Chapter VIII
Chapter VIII · 1 unchanged
Chapter IX - COMPETENT AUTHORITIES
- amended Article 46 - Powers of competent authorities Chapter IX › Section 1
- amended Article 47 - Powers and competences of ESMA Chapter IX › Section 1
- amended Article 50 - Obligation to cooperate Chapter IX › Section 2
Chapter IX · 9 unchanged
Article 44 · Article 45 · Article 48 · Article 49 · Article 51 · Article 52 · Article 53 · Article 54 · Article 55
Chapter X - TRANSITIONAL AND FINAL PROVISIONS
- amended Article 59 - Implementing measures Chapter X
- amended Article 60 - Disclosure of derogations Chapter X
- amended Article 61 - Transitional provisions Chapter X
- amended Article 69 - Review Chapter X
- inserted Article 69-a - Other review Chapter X
- amended Article 69b - Accessibility of information on the European single access point Chapter X
Chapter X · 12 unchanged
Article 56 · Article 57 · Article 58 · Article 63 · Article 64 · Article 65 · Article 66 · Article 67 · Article 68 · Article 69a · Article 70 · Article 71
Annexes
- amendedrenamed Annex I - ▼M9 was “Annex I”
- inserted Annex V - LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs