◷
New version applies from 02/07/2014 — introduced by Directive 2014/65/EU (MIFID II).
97 provisions change.
Later versions: 13/01/2019, 26/06/2021, 02/08/2021, 09/01/2024, 17/01/2025, 16/04/2026.
Alternative Investment Fund Managers Directive (AIFMD)
21/07/2011 → 20/06/2013: 0 inserted · 0 removed · 165 amended · 0 moved · 3 renamed · 6 unchanged
Position-only shifts inside the same heading are not changes. Amended = the printed text changed.
Preamble
- amended Preamble
Recitals
- amended Recital 1
- amended Recital 2
- amended Recital 3
- amended Recital 4
- amended Recital 5
- amended Recital 6
- amended Recital 7
- amended Recital 8
- amended Recital 9
- amended Recital 10
- amended Recital 11
- amended Recital 12
- amended Recital 13
- amended Recital 14
- amended Recital 15
- amended Recital 16
- amended Recital 17
- amended Recital 18
- amended Recital 19
- amended Recital 20
- amended Recital 21
- amended Recital 22
- amended Recital 23
- amended Recital 24
- amended Recital 25
- amended Recital 26
- amended Recital 27
- amended Recital 28
- amended Recital 29
- amended Recital 30
- amended Recital 31
- amended Recital 32
- amended Recital 33
- amended Recital 34
- amended Recital 35
- amended Recital 36
- amended Recital 37
- amended Recital 38
- amended Recital 39
- amended Recital 40
- amended Recital 41
- amended Recital 42
- amended Recital 43
- amended Recital 44
- amended Recital 45
- amended Recital 46
- amended Recital 47
- amended Recital 48
- amended Recital 49
- amended Recital 50
- amended Recital 51
- amended Recital 52
- amended Recital 53
- amended Recital 54
- amended Recital 55
- amended Recital 56
- amended Recital 57
- amended Recital 58
- amended Recital 59
- amended Recital 60
- amended Recital 61
- amended Recital 62
- amended Recital 63
- amended Recital 64
- amended Recital 65
- amended Recital 66
- amended Recital 67
- amended Recital 68
- amended Recital 69
- amended Recital 70
- amended Recital 71
- amended Recital 72
- amended Recital 73
- amended Recital 74
- amended Recital 75
- amended Recital 76
- amended Recital 77
- amended Recital 78
- amended Recital 79
- amended Recital 80
- amended Recital 81
- amended Recital 82
- amended Recital 83
- amended Recital 84
- amended Recital 85
- amended Recital 86
- amended Recital 87
- amended Recital 88
- amended Recital 89
- amended Recital 90
- amended Recital 91
- amended Recital 92
- amended Recital 93
- amended Recital 94
- amended Recital 95
Chapter I - GENERAL PROVISIONS
- amended Article 2 - Scope Chapter I
- amended Article 3 - Exemptions Chapter I
- amended Article 4 - Definitions Chapter I
- amended Article 5 - Determination of the AIFM Chapter I
Chapter I · 1 unchanged
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
- amended Article 10 - Changes in the scope of the authorisation Chapter II
- amended Article 11 - Withdrawal of the authorisation Chapter II
Chapter III - OPERATING CONDITIONS FOR AIFMs
- amended Article 12 - General principles Chapter III › Section 1
- amended Article 13 - Remuneration 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 - Investment in securitisation positions Chapter III › Section 1
- amended Article 18 - General principles Chapter III › Section 2
- amended Article 19 - Valuation Chapter III › Section 2
- amended Article 20 - Delegation Chapter III › Section 3
- amended Article 21 - Depositary Chapter III › Section 4
Chapter IV - TRANSPARENCY REQUIREMENTS
- amended Article 22 - Annual report Chapter IV
- amended Article 23 - Disclosure to investors Chapter IV
- amended Article 24 - Reporting obligations to competent authorities Chapter IV
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 27 - Notification of the acquisition of major holdings and control of non-listed companies Chapter V › Section 2
- amended Article 28 - Disclosure in case of acquisition of control 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
- amended Article 30 - Asset stripping Chapter V › Section 2
Chapter VI - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
- amended Article 31 - Marketing of units or shares of EU AIFs in the home Member State of the AIFM Chapter VI
- amended Article 32 - Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM Chapter VI
- amended Article 33 - Conditions for managing EU AIFs established in other Member States Chapter VI
Chapter VII - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
- amended Article 34 - Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States Chapter VII
- 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 38 - Peer review of authorisation and supervision of non-EU AIFMs Chapter VII
- amended Article 39 - Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM 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 41 - Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs 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 VIII - MARKETING TO RETAIL INVESTORS
- amended Article 43 - Marketing of AIFs by AIFMs to retail investors Chapter VIII
Chapter IX - COMPETENT AUTHORITIES
- amended Article 45 - Responsibility of competent authorities in Member States Chapter IX › Section 1
- 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 48 - Administrative penalties Chapter IX › Section 1
- amended Article 49 - Right of appeal Chapter IX › Section 1
- amended Article 50 - Obligation to cooperate Chapter IX › Section 2
- amended Article 51 - Transfer and retention of personal data Chapter IX › Section 2
- amended Article 52 - Disclosure of information to third countries Chapter IX › Section 2
- amended Article 53 - Exchange of information relating to the potential systemic consequences of AIFM activity Chapter IX › Section 2
- amended Article 54 - Cooperation in supervisory activities Chapter IX › Section 2
Chapter IX · 2 unchanged
Chapter X - TRANSITIONAL AND FINAL PROVISIONS
- amended Article 56 - Exercise of the delegation Chapter X
- amended Article 57 - Revocation of the delegation Chapter X
- amended Article 58 - Objections to delegated acts Chapter X
- amended Article 59 - Implementing measures Chapter X
- amended Article 61 - Transitional provisions Chapter X
- amended Article 62 - Amendments to Directive 2003/41/EC Chapter X
- amended Article 63 - Amendments to Directive 2009/65/EC Chapter X
- amended Article 64 - Amendment to Regulation (EC) No 1060/2009 Chapter X
- amended Article 65 - Amendment to Regulation (EU) No 1095/2010 Chapter X
- amended Article 66 - Transposition Chapter X
- amended Article 67 - Delegated act on the application of Article 35 and Articles 37 to 41 Chapter X
- amended Article 68 - Delegated act on the termination of the application of Articles 36 and 42 Chapter X
- amended Article 69 - Review Chapter X
Chapter X · 3 unchanged
Annexes
- amended Annex I
- amendedrenamed Annex II - REMUNERATION POLICY was “Annex II”
- amendedrenamed Annex III - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED MARKETING IN THE HOME MEMBER STATE OF THE AIFM was “Annex III”
- amendedrenamed Annex IV - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTENDED MARKETING IN MEMBER STATES OTHER THAN THE HOME MEMBER STATE OF THE AIFM was “Annex IV”