AIFMD: Alternative Investment Fund Managers Directive
The AIFMD, Directive 2011/61/EU, is the EU's licensing regime for managers of funds such as hedge, private equity and real estate vehicles. Cross its thresholds and a manager needs authorisation plus EUR 125,000 in initial capital, after which it can manage and market funds to professional investors EU-wide. The AIFMD II amendments start applying on 16 April 2026.
At a glance
| Official title | Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/20101 |
|---|---|
| English title | Alternative Investment Fund Managers Directive |
| Citation | Directive 2011/61/EU |
| Jurisdiction | European Union (applies in every EU/EEA state) |
| Type | directive |
| Adopted | 2011-06-08 |
| In force from | 2011-07-21 |
| Status | In force, as amended; Directive (EU) 2024/927 (AIFMD II) applies from 16 April 2026 |
Full text
Official full text: Alternative Investment Fund Managers Directive (PDF, en)1 · 1,381 KB · file checked 2026-09-24
Official page: eur-lex.europa.eu1
Summary
The AIFMD reaches managers of alternative investment funds such as hedge funds, private equity vehicles and real estate funds, plus anything else that is not a UCITS. Cross the directive's thresholds and a manager needs authorisation. The rules touch capital and organisation, remuneration, risk management and liquidity, plus delegation, valuation and depositary duties. Once authorised, a manager gets a passport to manage and market its funds to professional investors anywhere in the EU. Stay below the thresholds and registering under a lighter national regime is enough.
Summary written by the Atlas from the official text; the law itself prevails.
Main articles
- Art. 3: Sets the exemptions and the thresholds below which a manager only registers.
- Art. 6-8: An AIFM applies for authorisation, and the regulator has 3 months to decide on a complete file, with a further 3 months available if needed.
- Art. 9: Initial capital runs to EUR 125,000 for an external AIFM, rising to EUR 300,000 once the fund manages itself internally.
- Art. 32-33: Carries the EU marketing and management passport.
Licences it governs
- FM · Cyprus
Alternative Investment Fund Manager (AIFM) authorisation
CySEC
- FM · Cyprus
Sub-threshold Alternative Investment Fund Manager registration
CySEC
- FM · Cyprus
UCITS Management Company authorisation
CySEC
- FM · Czech Republic
Sub-threshold Alternative Investment Fund Manager registration
Sub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIFCNB
- FM · Czech Republic
Investment Company / Fund Manager licence
CNB
- FM · Spain
Fund manager licence (SGIIC)
CNMV
- FM · France
Portfolio management company authorisation
AMF
- FM · Luxembourg
Alternative investment fund manager (AIFM) authorisation
CSSF
- FM · Luxembourg
Management company authorised
Management company authorised under Chapter 15 of the Law of 17 December 2010CSSF
- FM · Netherlands
Alternative Investment Fund Manager (AIFM) licence
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUAFM
- FM · Netherlands
Fund manager licence
Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM
- FM · Poland
Investment Fund Company licence
KNF
- FM · Poland
Alternative Investment Company Manager registration / licence
KNF
- IF · Cyprus
Cyprus Investment Firm (CIF) authorisation
CySEC
- IF · Czech Republic
Investment Firm licence
CNB
- IF · Spain
AV) investment firm licence
CNMV
- IF · Spain
Empresa de Asesoramiento Financiero (EAF) licence
CNMV
- IF · France
Financial investment adviser status
AMF
- IF · Luxembourg
Investment firm authorisation
CSSF
- IF · Netherlands
Investment firm licence
Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIAFM
- IF · Poland
Brokerage House licence (dom maklerski)
KNF
Regulators that apply it
- Netherlands
Authority for the Financial Markets (AFM)
The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan
- France
Financial Markets Authority (AMF)
The Autorité des marchés financiers (AMF) is France's independent financial markets authority. It protects savings invested in financial pro
- Czech Republic
Czech National Bank (CNB)
The Czech National Bank acts as the central bank and unified supervisory authority of the Czech financial market under Act No. 6/1993 Coll.
- Spain
National Securities Market Commission (CNMV)
The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, inv
- Luxembourg
Commission de Surveillance du Secteur Financier (CSSF)
The CSSF is Luxembourg's unified public supervisory authority for the financial centre. It carries out prudential supervision and market con
- Cyprus
Cyprus Securities and Exchange Commission (CySEC)
The Cyprus Securities and Exchange Commission is the independent public supervisory authority responsible for the regulation and supervision
- Poland
Polish Financial Supervision Authority (KNF)
KNF ensures the proper functioning, stability, security, and transparency of the Polish financial market, safeguards public confidence in fi
Sources
- EUR-Lex: CELEX 32011L0061 · retrieved 2026-09-24
Does AIFMD apply to your business?
Send us a short description of what you do. We tell you which obligations and licences follow from it, and what it takes to comply.
A free preliminary assessment: we check your business model against the licence before you spend on an application. We handle this licence and any other fintech licence, including jurisdictions the Atlas does not cover yet.