# AIFMD: Alternative Investment Fund Managers Directive Source page: https://protegra.io/licensing/laws/eu-aifmd-2011-61/ 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 1095/2010 [1] | | --- | --- | | 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)](https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32011L0061) [1] · 1,381 KB · file checked 2026-09-24 Official page: [eur-lex.europa.eu](https://eur-lex.europa.eu/eli/dir/2011/61/oj) [1] ## 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 · CyprusAlternative Investment Fund Manager (AIFM) authorisationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-aifm/) - [FM · CyprusSub-threshold Alternative Investment Fund Manager registrationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-sub-aifm/) - [FM · CyprusUCITS Management Company authorisationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-ucits/) - [FM · Czech RepublicSub-threshold Alternative Investment Fund Manager registrationSub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIFCNB](https://protegra.io/licensing/licences/fund-manager/czech-republic-registered-15/) - [FM · Czech RepublicInvestment Company / Fund Manager licenceCNB](https://protegra.io/licensing/licences/fund-manager/czech-republic/) - [FM · SpainFund manager licence (SGIIC)CNMV](https://protegra.io/licensing/licences/fund-manager/spain-sgiic/) - [FM · FrancePortfolio management company authorisationAMF](https://protegra.io/licensing/licences/fund-manager/france-sgp/) - [FM · LuxembourgAlternative investment fund manager (AIFM) authorisationCSSF](https://protegra.io/licensing/licences/fund-manager/luxembourg-aifm/) - [FM · LuxembourgManagement company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010CSSF](https://protegra.io/licensing/licences/fund-manager/luxembourg-ucits/) - [FM · NetherlandsAlternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUAFM](https://protegra.io/licensing/licences/fund-manager/netherlands-aifm/) - [FM · NetherlandsFund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM](https://protegra.io/licensing/licences/fund-manager/netherlands-ucits/) - [FM · PolandInvestment Fund Company licenceKNF](https://protegra.io/licensing/licences/fund-manager/poland-tfi/) - [FM · PolandAlternative Investment Company Manager registration / licenceKNF](https://protegra.io/licensing/licences/fund-manager/poland-zasi/) - [IF · CyprusCyprus Investment Firm (CIF) authorisationCySEC](https://protegra.io/licensing/licences/investment-firm/cyprus-cif/) - [IF · Czech RepublicInvestment Firm licenceCNB](https://protegra.io/licensing/licences/investment-firm/czech-republic/) - [IF · SpainAV) investment firm licenceCNMV](https://protegra.io/licensing/licences/investment-firm/spain-broker-dealer/) - [IF · SpainEmpresa de Asesoramiento Financiero (EAF) licenceCNMV](https://protegra.io/licensing/licences/investment-firm/spain-eaf/) - [IF · FranceFinancial investment adviser statusAMF](https://protegra.io/licensing/licences/investment-firm/france-cif/) - [IF · LuxembourgInvestment firm authorisationCSSF](https://protegra.io/licensing/licences/investment-firm/luxembourg/) - [IF · NetherlandsInvestment firm licenceInvestment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIAFM](https://protegra.io/licensing/licences/investment-firm/netherlands/) - [IF · PolandBrokerage House licence (dom maklerski)KNF](https://protegra.io/licensing/licences/investment-firm/poland-brokerage/) ## Regulators that apply it - [NetherlandsAuthority for the Financial Markets (AFM)The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan](https://protegra.io/licensing/regulators/afm-netherlands/) - [FranceFinancial Markets Authority (AMF)The Autorité des marchés financiers (AMF) is France's independent financial markets authority. It protects savings invested in financial pro](https://protegra.io/licensing/regulators/amf-france/) - [Czech RepublicCzech 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.](https://protegra.io/licensing/regulators/cnb-czechia/) - [SpainNational Securities Market Commission (CNMV)The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, inv](https://protegra.io/licensing/regulators/cnmv-spain/) - [LuxembourgCommission 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](https://protegra.io/licensing/regulators/cssf-luxembourg/) - [CyprusCyprus Securities and Exchange Commission (CySEC)The Cyprus Securities and Exchange Commission is the independent public supervisory authority responsible for the regulation and supervision](https://protegra.io/licensing/regulators/cysec-cyprus/) - [PolandPolish Financial Supervision Authority (KNF)KNF ensures the proper functioning, stability, security, and transparency of the Polish financial market, safeguards public confidence in fi](https://protegra.io/licensing/regulators/knf-poland/) ## Sources 1. [EUR-Lex: CELEX 32011L0061](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061): retrieved 2026-09-24 Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.