2011L0061 - Summary
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 (Text with EEA relevance)
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🇫🇷 French Version: 2011L0061_FR.0. Open the PDF. Direct link to EUR-LEX.
CHAPTER I - GENERAL PROVISIONS
Article 1 - Subject matter
Article 2 - Scope
Article 3 - Exemptions
Article 4 - Definitions
Article 5 - Determination of the AIFM
CHAPTER II - AUTHORISATION OF AIFMs
Article 6 - Conditions for taking up activities as AIFM
Article 7 - Application for authorisation
Article 8 - Conditions for granting authorisation
Article 9 - Initial capital and own funds
Article 10 - Changes in the scope of the authorisation
Article 11 - Withdrawal of the authorisation
CHAPTER III - OPERATING CONDITIONS FOR AIFMs
SECTION 1 - General requirements
Article 12 - General principles
Article 13 - Remuneration
Article 14 - Conflicts of interest
Article 15 - Risk management
Article 16 - Liquidity management
Article 17 - Where AIFMs are exposed to a securitisation that no longer meets the requirements provided for in Regulation (EU) 2017/2402 of the European Parliament and of the Council (
SECTION 2 - Organisational requirements
Article 18 - General principles
Article 19 - Valuation
SECTION 3 - Delegation of AIFM functions
Article 20 - Delegation
SECTION 4 - Depositary
Article 21 - Depositary
CHAPTER IV - TRANSPARENCY REQUIREMENTS
Article 22 - Annual report
Article 23 - Disclosure to investors
Article 24 - Reporting obligations to competent authorities
CHAPTER V - AIFMs MANAGING SPECIFIC TYPES OF AIF
SECTION 1 - AIFMs managing leveraged AIFs
Article 25 - Use of information by competent authorities, supervisory cooperation and limits to leverage
SECTION 2 - Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers
Article 26 - Scope
Article 27 - Notification of the acquisition of major holdings and control of non-listed companies
Article 28 - Disclosure in case of acquisition of control
Article 29 - Specific provisions regarding the annual report of AIFs exercising control of non-listed companies
Article 30 - Asset stripping
CHAPTER VI - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
Article 30a - Conditions for pre-marketing in the Union by an EU AIFM
Article 31 - Marketing of units or shares of EU AIFs in the home Member State of the AIFM
Article 32 - Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM
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
Article 33 - Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
CHAPTER VII - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
Article 34 - Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States
Article 35 - Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
Article 36 - Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
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
Article 38 - Peer review of authorisation and supervision of non-EU AIFMs
Article 39 - Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM
Article 40 - Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
Article 41 - Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs
Article 42 - Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM
CHAPTER VIII - MARKETING TO RETAIL INVESTORS
Article 43 - Marketing of AIFs by AIFMs to retail investors
Article 43a - Facilities available to retail investors
CHAPTER IX - COMPETENT AUTHORITIES
SECTION 1 - Designation, powers and redress procedures
Article 44 - Designation of competent authorities
Article 45 - Responsibility of competent authorities in Member States
Article 46 - Powers of competent authorities
Article 47 - Powers and competences of ESMA
Article 48 - Administrative penalties
Article 49 - Right of appeal
SECTION 2 - Cooperation between different competent authorities
Article 50 - Obligation to cooperate
Article 51 - Transfer and retention of personal data
Article 52 - Disclosure of information to third countries
Article 53 - Exchange of information relating to the potential systemic consequences of AIFM activity
Article 54 - Cooperation in supervisory activities
Article 55 - Dispute settlement
CHAPTER X - TRANSITIONAL AND FINAL PROVISIONS
Article 56 - Exercise of the delegation
Article 57 - Revocation of the delegation
Article 58 - Objections to delegated acts
Article 59 - Implementing measures
Article 60 - Disclosure of derogations
Article 61 - Transitional provisions
Article 63 - Amendments to Directive 2009/65/EC
Article 64 - Amendment to Regulation (EC) No 1060/2009
Article 65 - Amendment to Regulation (EU) No 1095/2010
Article 66 - Transposition
Article 67 - Delegated act on the application of Article 35 and Articles 37 to 41
Article 68 - Delegated act on the termination of the application of Articles 36 and 42
Article 69 - Review
Article 69a - Assessment of the passport regime
Article 69b - Accessibility of information on the European single access point
Article 70 - Entry into force
Article 71 - Addressees
Annex I
Annex II - REMUNERATION POLICY
Annex III - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED MARKETING IN THE HOME MEMBER STATE OF THE AIFM
Annex IIII - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTENDED MARKETING IN MEMBER STATES OTHER THAN THE HOME MEMBER STATE OF THE AIFM