European Directive 2011/61/EU on Alternative Investment Fund Managers of June 8th, 2011, also called the AIFM Directive (AIFMD; Alternative Investment Fund Managers Directive), governs the work of managers of alternative investment funds. It concerns all managers of open and closed funds, as long as they are not already subject to the UCITS Directive.
Contrary to the UCITS Directive, which controls funds, the AIFM Directive governs, apart from a few exceptions, managers (AIFM), and not funds (AIF). The goal is the increase of transparency for investors and the supervision concerning the activities of managers and the funds they administrate.

A material advantage for AIFM is the EU Passport. It entitles an AIFM to the sale of AIF to professional investors within the EU. With respect to private customers, the AIFM and the AIF must still fulfil the national framework conditions of the individual EU member states.


AIFM Directive (in Liechtenstein implemented in the AIFMG Act)
Directive 2011/61/EU

AIFM Implementing regulations
Implementing regulation (EU) No. 447/2013
Implementing regulation (EU) No. 448/2013

Delegated regulations
Delegated regulation (EU) No. 231/2013
Delegated regulation (EU) No. 694/2014

European venture capital funds/EuVECAs 
Regulation (EU) No. 345/2013
Implementing regulation (EU) No. 593/2014

European social entrepreneurship funds/EuSEFs 
Regulation (EU) No. 346/2013

European long-term investment funds/ELTIFs 
Regulation (EU) No. 2015/760