AIFM (Alternative Investment Fund Managers Directive)
The AIFM Directive (Alternative Investment Fund Managers Directive) is a European Directive which has introduced a harmonised regulatory framework to which managers of alternative investment funds must comply as of 22 July 2013.
Scope
The AIFM Directive has a broad scope, contrary to what the letter ‘A’ from ‘Alternative’ might suggest. The AIFM Directive is in principle applicable to all managers that manage or market one or more alternative investment funds, that is collective investment vehicles that do not qualify as Undertakings for Collective Investment in Transferable Securities (UCITS). Private equity, hedge, infrastructure, property, share and bond funds, among others, are in scope of the AIFMD.