Home / DIRECTIVE 2011/61/EU (table of Contents)

ENACTING TERMS

Paragraphs 01 - 04

Paragraphs 05 - 11

Paragraphs 12 - 19

Paragraphs 20 - 27

Paragraphs 28 - 35

Paragraphs 36 - 45

Paragraphs 46 - 52

Paragraphs 53 - 58

Paragraphs 59 - 64

Paragraphs 65 - 71

Paragraphs 72 - 79

Paragraphs 80 - 84

Paragraphs 85 - 91

Paragraphs 92 - 95

CHAPTER 1 - GENERAL PROVISIONS 

Article 1 - Subject matter

Article 2 - Scope

Article 3 - Exceptions

Article 4 - Definitions

Article 5 - Determination of the AIFM

CHAPTER 2 - 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 3 - 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 - Investment in securitisation positions

Article 18 - General principles

Article 19 - Valuation

Section 3 - Delegation of AIFM functions

Article 20 - Delegation

Section 4 - Depositary

Article 21 - Depositary

CHAPTER 4 - TRANSPARENCY REQUIREMENTS

Article 22 - Annual Report

Article 23 - Disclosure to investors

Article 24 - Reporting obligations to competent authorities

CHAPTER 5 - 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 6 - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION

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 33 - Conditions for managing EU AIFs established in other Member States

CHAPTER 7 - 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 8 - MARKETING TO RETAIL INVESTORS

Article 43 - Marketing of AIFs by AIFMs to retail investors

CHAPTER 9 - 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 10 - 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 62 - Amendments to Directive 2003/41/EC

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 70 - Entry into force

Article 71 - Addressees

ANNEX 1

ANNEX 2 - REMUNERATION POLICY

ANNEX 3 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED MARKETING IN THE HOME MEMBER STATE OF THE AIFM

ANNEX 4 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTENDED MARKETING IN MEMBER STATES OTHER THAN THE HOME MEMBER STATE OF THE AIFM