Directive 2011/61 / EU on alternative investment fund managers
 Directive 2011/61 / EU |
|
|---|---|
| Title: | Directive 2011/61 / EU of the European Parliament and of the Council of 8 June 2011 on the managers of alternative investment funds and amending Directives 2003/41 / EC and 2009/65 / EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010 |
| Legal matter: | Commercial law |
| Procedure overview: |
European Commission European Parliament IPEX Wiki |
| Come into effect: | July 21, 2011 |
|
To be implemented in national law by: |
22. July 2013 |
| Reference: | OJ L 174 of July 1, 2011, pp. 1-73 |
| Full text |
Consolidated version (not official) basic version |
| The regulation must have been implemented in national law. | |
| Please note the information on the current version of legal acts of the European Union ! | |
The Directive 2011/61 / EU on Alternative Investment Fund Managers , also AIFM Directive ( English Alternative Investment Fund Managers Directive, AIFMD ), is an EU directive that on 11 November 2010 by the European Parliament was adopted.
This directive regulates the managers of alternative investment funds that are not covered by the UCITS Directive (UCITS). Both administrators based in the EU and administrators from third countries who want to sell their funds in the EU are affected. In Germany, the directive was implemented in national law in the form of the Capital Investment Code (KAGB).
Terms
The following essential terms are defined in the Directive (Article 4):
AIF
An alternative investment fund ( AIF for short, English alternative investment fund ) is "any undertaking for collective investment, including its investment branches, which collects capital from a group of investors in order to invest it in accordance with a defined investment strategy for the benefit of the investors concerned", provided that it is not already subject to authorization under the UCITS Directive.
AIFM
Since alternative investment funds generally do not have an economic life of their own, the managers of these funds have been identified as a regulated entity. These are called alternative investment fund managers (short AIFM from English Alternative Investment Managers referred). Alternative mutual fund managers are legal entities whose job it is to manage alternative mutual funds.
The AIFM Implementation Act introduced various new regulations on August 1, 2013: All funds are now subject to supervision by the Federal Financial Supervisory Authority (BaFin). In addition, private investors can no longer purchase shares in hedge funds . In this way, small investors should be better protected against high-risk investments in the future.
Web links
- Directive 2011/61 / EU of the European Parliament and the Council of June 8, 2011
- DIHK statement August 12, 2012 (5 p .; PDF; 53 kB)
