Directive 2011/61 - Alternative Investment Fund Managers

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Contents

  1. Current status
  2. Key information
  3. Key dates
  4. Legislative text
  5. DIRECTIVES
  6. Original proposal
  7. Sources and disclaimer
  8. Full version
  9. EU Monitor

1.

Current status

This directive was in effect from July 21, 2011 until January 12, 2019 and should have been implemented in national regulation on July 22, 2013 at the latest.

2.

Key information

official title

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
 
Legal instrument Directive
Number legal act Directive 2011/61
Original proposal COM(2009)207 EN
CELEX number149 32011L0061

3.

Key dates

Document 08-06-2011
Publication in Official Journal 01-07-2011; Special edition in Croatian: Chapter 06 Volume 006,OJ L 174, 1.7.2011
Effect 21-07-2011; Entry into force Date pub. +20 See Art 70
Deadline 22-07-2017; Review See Art 69.1
16-04-2026; See Art 69-a.2
16-04-2029; Review See Art 69-a.1
End of validity 12-01-2019; Partial end of validity Art. 62 Implicitly repealed by 32016L2341
31-12-9999
Transposition 22-07-2013; At the latest See Art 66

4.

Legislative text

1.7.2011 EN Official Journal of the European Union L 174/1

I

(Legislative acts)

5.

DIRECTIVES

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)

 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof,

Directive therefore aims at establishing common requirements governing the authorisation and supervision of AIFMs in order to provide a coherent approach to the related risks and their impact on investors and markets in the Union.

Having regard to the proposal from the European Commission,

Having regard to the opinion of the European Central Bank (1),

Having regard to the opinion of the European Economic and Social Committee (2),

Acting in accordance with the ordinary legislative procedure (3),

Whereas:

  • (1) 
    Managers of alternative investment funds (AIFMs) are responsible for the management of a significant amount of invested assets in the Union, account for significant amounts of trading in markets for financial instruments, and can exercise an important influence on markets and companies in which they invest.
  • (2) 
    The impact of AIFMs on the markets in which they operate is largely beneficial, but recent financial difficulties have underlined how the activities of AIFMs may also serve to spread or amplify risks through the financial system. Uncoordinated national responses make the efficient management of those risks difficult. This
  • (1) 
    OJ C 272, 13.11.2009, p. 1.
  • (2) 
    OJ C 18, 19.1.2011, P. 90.
  • (3) 
    Position of the European Parliament of 11 November 2010 (not yet published in the Official Journal) and decision of the Council of 27 May 2011.
  • (3) 
    Recent difficulties in financial markets have underlined that many AIFM strategies are vulnerable to some or several important risks in relation to investors, other market participants and markets. In order to provide comprehensive and common arrangements for supervision, it is necessary to establish a framework capable of addressing those risks taking into account the diverse range of investment strategies and techniques employed by AIFMs. Consequently, this Directive should apply to AIFMs managing all types of funds that are not covered by Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to the undertakings for collective investment in transferable securities (UCITS) (4), irrespective of the legal or contractual manner in which the AIFMs are entrusted with this responsibility. AIFMs should not be entitled to manage UCITS within the meaning of Directive 2009/65/EC on the basis of an authorisation under this Directive.
  • (4) 
    This Directive aims to provide for an internal market for AIFMs and a harmonised and stringent regulatory and supervisory framework for the activities within the Union of all AIFMs, including those which have their registered office in a Member State (EU AIFMs) and those which have their registered office in a third country (non-EU AIFMs). As the practical consequences and possible difficulties resulting from a harmonised regulatory framework and an internal market for non-EU AIFMs performing management and/or marketing activities within the Union and EU AIFMs managing non-EU alternative investment funds (AIFs), are

uncertain and difficult to predict due to the lack of previous experience in this regard, a review mechanism should be provided for. It is intended that, after a transitional period of 2 years, a harmonised passport regime become applicable to non-EU...


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This text has been adopted from EUR-Lex.

6.

Original proposal

 

7.

Sources and disclaimer

For further information you may want to consult the following sources that have been used to compile this dossier:

This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.

 

8.

Full version

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The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.

9.

EU Monitor

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