Authorisation and Compliance

AIFMD: Authorisation and Compliance


AIFMs must apply for authorisation with their home competent authority. The information required, varies by member state and generally includes detailed information such as:

  • Details of the fund manager and funds managed
  • Details of fund manager operating model
  • Confirmation as to existence of key controls
  • Details of any outsourced activities and third party relationships
  • Confirmation as to Depositary arrangements
  • Financial resources / capital requirements

Transparent Reporting

Once the AIFM is authorised, they must publish significant annual, semi-annual or quarterly reports to regulators (depending on their size), including:

  • Information on all AIFs managed
  • Principal exposures and market concentrations of AIFs
  • Significant investor concentrations
  • Risk profile of AIFs
  • Liquidity profile of AIFs
  • Leverage profile of any leveraged AIFs

NB. There are specific approved methods of data calculation. Additionally, certain information must also be disclosed to investors on an upfront and annual basis.

Compliance requirements


  • Must comply before 22 July 2014 for all funds actively marketed to EU investors.
  • Full compliance is required for all EU AIFs and pan-EU regulatory passport available.
  • Near full compliance is required for non-EU AIFs but no pan-EU regulatory passport available. In this case, the independent Depositary services may be procured from multiple service providers.


  • Must comply with periodic Reporting requirements from 22 July 2014 and such reporting must be made to each EU member state where the relevant manager is marketing.
  • In order to benefit from the pan-EU passport, non-EU AIFMs may, subject to certain additional regulatory conditions, opt in to full AIFMD compliance in 2015.
  • All non-EU AIFMs intending to market any non UCITS fund to EU investors are expected to be fully compliant with AIFMD by 2018.
  • Must comply with individual member state marketing requirements until the AIFM is authorised.

NB. EU AIFMs must be fully compliant with AIFMD by 22 July 2014 in order to market in-scope funds to EU citizens.

Last updated: 18 June 2014