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Directive 2011/61/EU of the European Parliament and of the CouncilShow full 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)

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This is the original version (as it was originally adopted).

  1. Introductory Text

  2. CHAPTER I GENERAL PROVISIONS

    1. Article 1.Subject matter

    2. Article 2.Scope

    3. Article 3.Exemptions

    4. Article 4.Definitions

    5. Article 5.Determination of the AIFM

  3. CHAPTER II AUTHORISATION OF AIFMs

    1. Article 6.Conditions for taking up activities as AIFM

    2. Article 7.Application for authorisation

    3. Article 8.Conditions for granting authorisation

    4. Article 9.Initial capital and own funds

    5. Article 10.Changes in the scope of the authorisation

    6. Article 11.Withdrawal of the authorisation

  4. CHAPTER III OPERATING CONDITIONS FOR AIFMs

    1. SECTION 1 General requirements

      1. Article 12.General principles

      2. Article 13.Remuneration

      3. Article 14.Conflicts of interest

      4. Article 15.Risk management

      5. Article 16.Liquidity management

      6. Article 17.Investment in securitisation positions

    2. SECTION 2 Organisational requirements

      1. Article 18.General principles

      2. Article 19.Valuation

    3. SECTION 3 Delegation of AIFM functions

      1. Article 20.Delegation

    4. SECTION 4 Depositary

      1. Article 21.Depositary

  5. CHAPTER IV TRANSPARENCY REQUIREMENTS

    1. Article 22.Annual report

    2. Article 23.Disclosure to investors

    3. Article 24.Reporting obligations to competent authorities

  6. CHAPTER V AIFMs MANAGING SPECIFIC TYPES OF AIF

    1. SECTION 1 AIFMs managing leveraged AIFs

      1. Article 25.Use of information by competent authorities, supervisory cooperation and limits to leverage

    2. SECTION 2 Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers

      1. Article 26.Scope

      2. Article 27.Notification of the acquisition of major holdings and control of non-listed companies

      3. Article 28.Disclosure in case of acquisition of control

      4. Article 29.Specific provisions regarding the annual report of AIFs exercising control of non-listed companies

      5. Article 30.Asset stripping

  7. CHAPTER VI RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION

    1. Article 31.Marketing of units or shares of EU AIFs in the home Member State of the AIFM

    2. Article 32.Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM

    3. Article 33.Conditions for managing EU AIFs established in other Member States

  8. CHAPTER VII SPECIFIC RULES IN RELATION TO THIRD COUNTRIES

    1. Article 34.Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States

    2. Article 35.Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM

    3. Article 36.Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM

    4. 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

    5. Article 38.Peer review of authorisation and supervision of non-EU AIFMs

    6. Article 39.Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM

    7. Article 40.Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM

    8. Article 41.Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs

    9. Article 42.Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM

  9. CHAPTER VIII MARKETING TO RETAIL INVESTORS

    1. Article 43.Marketing of AIFs by AIFMs to retail investors

  10. CHAPTER IX COMPETENT AUTHORITIES

    1. SECTION 1 Designation, powers and redress procedures

      1. Article 44.Designation of competent authorities

      2. Article 45.Responsibility of competent authorities in Member States

      3. Article 46.Powers of competent authorities

      4. Article 47.Powers and competences of ESMA

      5. Article 48.Administrative penalties

      6. Article 49.Right of appeal

    2. SECTION 2 Cooperation between different competent authorities

      1. Article 50.Obligation to cooperate

      2. Article 51.Transfer and retention of personal data

      3. Article 52.Disclosure of information to third countries

      4. Article 53.Exchange of information relating to the potential systemic consequences of AIFM activity

      5. Article 54.Cooperation in supervisory activities

      6. Article 55.Dispute settlement

  11. CHAPTER X TRANSITIONAL AND FINAL PROVISIONS

    1. Article 56.Exercise of the delegation

    2. Article 57.Revocation of the delegation

    3. Article 58.Objections to delegated acts

    4. Article 59.Implementing measures

    5. Article 60.Disclosure of derogations

    6. Article 61.Transitional provisions

    7. Article 62.Amendments to Directive 2003/41/EC

    8. Article 63.Amendments to Directive 2009/65/EC

    9. Article 64.Amendment to Regulation (EC) No 1060/2009

    10. Article 65.Amendment to Regulation (EU) No 1095/2010

    11. Article 66.Transposition

    12. Article 67.Delegated act on the application of Article 35 and Articles 37 to 41

    13. Article 68.Delegated act on the termination of the application of Articles 36 and 42

    14. Article 69.Review

    15. Article 70.Entry into force

    16. Article 71.Addressees

  12. Signature

    1. ANNEX I

      1. 1. Investment management functions which an AIFM shall at least perform...

      2. 2. Other functions that an AIFM may additionally perform in the...

    2. ANNEX II

      REMUNERATION POLICY

      1. 1. When establishing and applying the total remuneration policies, inclusive of...

      2. 2. The principles set out in paragraph 1 shall apply to...

      3. 3. AIFMs that are significant in terms of their size or...

    3. ANNEX III

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

      1. A notification letter, including a programme of operations identifying the...

    4. ANNEX IV

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

      1. A notification letter, including a programme of operations identifying the...

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