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Page last published: 21 March 2012

1 I (Legislative acts) DIRECTIVES
The AIFM DIRECTIVE Into force on 21 July 2011

Preamble
CHAPTER I	GENERAL PROVISIONS	Articles 1-5
CHAPTER II	AUTHORISATION OF AIFMs	Articles 6-11
CHAPTER III	OPERATING CONDITIONS FOR AIFMs	Articles 12-21
CHAPTER IV	TRANSPARENCY REQUIREMENTS	Articles 22-24
CHAPTER V	AIFM MANAGING SPECIFIC TYPES OF AIF	Articles 25-30
CHAPTER VI	RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE EUROPEAN UNION	Articles 31-33
CHAPTER VII	SPECIFIC RULES IN RELATION TO THIRD COUNTRIES	Articles 34-42
CHAPTER VIII	MARKETING TO RETAIL INVESTORS	Article 43
CHAPTER IX	COMPETENT AUTHORITIES	Articles 44-55
CHAPTER X	TRANSITIONAL AND FINAL PROVISIONS	Articles 56-71
ANNEXES

CHAPTER I GENERAL PROVISIONS

Article 1    Subject matter
Article 2    Scope
Article 3    Exemptions
Article 4    Definitions
Article 5    Determination of the AIFM

CHAPTER II AUTHORISATION OF AIFMs

Article 6    Conditions for taking up activities as AIFM
Article 7    Application for authorisation
Article 8    Conditions for granting the authorisation
Article 9    Initial capital and own funds
Article 10 Changes in the scope of the authorisation
Article 11 Withdrawal of the authorisation

CHAPTER III OPERATING CONDITIONS FOR AIFMs

SECTION 3: DELEGATION OF AIFM FUNCTIONS
Article 20 Delegation

SECTION 4: DEPOSITARY
Article 21 Depositary

CHAPTER IV TRANSPARENCY REQUIREMENTS

Article 22 Annual report
Article 23 Disclosure to investors
Article 24 Reporting obligations to competent authorities

CHAPTER V AIFM MANAGING SPECIFIC TYPES OF AIF

SECTION	1: AIFM 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 VI RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE EUROPEAN UNION

Article 31	Marketing of shares or units of EU AIFs in the home Member State of the AIFM
Article 32	Marketing of shares or units of EU AIFs in Member States other than in the home Member State of the AIFM
Article 33	Conditions for managing AIFs established in other Member States

CHAPTER VII 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 European 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 VIII MARKETING TO RETAIL INVESTORS

Article 43 Marketing of AIFs by AIFMs to retail investors

CHAPTER IX COMPETENT AUTHORITIES

CHAPTER X TRANSITIONAL AND FINAL PROVISIONS

Done at Strasbourg, 8 June 2011.

For the European Parliament
The President
J. BUZEK

For the Council
The President
GYŐRI E.

ANNEXES

Annex I
Annex II	Remuneration Policy
Annex III	Documentation and Information to be provided in case of Intended Marketing in the Home Member State of the AIFM
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