Database on German and European Economic Law

 Directive 2011/61/EU

I. Description

The financial crisis has exposed a series of vulnerabilities in the global financial system. It has highlighted how risks crystallising in one sector can be transmitted rapidly around the financial system, with serious repercussions for all financial market participants and for the stability of the underlying markets.

The present proposal forms part of an ambitious Commission programme to extend appropriate regulation and oversight to all actors and activities that embed significant risks. The proposed legislation will introduce harmonised requirements for entities engaged in the management and administration of alternative investment funds (AIFM). The need for closer regulatory engagement with this sector has been highlighted by the European Parliament and
by the High-Level Group on Financial Supervision chaired by Jacques de Larosière. It is also the subject of ongoing discussion at international level, for example through the work of the G20, IOSCO and the Financial Stability Forum.

II. General Information

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

Abbreviations
AIFM - Directive
Status
Existing
Directive
2011/61/EU
Source
O.J. EU No L (Legislation), Edition 174, Year 2011, p.1–73
Adoption
06/08/2011
Promulgation
07/01/2011
Character
Lamfalussy Framework Act
Legal Basis
Art. 47 Abs. 2 AEUV
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

  2014/65/EU

Beschluss:
05/15/2014 (A)
Verkuendung:
06/12/2014 (P)

Original Text AIFM - Directive:
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

  2011/61/EU

Beschluss:
06/08/2011 (A)
Verkuendung:
07/01/2011 (P)
(A) Adoption | (P) Promulgation

2. Reformvorhaben

3. Legislative History

Datum
Typ / Titel
Textfassungen
01/19/2011
Opinion of the European Economic and Social Committee
ABL. 2011/C 18/90
11/11/2010
Preliminary Version
P7_TC1-COD(2009)0064
10/16/2009
Opinion of the European Central Bank
ABL. 2009/C 272/1
04/30/2009
Proposal
COM(2009) 207 final

4. Comments

Datum
Stellungnahme
Textfassungen
06/26/2009
europäische Branchenbeteiligungsbranche (EVCA)
Comment on: Kommissionsvorschlag

5. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Regulation (EU) No 1095/2010
Amendment
  Regulation (EC) No 1060/2009
Amendment
  Directive 2009/65/EC
Amendment
  Directive 2003/41/EC

6. CESR Level 2

ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive
ESMA/2011/379
7/2011
Consulation Paper
ESMA/2011/209

IV. CESR / ESMA Announcements (Level 3)

8/2014
Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD
ESMA/2014/869
11/2013
Guidelines on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities
ESMA/2013/998
8/2013
Guidelines on key concepts of the AIFMD
ESMA/2013/611
7/2013
Guidelines on sound remuneration policies under the AIFMD
ESMA/2013/232
2/2013
Guidelines on sound remuneration policies under the AIFMD
ESMA/2013/201

V. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Reformvorhaben
3. Legislative History
4. Comments
5. Legal Impact
6. CESR Level 2
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany