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AIFMD – Alternative Investment Fund Managers Directive

Welcome to our AIFMD pages which set out current information on AIFMD and surrounding issues. We have included links on this page to our AIFMD briefings and to sources of law, regulatory rules and guidance. For the very latest information and advice on AIFMD, please feel free to contact one of our team.


The Alternative Investment Fund Managers Directive (“AIFMD” or the “Directive”) was published on 1 July 2011 and establishes common requirements across the EU to regulate managers (“AIFMs”) of alternative investment funds (“AIFs”). With very limited exceptions the Directive covers all funds that are not UCITS funds.

The European Commission further legislated with a much-delayed regulation (“the Level 2 Regulation”) published on 19 December 2012 which drills down into finer detail. The Regulation has direct effect upon AIFMs without further implementing legislation.

In the UK, the UK Financial Conduct Authority (“FCA”), in conjunction with HM Treasury implemented the Directive through changes to primary and secondary legislation and a number of aspects of the FCA’s Handbook, most notably a new sourcebook, 'FUND'.  The FCA has also made a number of operational changes, including changes to the categorisation of certain firms and to certain regulatory returns.

How Eversheds Sutherland can help with AIFMD


Eversheds Sutherland can assist you with the drafting and negotiation of contracts such as the new template depositary agreement and amendments to other key agreements such as the agreement between a fund and its AIFM and administration and transfer agency agreements.

International Funds Net

Our International Funds Net service can assist you with registration, passporting and private placement for EU AIFs and non EU AIFs.

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International funds net

International Funds Net

IFN has been designed in conjunction with clients and draws upon our market understanding, depth of resource and innovative approach to information technology.