icon-grid
Better Regulation logo
Table of Contents

Table of Contents

Expand all headings Collapse all headings Expand side bar Collapse side bar
Directive 2011/61/EU - Alternative Investment Fund Managers Directive (AIFMD)RecitalsChapter I General provisions (arts. 1-5)Article 1 Subject matterArticle 2 ScopeArticle 3 ExemptionsArticle 4 DefinitionsArticle 5 Determination of the AIFMChapter II Authorisation of AIFMs (arts. 6-11)Article 6 Conditions for taking up activities as AIFMArticle 7 Application for authorisationArticle 8 Conditions for granting authorisationArticle 9 Initial capital and own fundsArticle 10 Changes in the scope of the authorisationArticle 11 Withdrawal of the authorisationChapter III Operating conditions for AIFMs (arts. 12-21)Section 1 General requirements (arts. 12-17)Article 12 General principlesArticle 13 RemunerationArticle 14 Conflicts of interestArticle 15 Risk managementArticle 16 Liquidity managementArticle 17 Investment in securitisation positionsSection 2 Organisational requirements (arts. 18-19)Article 18 General principlesArticle 19 ValuationSection 3 Delegation of AIFM functions (art. 20)Article 20 DelegationSection 4 Depositary (art. 21)Article 21 DepositaryChapter IV Transparency requirements (arts. 22-24)Article 22 Annual reportArticle 23 Disclosure to investorsArticle 24 Reporting obligations to competent authoritiesChapter V AIFMs managing specific types of AIF (arts. 25-30)Section 1 AIFMs managing leveraged AIFs (art. 25)Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverageSection 2 Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers (arts. 26-30)Article 26 ScopeArticle 27 Notification of the acquisition of major holdings and control of non-listed companiesArticle 28 Disclosure in case of acquisition of controlArticle 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companiesArticle 30 Asset strippingChapter VI Rights of EU AIFMs to market and manage EU AIFs in the Union (arts. 30a-33)Article 30a Conditions for pre-marketing in the Union by an EU AIFMArticle 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFMArticle 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFMArticle 32a De-notification of arrangements made for the marketing of units or shares of some or all EU AIFs in the Member States other than in the home Member State of the AIFMArticle 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member StatesChapter VII Specific rules in relation to third countries (arts. 34-42)Article 34 Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member StatesArticle 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFMArticle 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFMArticle 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 40Article 38 Peer review of authorisation and supervision of non-EU AIFMsArticle 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFMArticle 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFMArticle 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMsArticle 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFMChapter VIII Marketing to retail investors (arts. 43-43a)Article 43 Marketing of AIFs by AIFMs to retail investorsArticle 43a Facilities available to retail investorsChapter IX Competent authorities (arts. 44-55)Section 1 Designation, powers and redress procedures (arts. 44-49)Article 44 Designation of competent authoritiesArticle 45 Responsibility of competent authorities in Member StatesArticle 46 Powers of competent authoritiesArticle 47 Powers and competences of ESMADraft Article 47a ESMA review of large EU groups of AIFMs and management companiesDraft Article 47b Powers of ESMA to address cross-border issuesArticle 48 Administrative penaltiesArticle 49 Right of appealSection 2 Cooperation between different competent authorities (arts. 50-55)Article 50 Obligation to cooperateArticle 51 Transfer and retention of personal dataArticle 52 Disclosure of information to third countriesArticle 53 Exchange of information relating to the potential systemic consequences of AIFM activityArticle 54 Cooperation in supervisory activitiesArticle 55 Dispute settlementChapter X Transitional and final provisions (arts. 56-71)Article 56 Exercise of the delegationArticle 57 Revocation of the delegationArticle 58 Objections to delegated actsArticle 59 Implementing measuresArticle 60 Disclosure of derogationsArticle 61 Transitional provisionsArticle 62 Amendments to Directive 2003/41/ECArticle 63 Amendments to Directive 2009/65/ECArticle 64 Amendment to Regulation (EC) No 1060/2009Article 65 Amendment to Regulation (EU) No 1095/2010Article 66 TranspositionArticle 67 Delegated act on the application of Article 35 and Articles 37 to 41Article 68 Delegated act on the termination of the application of Articles 36 and 42Article 69-a Other reviewArticle 69 ReviewArticle 69a Assessment of the passport regimeArticle 69b Accessibility of information on the European single access pointArticle 70 Entry into forceArticle 71 AddresseesAnnexesAnnex IAnnex II Remuneration PolicyAnnex III Documentation and information to be provided in case of intended marketing in the home Member State of the AIFMAnnex IV Documentation and information to be provided in the case of intended marketing in Member States other than the home Member State of the AIFMAnnex V Liquidity management tools available to AIFMs managing open-ended AIFsDone at
Page Overview
Related
Document Overview
Tools
Set a date to view the document
Text comparison options
Full text - Date 1 vs Date 2 
Amendments requiring commencement - Current text vs Text requiring commencement
Draft proposed changes - Current text vs Text proposed by drafting documents
Recently generated comparisons
None generated
Print / Export options
Current page
Whole document
Selected pages
Consolidated PDF of the entire document as of 20th April 2026
Export
Export line by line
Export provision to provision
Report template
Create report template
Alert me to changes
Manage alerts
Bookmarks
This page
This document
Manage bookmarks
Search within this document
View previous searches
Share
Get page link
Share via email application

AI Summary of Article 9 Initial capital and own funds

This directive establishes initial capital requirements for Alternative Investment Fund Managers (AIFMs) based on their management structure and portfolio size. Internally managed AIFs must maintain a minimum capital of EUR 300,000, while external AIFMs require at least EUR 125,000. Should the managed portfolios surpass EUR 250 million, an additional 0.02% of the excess amount is required, capped at EUR 10 million.

Furthermore, AIFMs must address professional liability risks through additional own funds or professional indemnity insurance. These funds are mandated to be liquid and free from speculative positions, reinforcing financial stability and compliance within the sector.

PreviousNext
Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 25 December 2019 - onwards
Version 3 of 3

Article 9 Initial capital and own funds

DRAFT Paragraph replaced Article 2 Amendments to Directive 2011/61/EU of the Proposal for a Directive of the European Parliament and of the Council amending Directives 2009/65/EC, 2011/61/EU and 2014/65/EU as regards the further development of capital market integration and supervision within the Union (COM(2025) 942 final / 2025/0382 (COD))
View:
Current text Draft text as it may be read Compare current vs draft text Whole document current text vs draft text

1. Member States shall require that an AIFM which is an internally managed AIF has an initial capital of at least EUR 300 000.

2. Where an AIFM is appointed as external manager of AIFs, the AIFM shall have an initial capital of at least EUR 125 000.

3. Where the value of the portfolios of AIFs managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0,02 % of the amount by which the value of the portfolios of the AIFM exceeds EUR 250 million but the required total of the initial capital and the additional amount shall not, however, exceed EUR 10 million.

4. For the purpose of paragraph 3, AIFs managed by the AIFM, including AIFs for which the AIFM has delegated functions in accordance with Article 20 but excluding AIF portfolios that the AIFM is managing under delegation, shall be deemed to be the portfolios of the AIFM.

PreviousNext