EU acts for fund managers

Every EU act that shapes the duties of a fund manager, whether it runs alternative investment funds, UCITS or both, gathered in one place. The sections group the acts by what they govern, so you can see which ones reach your firm and why.

What you are reading

Each act is reproduced in full, in an accessible format, from the European Union's own official source. Every page names that source, states its legal status and links to the official version, so anything you read here can be checked and cited. Where this reproduction and the official text differ, the official text governs.

How each act is presented

Each family begins with the official act as enacted. Every official amending act follows in the order it was adopted. A consolidated text appears last where amendments exist: it is the convenient reading version and it has no legal force of its own, and it normally leaves out the preamble. The original act and its amendments remain the legal sources.

How Ariadnah works with fund managers

1. Core AIFM framework

These acts define the AIFM perimeter, authorisation, organisation, conduct, disclosure and supervisory process.

Alternative Investment Fund Managers Directive (AIFMD)

AIFMD is the authorisation and conduct regime for managers of alternative investment funds. It applies to the manager rather than to the fund, and it settles authorisation thresholds, delegation, valuation, depositary arrangements, remuneration, leverage and reporting to the national supervisor.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

AIFMD Delegated Regulation (AIFMR)

The Delegated Regulation carries the operating detail behind the Directive. Most day-to-day AIFMD questions are answered here rather than in the Directive: calculating assets under management, liquidity management, risk limits, conflicts of interest, depositary duties and the content of Annex IV reporting.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

AIFMD Opt In Regulation (AIFMD Opt In)

A manager below the AIFMD thresholds may choose to be authorised in full. This Regulation sets the procedure for that opt-in and its consequences, which include the marketing passport and the complete obligations of an authorised manager.

AIFMD Opt In Regulation (AIFMD Opt In), original text15 May 2013. CELEX 32013R0447

AIFMD Member State of Reference Regulation (AIFMD MSR)

A non-EU manager marketing in the Union has to establish which Member State supervises it. This Regulation sets the procedure for determining that Member State of reference and for resolving disagreement between supervisors.

AIFMD Member State of Reference Regulation (AIFMD MSR), original text15 May 2013. CELEX 32013R0448

2. Funds, products and assets

These acts apply because of a fund's regime, structure, regulatory label, investment objective or assets.

Undertakings for Collective Investment in Transferable Securities Directive (UCITS)

UCITS is the retail fund regime and a management company authorisation in its own right. A firm running UCITS alongside alternative funds is authorised and supervised under both regimes, and because AIFMD defines an AIF by reference to this Directive, the perimeter between the two is settled here.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

UCITS Implementing Directive (UCITS ID)

This Directive carries the operating detail behind the UCITS regime. It sets the organisational requirements, the conflicts of interest rules, the conduct of business standards, the risk management process and the content of the agreement between a depositary and a management company.

UCITS Fund Mergers and Notification Directive (UCITS FMN)

This Directive governs structural change and cross-border access. It sets what investors must be told about a fund merger, how a master and a feeder fund operate between their depositaries and auditors, and the procedure for notifying another Member State.

UCITS Fund Mergers and Notification Directive (UCITS FMN), original text1 July 2010. CELEX 32010L0044

UCITS Key Investor Information Regulation (UCITS KII)

This Regulation prescribes the key investor information document: its form, its order, its language, and how risk and reward and charges are presented. A UCITS that gives retail investors a PRIIPs key information document is no longer also required to produce key investor information, so establish which document the fund owes before drafting.

UCITS Key Investor Information Regulation (UCITS KII), original text1 July 2010. CELEX 32010R0583

UCITS Notification and Attestation Regulation (UCITS NAR)

This Regulation fixes the machinery of cross-border marketing: the standard notification letter, the UCITS attestation, and how competent authorities exchange them electronically. It applies when a fund is registered for marketing in another Member State.

UCITS Depositary Delegated Regulation (UCITS DDR)

This Delegated Regulation sets what a UCITS depositary must do. It covers the written contract, safekeeping and segregation of assets, oversight duties, cash flow monitoring, due diligence on delegates and the conditions for protecting assets on insolvency.

Money Market Funds Regulation (MMFR)

MMFR applies where a fund qualifies as a money market fund, whatever it calls itself. It fixes eligible assets, portfolio composition, liquidity buffers, valuation method and weekly disclosure, and authorisation as a money market fund is separate from AIFMD authorisation.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Securitisation Regulation (SECR)

The Securitisation Regulation reaches a manager mainly as an institutional investor. Before holding a securitisation position the manager must complete prescribed due diligence and then monitor it, and a manager acting as originator, sponsor or original lender takes on risk retention and transparency duties as well.

European Long Term Investment Funds Regulation (ELTIF)

ELTIF is an optional product label for funds investing in long-term assets. Taking the label brings eligible asset rules, diversification and borrowing limits and a defined redemption policy, and in return it allows distribution to retail investors across the Union.

European Venture Capital Funds Regulation (EuVECA)

EuVECA is an optional label for qualifying venture capital funds run by smaller managers. It sets what the fund may invest in and who may be marketed to, and it grants a marketing passport that a sub-threshold manager would not otherwise have.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

European Social Entrepreneurship Funds Regulation (EuSEF)

EuSEF is the equivalent optional label for funds pursuing measurable social outcomes. It fixes qualifying investments, the measurement and reporting of social impact, and the passport that comes with the label.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Markets in Crypto Assets Regulation (MiCA)

MiCA is conditionally relevant. Holding crypto assets does not by itself place an AIF or AIFM within MiCA. Article 2 applies to issuance, public offers, admission to trading and crypto asset services. Article 60(5) applies when an authorised AIFM provides equivalent crypto asset services after notifying its competent authority. MiCA also determines the status of crypto assets and service providers used by a fund.

3. Markets, trading and infrastructure

These acts govern derivatives, securities financing, short positions, market conduct, benchmarks and settlement.

European Market Infrastructure Regulation (EMIR)

EMIR governs derivatives, and an AIF is a financial counterparty under it. Entering derivative contracts brings reporting of every trade to a trade repository and risk-mitigation duties, and clearing and margin obligations follow once the fund's positions exceed the clearing thresholds.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Securities Financing Transactions Regulation (SFTR)

SFTR covers repurchase agreements, securities lending, buy-sell-back transactions and margin lending. A fund using any of them reports each transaction to a trade repository and discloses its use of them to investors.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Short Selling Regulation (SSR)

The Short Selling Regulation applies to net short positions in shares and sovereign debt and to sovereign credit default swaps. It requires private notification and then public disclosure as thresholds are crossed, restricts uncovered positions, and lets supervisors impose temporary bans.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Market Abuse Regulation (MAR)

MAR prohibits insider dealing, unlawful disclosure and market manipulation for anyone trading instruments admitted to trading on a Union venue. A manager needs insider lists, personal account dealing controls, trade surveillance and a route for reporting suspicious orders and transactions.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Benchmarks Regulation (BMR)

BMR governs indices used as benchmarks. A fund that tracks an index or measures its performance against one may only use a benchmark from an authorised or registered administrator, and prospectus disclosure and a written plan for a benchmark ceasing are both required.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Central Securities Depositories Regulation (CSDR)

CSDR governs securities settlement. It reaches a fund through settlement discipline: failed deliveries attract cash penalties, and the fund depends on its custodian and settlement chain to meet the standard settlement period.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

4. Investor protection and distribution

These acts govern investment services, product design, disclosure, marketing, public offers and shareholder engagement.

Markets in Financial Instruments Directive II (MiFID II)

MiFID II applies to a manager that provides investment services beyond collective portfolio management, such as individual portfolio management, investment advice, or reception and transmission of orders. It also shapes the manager as a client of its brokers, through best execution, research payments, product governance and trading venue rules.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Markets in Financial Instruments Regulation (MiFIR)

MiFIR is the directly applicable half of the MiFID framework. It carries pre-trade and post-trade transparency, transaction reporting, the trading obligation for shares and derivatives, and the reference data that identifies the instruments a fund trades.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

MiFID II Delegated Directive (MiFID II DD)

The Delegated Directive sets the safeguarding, conflicts and inducement detail behind MiFID II. It is where the rules on holding client financial instruments and funds, on paying for research, and on which minor non-monetary benefits are acceptable are actually written.

Packaged Retail and Insurance Based Investment Products Regulation (PRIIPs)

PRIIPs requires a short key information document before a retail investor commits. It reaches a fund whenever units are made available to retail investors in the Union, and it prescribes the risk indicator, the performance scenarios and the cost figures the document must show.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Cross Border Distribution of Funds Regulation (CBDFR)

The Cross Border Distribution Regulation standardises what supervisors may require when a fund is marketed in another Member State. It governs marketing communications, the fees supervisors may charge and the central registers ESMA maintains.

Cross Border Distribution of Funds Regulation (CBDFR), original text20 June 2019. CELEX 32019R1156

Cross Border Distribution of Funds Directive (CBDFD)

The accompanying Directive amends AIFMD on pre-marketing and on withdrawing a marketing notification. It defines what a manager may do to test investor appetite before a fund is registered for marketing, and what has to be notified when it does.

Cross Border Distribution of Funds Directive (CBDFD), original text20 June 2019. CELEX 32019L1160

Prospectus Regulation (PR)

The Prospectus Regulation applies to public offers of transferable securities and to their admission to trading. It reaches a manager raising capital through a listed vehicle or offering securities to the public, rather than one marketing fund units under AIFMD.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Shareholder Rights Directive II (SRD II)

SRD II asks institutional investors and asset managers to be transparent about engagement. A manager investing in listed shares publishes an engagement policy and reports on how it votes, or explains publicly why it does not.

Shareholder Rights Directive II (SRD II), original text17 May 2017. CELEX 32017L0828

5. Governance, digital systems and data

These acts govern operational resilience, cyber security, AI use, personal data, internal reporting and employer controls.

Digital Operational Resilience Act (DORA)

DORA is the operational resilience regime for financial entities, and an authorised AIFM is one of them. It requires an ICT risk management framework, classification and reporting of major incidents, resilience testing, and a register of every contractual arrangement with an ICT third-party provider.

Digital Operational Resilience Act (DORA), original text14 December 2022. CELEX 32022R2554

Artificial Intelligence Act (AI Act)

The AI Act regulates AI systems according to the risk they present. A manager using AI in areas such as creditworthiness assessment, recruitment or employee monitoring may fall into the high-risk tier, and transparency duties apply to systems that interact with people or generate content.

General Data Protection Regulation (GDPR)

GDPR governs personal data, which a manager processes for investors, beneficial owners, employees and prospects. It requires a lawful basis, records of processing, controlled use of processors, security measures, breach notification and honoured data subject rights.

General Data Protection Regulation (GDPR), original text27 April 2016. CELEX 32016R0679

Network and Information Security Directive 2 (NIS2)

NIS2 raises cybersecurity across critical sectors and places duties directly on management bodies. A financial entity within DORA scope follows DORA as the more specific regime, but NIS2 still reaches group companies and service providers that sit outside financial services.

Network and Information Security Directive 2 (NIS2), original text14 December 2022. CELEX 32022L2555

Whistleblower Protection Directive (WBD)

The Whistleblower Directive requires internal reporting channels and protection against retaliation. An organisation with fifty or more workers needs a channel, and firms in financial services are covered whatever their size.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

6. Anti money laundering and financial crime

These acts govern customer due diligence, beneficial ownership, transaction monitoring, fund transfers, supervision and higher risk countries.

Fourth Anti Money Laundering Directive (AMLD4)

AMLD4, as amended, is the anti money laundering regime that applies through national law until the new package takes effect. It requires a business risk assessment, customer due diligence, identification of beneficial owners, ongoing monitoring, reporting of suspicions and record keeping.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

Anti Money Laundering Regulation (AMLR)

The Anti Money Laundering Regulation replaces most of the Directive with rules that apply directly in every Member State. It harmonises customer due diligence, beneficial ownership and reporting, so a manager gains by reading it against its current procedures well before it applies.

Anti Money Laundering Regulation (AMLR), original text31 May 2024. CELEX 32024R1624

Sixth Anti Money Laundering Directive (AMLD6)

AMLD6 covers what stays national: supervision, registers, financial intelligence units and cooperation between authorities. It sets the framework a manager's own supervisor will work within alongside the Regulation.

Sixth Anti Money Laundering Directive (AMLD6), original text31 May 2024. CELEX 32024L1640

Anti Money Laundering Authority Regulation (AMLA)

AMLA establishes the EU Anti Money Laundering Authority, with direct supervision of selected higher risk institutions and coordination of national supervisors. For most managers it matters for who supervises and how standards get set rather than for a new obligation.

Transfer of Funds Regulation (TFR)

The Transfer of Funds Regulation requires information about payer and payee to travel with a transfer, and extends that requirement to transfers of crypto assets. It reaches a manager mainly through its payment and crypto service providers.

Transfer of Funds Regulation (TFR), original text31 May 2023. CELEX 32023R1113

High Risk Third Countries Delegated Regulation (HRTCR)

This Delegated Regulation lists the third countries whose anti money laundering regimes have strategic deficiencies. A relationship touching a listed country triggers enhanced due diligence, and because the list is amended often the consolidated text is the one to check.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

7. Sustainable finance and reporting

These acts govern sustainability disclosures, taxonomy alignment and corporate sustainability reporting.

Sustainable Finance Disclosure Regulation (SFDR)

SFDR governs sustainability disclosure by financial market participants, and an AIFM is one. Entity-level disclosures apply to every manager, while product-level disclosures depend on whether a fund promotes environmental or social characteristics or pursues sustainable investment.

Start with the reading sequence. The complete history below it records every official amending act, in the order it was adopted.

Reading sequence

Complete amendment history

SFDR Regulatory Technical Standards (SFDR RTS)

The Regulatory Technical Standards prescribe the templates. They fix the principal adverse impacts statement and the pre-contractual and periodic disclosure formats SFDR requires, down to the wording and the tables.

Taxonomy Regulation (TR)

The Taxonomy Regulation defines when an economic activity counts as environmentally sustainable. It supplies the criteria that SFDR disclosures and taxonomy alignment figures refer to.

Taxonomy Regulation (TR), original text18 June 2020. CELEX 32020R0852

Corporate Sustainability Reporting Directive (CSRD)

CSRD sets corporate sustainability reporting duties and widens the data that becomes available about investee companies. It reaches a manager as a preparer once its own group meets the thresholds, and as a user of the reports its portfolio companies publish.