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AIFMD Implementation and PPR

AIFMD Implementation Date, EU Member States Implementation, national transition provisions and PPR

AIFMD Implementation Date

EU Member States must have implemented AIFMD into their national law by the 22 of July 2013.

At the moment, some Member States have not fully transposed AIFMD.

Please note that ESMA believes that, if AIFMD has been transposed in the home MS of the AIFM, the competent authority of the host MS of the AIFM or home MS of the AIFM may not refuse a valid notification on the ground that AIFMD has not yet been transposed in the host MS. This applies irrespective of whether the marketing is done using the freedom to provide services or by means of a branch.

Moreover, ESMA believes that AIFMs established in a MS that has transposed AIFMD should be able to manage an EU AIF via the management passport, both using the freedom to provide services or by means of a branch, in a MS where AIFMD has not been transposed, irrespective of the provisions currently in place in such jurisdiction since the relevant provisions of the Directive are of a self-executing nature, and provided the AIFM is authorised to manage that type of AIF in accordance with Article 33(1) of the AIFMD. Any local restrictions on AIFMs that are not in accordance with the AIFMD will need to be disapplied.

EU Member States Implementation and national transition provisions

Please refer to the following link for the concrete implementation of AIFMD in each Member States and their respective transition provisions.

Concerning the transition provisions, please note the following.

As you know, AIFMD should be transposed by 22.07.13 (EU AIFM will need to submit an application for authorisation as soon as is practicable and no later than one year after 22.07.13). EU AIFM have to fully comply with AIFMD by 22.07.14.

In the interim, the European Commission expects AIFM to use best efforts to comply with relevant provisions. Some Regulators consider the grandfathering provision as absolute. Some Regulators intend to go further and provide that if a non EU AIFM is marketing an AIF in EU before 22.07.13, that AIFM may continue to market that AIF until 22.07.14 on the basis of domestic placement law (different national rules).








EU Global Analyse


The PPR are not permitted or extremely restricted in the following member states: France, Italia, Spain and Finland. The PPR are limited in Germany.

Please see the following documents for more details about the existing PPR.