Updated 05/02/2025
In force

Version from: 17/01/2025
Amendments (1)
Delegated Regulation 231/2013
Based on: Art. 9(9)
Specifies: Art. 9(7)
QA2227 - Capital requirements
Status: Final
Answered: 02/07/2024
Art. 9
QA1 - AIFMD
Status: Final
Updated: 26/03/2015
Art. 9(3)
QA3 - AIFMD
Status: Final
Updated: 03/06/2016
Art. 9(3), 9(7)
QA2 - AIFMD
Status: Final
Updated: 26/03/2015
Art. 9(7)
QA1025 - Depositaries
Status: Final
Answered: 20/07/2022
Art. 9(7)
FAQ - AIFM Directive
Status: Final
Answered: 18/05/2017
Art. 9
FAQ - AIFM Directive
Status: Final
Answered: 18/05/2017
Art. 9(3), 9(4), 9(5), 9(6)
FAQ - AIFM Directive
Status: Final
Answered: 18/05/2017
Art. 9(7)
FAQ - AIFM Directive
Status: Final
Answered: 18/05/2017
Art. 9(7)
FAQ - AIFM Directive
Status: Final
Answered: 18/05/2017
Art. 9(8)
QA1067 - Capital and shareholder suitability requirements for internally managed AIF
Status: Final
Answered: 27/11/2023
Art. 9(1), 9(3), 9(7), 9(8)
QA1055 - Capital and shareholder suitability requirements for internally managed AIF
Status: Final
Answered: 27/11/2023
Art. 9(3), 9(6)
FAQ2 - Anlage von Eigenmitteln gemäß § 25 Abs. 7 KAGB
Status: Final
Updated: 31/08/2016
Art. 9(8)
Search within this legal act
AIFMD ToolAlternative Investment Fund Managers Directive (AIFMD)
Article 9

Article 9 - Directive 2011/61/EU (AIFMD)

Article 9

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.
5.  
Irrespective of paragraph 3, the own funds of the AIFM shall never be less than the amount required under Article 13 of Regulation (EU) 2019/2033 of the European Parliament and of the Council ( 4 ).
6.  
Member States may authorise AIFMs not to provide up to 50 % of the additional amount of own funds referred to in paragraph 3 if they benefit from a guarantee of the same amount given by a credit institution or an insurance undertaking which has its registered office in a Member State, or in a third country where it is subject to prudential rules considered by the competent authorities as equivalent to those laid down in Union law.
7.  

To cover potential professional liability risks resulting from activities AIFMs may carry out pursuant to this Directive, both internally managed AIFs and external AIFMs shall either:

(a) 

have additional own funds which are appropriate to cover potential liability risks arising from professional negligence; or

(b) 

hold a professional indemnity insurance against liability arising from professional negligence which is appropriate to the risks covered.

8.  
Own funds, including any additional own funds as referred to in point (a) of paragraph 7, shall be invested in liquid assets or assets readily convertible to cash in the short term and shall not include speculative positions.
9.  

The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures in relation to paragraph 7 of this Article specifying:

(a) 

the risks the additional own funds or the professional indemnity insurance must cover;

(b) 

the conditions for determining the appropriateness of additional own funds or the coverage of the professional indemnity insurance; and

(c) 

the manner of determining ongoing adjustments of the additional own funds or of the coverage of the professional indemnity insurance.

10.  
With the exception of paragraphs 7 and 8 and of the delegated acts adopted pursuant to paragraph 9, this Article shall not apply to AIFMs which are also UCITS management companies.

( 4 ) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).