AIFs and AIF managers
The activities of alternative investment fund managers (AIFMs) are specified in the Alternative Investment Fund Managers Act (AIFMG; Alternatives Investmentfonds Manager-Gesetz), which is based on Directive 2011/61/EU on Alternative Investment Fund Managers (AIFM Directive). This Directive divides investment funds within the European Union into two categories:
- undertakings for collective investment in transferable securities (UCITS) and
- alternative investment funds (AIFs).
The majority of AIFMs not only manage AIFs, but also UCITS. In addition, there are also alternative investment fund managers who do not manage any UCITS, but only AIFs.
Licensed or registered alternative investment fund managers
In order to be allowed to manage AIFs, the alternative investment fund manager must be licensed as an AIFM. If the AIFM does not exceed certain threshold values with regard to the assets they manage, they may simply register their services instead of obtaining a licence. In this context it should be noted that registered AIFMs are not permitted to market any AIFs to retail investors or qualified retail customers, or to engage in cross-border marketing or cross-border management.
Real estate funds pursuant to the ImmoInvFG
The Real Estate Investment Fund Act (ImmoInvFG; Immobilien-Investmentfondsgesetz) regulates the management of real estate funds by investment fund management companies. Investment fund management companies for real estate are the only companies authorised to issue and manage this type of fund. These special-purpose credit institutions possess a restricted banking licence pursuant to Article 1 para. 1 no. 13a BWG and are subject to supervision by the FMA. Real estate investment fund management companies also hold a licence pursuant to the AIFMG, as real estate funds and special real estate funds are classed as AIFs. The AIFMG provisions must therefore also be applied to real estate investment fund management companies.
FAQ 2015 zur Anwendung des AIFMG:
Liste der mit Drittstaaten abgeschlossenen Memoranda of Understanding (MoU) in Bezug auf Alternative Investmentfonds: