{"id":6402,"date":"2016-04-05T18:13:37","date_gmt":"2016-04-05T16:13:37","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/?page_id=6402"},"modified":"2026-04-07T18:30:12","modified_gmt":"2026-04-07T16:30:12","slug":"aifs-and-aif-managers","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/aifs-and-aif-managers\/","title":{"rendered":"AIFs and AIF managers"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p class=\"wp-block-paragraph\">The activities conducted by alternative investment fund managers (AIFMs) are defined in the Alternative Investment Fund Managers Act (AIFMG; <span lang=\"de\">Alternative Investmentfonds Manager-Gesetz<\/span>). The Alternative Investment Fund Managers Directive (Directive 2011\/61\/EU or &ldquo;AIFMD&rdquo;) is the legal basis for AIFs. This directive allows investment funds within the European Union to be split into one of two categories, namely:<\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/undertaking-for-collective-investment-in-transferable-securities-ucits\/\" target=\"_blank\" rel=\"noopener\">Undertakings for collective investment in transferable securities (UCITS)<\/a>, or<\/li>\n\n\n\n<li><a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/alternative-investment-fund-aif\/\" target=\"_blank\" rel=\"noopener\">Alternative Investment Funds (AIFs)<\/a><\/li>\n<\/ul><p class=\"wp-block-paragraph\">The majority of alternative investment fund managers manage not only alternative investment funds, but also manage undertakings for collective investment in transferable securities. In addition, there are also &ldquo;out and out&rdquo; alternative investment fund managers, that exclusively manage alternative investment funds and not undertakings for collective investment in transferable securities.<\/p><h2 class=\"wp-block-heading\">Licensed or registered AIFMs<\/h2><p class=\"wp-block-paragraph\">The management of a AIFs as a rule require a licence to be held as an <a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/alternative-investment-fund-manager-aifm\/\">Alternative Investment Fund Manager<\/a>. Where they hold the necessary licence, they are also permitted to provide investment services pursuant to Article&nbsp;3 para.&nbsp;2 nos.&nbsp;1 to 3 of the Securities Supervision Act 2018 (WAG 2018; <span lang=\"de\">Wertpapieraufsichtsgesetz<\/span> 2018). In this instance, the provisions of the Securities Supervision Act 2018 stated in Article&nbsp;4 para.&nbsp;6 of the Alternative Investment Fund Managers Act (AIFMG) also apply for such entities. <\/p><p class=\"wp-block-paragraph\">However, in the event that the assets under management do not exceed certain thresholds, only a registration, rather than a licence is required. In this case, it must be ensured that registered alternative investment fund managers do not distribute any alternative investment funds to retail clients, and are not permitted to conduct any cross-border distribution and any cross-border management.<\/p><h2 class=\"wp-block-heading\">Further information:<\/h2><div id=\"reference-6a39c5b8d5a19\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fas fa-balance-scale\" aria-hidden=\"true\"><\/span>Legal<\/h3><p><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=2084&nonce=1bb86e04292a0737\" class=\"internal single-document-reference piwik_download\">Alternative Investment Fund Managers Act (AIFMG; Alternative Investfonds Manager-Gesetz) (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>613,7 KB, <span class=\"sr-only\">Language: <\/span>English)<\/a><a href=\"https:\/\/www.voeig.at\/voeig\/internet_4.nsf\/sysPages\/act.html\" target=\"_blank\" rel=\"noopener\" class=\"external single-document-reference\">Investment Fund Act 2011 (InvFG 2011; Investmentfondsgesetz 2011)<\/a><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=468&nonce=6333d5a98dc6afd9\" class=\"internal single-document-reference piwik_download\">Banking Act (BWG; Bankwesengesetz) (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>2,7 MB, <span class=\"sr-only\">Language: <\/span>English)<\/a><a href=\"https:\/\/www.voeig.at\/voeig\/internet_4.nsf\/sysPages\/act.html\" target=\"_blank\" rel=\"noopener\" class=\"external single-document-reference\">Real Estate Investment Funds Act (ImmoInvFG; Immobilien-Investmentfondsgesetz)<\/a><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=2085&nonce=5dbe4ac82f7c19fe\" class=\"internal single-document-reference piwik_download\">Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>1,2 MB, <span class=\"sr-only\">Language: <\/span>English)<\/a><\/p><\/div><div id=\"reference-6a39c5b8d5abe\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fas fa-info-circle\" aria-hidden=\"true\"><\/span>Information<\/h3><p><\/p><p><strong>FAQs on the application of the AIFMG (in German only):<\/strong><br><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=4879&nonce=fe7ad4023716c04c\" class=\"internal single-document-reference piwik_download\">FAQ zur Anwendung des AIFMG (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>369,1 KB, <span class=\"sr-only\">Language: <\/span>German)<\/a><strong>List of Memoranda of Understanding (MoUs) concluded with third countries in relation to Alternative Investment Funds:<\/strong><br><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=1661&nonce=d6099dc42f449196\" class=\"internal single-document-reference piwik_download\">Liste der MoU (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>129,4 KB, <span class=\"sr-only\">Language: <\/span>German)<\/a><strong>Publication pursuant to Article 5 (1) of the CBDF Regulation:<\/strong>&nbsp;<br><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=5275&nonce=8e364dbed2ad69d3\" class=\"internal single-document-reference piwik_download\">Publication of national provisions concerning marketing requirements pursuant to Article 5 (1) Regulation (EU) 2019\/1156 (CBDF Regulation) (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>245,6 KB, <span class=\"sr-only\">Language: <\/span>English)<\/a><\/p><\/div><div id=\"reference-6a39c5b8d5b50\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fas fa-puzzle-piece\" aria-hidden=\"true\"><\/span>Related Topics<\/h3><p><\/p><p><a href=\"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/aifs-and-aif-managers\/search-for-domestic-aif\/\" target=\"_blank\" rel=\"noopener\">Search for domestic AIFs<\/a><\/p>\n<p><a href=\"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/aifs-and-aif-managers\/search-for-foreign-aif\/\" target=\"_blank\" rel=\"noopener\">Search for foreign AIFs<\/a><\/p>\n<p><a href=\"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/aifs-and-aif-managers\/analyses\/\" target=\"_blank\" rel=\"noopener\">Analyses<\/a><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The activities conducted by alternative investment fund managers (AIFMs) are defined in the Alternative Investment Fund Managers Act (AIFMG; ). &#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"parent":6416,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-6402","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AIFs and AIF managers - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/aifs-and-aif-managers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AIFs and AIF managers - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"The activities conducted by alternative investment fund managers (AIFMs) are defined in the Alternative Investment Fund Managers Act (AIFMG; 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