AIFMDsäännökset

The AIFMD (Alternative Investment Fund Managers Directive) is a European Union regulation that sets out the regulatory framework for managers of collective investment schemes that are not covered by the UCITS directive. AIFMDsäännökset, the Finnish translation, refer to how the directive is implemented within Finland and applied to firms operating in or from Finland. These rules create a harmonised standard for the supervision of alternative investment fund managers (AIFMs), covering entities such as hedge funds, private equity funds, real estate funds and infrastructure vehicles.

Key requirements of the AIFMDsäännökset include authorization for performance reporting, stringent risk management and valuation rules, disclosure of fees and performance data to investors, and systematic reporting to competent authorities. Managers must also maintain adequate capital buffers and, where applicable, appoint a nominated representative in the EU to facilitate cross‑border activities. The directive imposes strict rules on the use of leverage, derivatives and third‑party service providers, requiring ongoing monitoring and documentation. For Finnish firms, the National Supervisory Authority of Finland (FSA) is the primary regulator responsible for licensing, monitoring, and enforcing compliance with these measures.

The AIFMD was first adopted in 2011 and has undergone amendments to strengthen transparency and to address market developments. Its implementation has increased comparability and investor protection across the EU’s alternative investment market. By observing the AIFMDsäännökset, Finnish fund managers align with EU expectations for risk management, investor disclosures, and supervisory cooperation, thereby supporting a stable and integrated financial environment.