Greece implements the AIFMD

On 5 November 2013, the Greek Parliament approved the law for the implementation of Directive 2011/61/EC on alternative investment fund managers (‘AIFMD’).

As AIFMD is a maximum harmonization Directive, the ‘copy-out’ method has been used for its implementation into Greek law and therefore there are no major deviations from its wording. Further, Greece has implemented the majority of available optional provisions.

In summary:

  • The Hellenic Capital Market Commission (HCMC) has been appointed as the competent authority as required by Article 44 of the AIFMD.
  • The administrative penalties have been determined as required in Art. 48 and consist mainly of monetary fines ranging from EUR 1,000 to EUR 3,000,000. A monetary fine of EUR 1,000 – 300,000 is also provided for in case of non cooperation with the HCMC in the course of an investigation. No criminal penalties are provided.
  • The minimum amounts (e.g. capital requirements) and time periods mentioned in the AIFMD have been adopted without changes.
  • As far as valuation of AIF assets is concerned (Art. 19 par. 2 of the AIFMD), the HCMC has been granted the power to issue a Decision detailing the relevant rules.
  • All transitional provisions have been adopted as per Article 61 of the AIFMD and the reference date is 22.7.2013 regardless of late implementation in Greece.

Optional AIFMD provisions implemented:

  • Article 6 par. 4 (authorization of external AIFM to provide additional services),
  • Article 9 par. 6 (provision of guarantee instead of cash for up to 50% of required own funds)
  • Article 36 par. 1 (marketing by EU AIFMs, of non-EU AIFs that do not meet the requirements referred to Article 31 (1), second subparagraph).

Optional AIFMD provisions not implemented:

  • Article 42 (conditions for marketing of AIFs managed by a non-EU AIFM),
  • Article 21 par. 3, last subparagraph (additional entities that may perform depositary activities for the purposes of the AIFMD).

The HCMC is soon expected to issue guidelines covering certain aspects and detailing issues on the application of the AIFMD implementing law in Greece, as authorized by its provisions of that law.

For more information on the local AIFMD implementing law and fund marketing in general, please contact:

Michael Tsibris (

Giannis Koumettis (


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