The Alternative Investment Fund Managers Directive (AIFMD) is a European Union law on the financial regulation of alternative investment fund managers, including managers of hedge funds, private equity and real estate funds.

AIFMD came into force in 2011 and aims to provide for an internal market for AIFMs and addresses issues in relation to investor protection and systemic risk. The SBAI has actively engaged with European authorities during the development of the Directive. Certain sections of the Directive (including risk management, investor disclosure) have been based on the Hedge Fund Standards which were published in 2008.