4. — Directive 2011/61/EU of the European Parliament and of the Council of 8 June…

4.

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 Text with EEA relevance · European Union

By way of derogation from paragraph 2, Member States may authorise an external AIFM to provide the following services: management of portfolios of investments, including those owned by pension funds and institutions for occupational retirement provision in accordance with Article 19(1) of Directive 2003/41/EC, in accordance with mandates given by investors on a discretionary, client-by-client basis; non-core services comprising: investment advice; safe-keeping and administration in relation to shares or units of collective investment undertakings; reception and transmission of orders in relation to financial instruments.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.