An alternative investment fund manager (AIFM) is a joint stock company or a limited liability company, basic activity of which is management of alternative investment funds. The alternative investment fund manager shall operate in accordance with the Law on Alternative Investment Funds and their Managers, the Commission’s normative acts, EU Regulations, the Commercial Law and other regulatory enactments, and its articles of association.

An alternative investment fund manager can commence its activities after its registration within the Commission (the registered manager) or after the receipt of license for alternative investment fund management activities (the licensed manager). 

Registered manager is a manager which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of alternative investment funds (AIFs) whose assets under management in total do not exceed a threshold of EUR 500 million when the portfolios of AIFs consist of AIFs that are unleveraged and have no redemption rights exercisable during a period of 5 years following the date of initial investment in each AIF.