The final text of the amendments to the EU Alternative Investment Fund Managers Directive (AIFMD)—known as “AIFMD II”—was published in the Official Journal of the European Union on March 26, 2024, and will enter into force on April 15, 2024. EU member states have 2 years after publication to transpose the rules into national law. This means AIFMD II will apply from April 16, 2026, with some rules subject to a transitional period. As summarised in a previous note, AIFMD II incorporates material amendments to specific provisions of the AIFMD, and managers should assess how the changes in AIFMD II may impact their business or operations. As a result of the United Kingdom’s (UK) exit from the European Union (EU), the changes introduced by AIFMD II will not apply to the UK’s version of the AIFMD. However, aspects of the AIFMD II rules will still be relevant for UK and other non-EU alternative investment fund managers (AIFMs) that market funds in the EU under the national private placement regime or act as delegate investment managers to EU AIFMs. The amending instrument also amends the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive.
The principal new requirements under AIFMD II have been summarised below.1 Please note that the new loan origination regime is not discussed in this summary, but you can find more information in our note on loan origination funds under AIFMD II accessible here.
1 AIFMD II also include additional provisions, including with respect to depositaries and the scope of activities of an AIFM, which are not discussed in this note.
2 https://finance.ec.europa.eu/financial-crime/high-risk-third-countries-and-international-context-content-anti-money-laundering-and-countering_en