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AIFMD II: what are the key changes?
The second Alternative Investment Fund Managers Directive (AIFMD II) introduces several changes to the AIFMD (Directive 2011/61/EU) most importantly a new regime for alternative investment fund managers (AIFMs) managing loan originating funds. AIFMD II also sets out further amendments to the AIFMD including in the following areas:
- liquidity risk management tools;
- investor transparency and regulatory reporting;
- flexibility in relation to the location of the alternative investment fund’s (AIF’s) depositary;
- new AIFM substance requirements; and
- requirements for AIFMs that delegate functions to third parties.
In addition AIFMD II modernises the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC but these changes are not covered in this article.
Consultation and background
On 25 November 2021 as part of its commitments under the Capital Markets Union (CMU) Action Plan the European...
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