Directive AIFMD II And Its Expected Impact On Alternative Investment Fund Managers

New tool or burden?

The amendment to directive AIFMD II brings some welcome changes, but also a not so insignificant extension of the obligations for alternative investment fund managers, the advisability of which can be disputed.

On 25 November 2021, the European Commission presented a long-awaited amendment to the Alternative Investment Fund Managers Directive (AIFMD), referred to as AIFMD II. AIFMD II is part of the package presented by the 2020 Action Plan to create a single EU market for capital through the so-called capital markets union. Currently, there is an intense debate at the European Parliament on what final form AIFMD II should take, with the latest addition being the amendment of 16 May 2022 (at the time of the editorial closure of this article). In this article, we explain what changes are ahead for alternative investment fund managers (alternative investment funds are hereinafter referred to as "AIFs" and their managers as "AIFMs").