AIFMD II: Main Amendments

The directive amending the Alternative Investment Fund Managers Directive ("AIFMD II") has been adopted and will enter into force on 15 April 2024 with a transposition deadline two years later on 16 April 2026. AIFMD II tightens the regulatory framework governing managers of credit funds (so-called "loan-originating AIFs") and other funds originating loans as well as amends certain other rules applicable to all AIFMs. This article provides an overview of the main amendments introduced by AIFMD II.

Framework for managers of credit funds and other funds originating loans

AIFMD II includes a regulatory framework for managers of "loan-originating AIFs" (i.e. credit funds) and other funds, which are originating loans. The framework contains exposure and leverage limitations, a risk retention requirement (akin to the one applicable in the Securitisation Regulation), enhances disclosure requirements relating to loan-related costs and restrictions on lending to certain