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ARTICLE · 21 NOVEMBER 2023

AIFMD II And Loan Origination Funds

Hogan Lovells Cadwalader
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On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management...

European UnionFinance and Banking
Michael Newell
Michael Newell
Alix Prentice
Alix Prentice
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Background

On 6 November 2023, the Council of the European Union published its long anticipated final compromise text 'as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds' amending AIFMD and UCITS directives (AIFMD II). This note considers what are entirely novel requirements attaching to loan origination activities by alternative investment funds (AIFs) and their implications for credit funds once AIFMD II is fully in force, though it is worth pointing out at this stage that little has changed since the publication of the "final" compromised text on 1 June 2022 beyond some movement to increase flexibility, particularly in relation to the leverage limit for closed-ended funds (please see here for our note on that version of the text).

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