AIFMD II - Final Compromise Text Published

The "final text" of the amending directive (AIFMD II) on the amendment of Directive 2011/61/EU on alternative investment fund managers (AIFMD) has now been published, following the political agreement on 19 July 2023, a technical trialogue on 9 October 2023 and the subsequent process of written amendments. The final text largely reflects the headlines that were outlined in our previous note, subject to a few clarifications.

Many of the changes made to the final text from the political agreement version are minor. The more substantive changes concern three main areas: (1) the distinction between directly and indirectly originating loans, (2) supervisory reporting, and (3) delegation arrangements.