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ARTICLE · 01 APRIL 2026

AIFMD2 Implementing Decree: Changes For Credit Funds In Italy

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On March 27, 2026, the legislative decree (the Decree) transposing Directive (EU) 2024/927 (the so-called AIFMD2) was published in the Official Gazette, introducing significant amendments...

European UnionFinance and Banking
Alberto Claretta Assandri
Alberto Claretta Assandri
Mario Alessio Albano
Mario Alessio Albano
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On March 27, 2026, the legislative decree (the Decree) transposing Directive (EU) 2024/927 (the so-called AIFMD2) was published in the Official Gazette, introducing significant amendments to the Italian Financial Law regarding alternative investment fund managers (AIFMs) and harmonizing the rules applicable to loan-originating funds.

The new provisions will apply from April 16, 2026, with Banca d’Italia and Consob required to adopt implementing measures by October 16, 2026.

The main innovations include: liberalization of EU credit alternative investment funds (AIFs), the opening to consumer lending, new differentiated leverage limits, the risk retention obligation, and the expansion of activities permitted for AIFMs. 

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