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ARTICLE · 26 DECEMBER 2024

Loan Fund Structures Under AIFMD2: ESMA's Proposals

Goodwin Procter LLP
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In our recent alert Loan Origination Under AIFMD2: A Guide on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2)...

European UnionFinance and Banking
Andrew Henderson
Andrew Henderson
Glynn Barwick
Glynn Barwick
Alexandrine Armstrong-Cerfontaine
Alexandrine Armstrong-Cerfontaine
Sebastian Bruchwitz
Sebastian Bruchwitz

In our recent alert Loan Origination Under AIFMD2: A Guide on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA) would consult on further measures required to implement AIFMD2. Following its consultation on liquidity management tools, which we noted in our alert Liquidity Management Under AIFMD2: RTS for Open-Ended Funds, ESMA on 12 December 2024 published its consultation with draft regulatory technical standards (RTS) to determine the requirements with which a 'loan-originating AIF' (LOF) must comply in order to maintain an open-ended structure. The basic rule under AIFMD2 is that an LOF can be open-ended only if the AIFM can demonstrate to its home member state national competent authority (NCA) that the AIF's liquidity risk management system is compatible with its investment strategy and redemption policy.

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