AIFMD II – A Closer Look

On 10 November 2023, the Council of the EU (the "Council") published the final compromise text of the political agreement (the "Agreement") for a directive¹ amending the Alternative Investment Fund Managers Directive ("AIFMD") and the UCITS Directive with the aim of harmonising rules on delegation, reporting and liquidity management under the AIFMD and the UCITS frameworks. The publication of the Agreement follows on from the provisional agreement reached by the EU's institutions on 19 July 2023 and is a key element of the European Commission's (the "EC") Capital Markets Union package. Walkers have published the following advisories on preliminary work relating to the Agreement: