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ARTICLE · 13 NOVEMBER 2025

AIFMD II – Implications For Alternative Investment Fund Managers In Finland

Castrén & Snellman
Castrén & Snellman
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Castrén & Snellman

Castrén & Snellman

Castrén & Snellman is a law firm of 300 people based in Helsinki, Finland. In other parts of the...

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Directive 2024/927/EU amending the EU Alternative Investment Fund Managers Directive (AIFMD) and the EU UCITS Directive (AIFMD II) entered into force in spring 2024.

FinlandFinance and Banking
Hannu Huotilainen
Hannu Huotilainen
Freja Väyrynen
Freja Väyrynen

Directive 2024/927/EU amending the EU Alternative Investment Fund Managers Directive (AIFMD) and the EU UCITS Directive (AIFMD II) entered into force in spring 2024. AIFMD II is not a comprehensive reform of the fund industry regulation, but rather an update of specific areas of regulation. While most of its amendments impose new administrative tasks on fund managers, it also introduces some welcome elements that increase their operational possibilities.

Member States must transpose the amendments under AIFMD II into national law by 16 April 2026. To this end, the Finnish Government recently proposed amendments to both the Finnish Act on Alternative Investment Fund Managers and the Finnish Act on Common Funds (Government Proposal HE 139/2025). These amendments are similar in content in many respects, although some of them apply only to alternative investment fund managers (AIFMs) and some only to certain types of alternative investment funds.

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