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ARTICLE · 02 MAY 2025

AIFMD 2.0 Implementation: Draft Rules On Loan Originating Funds And Liquidity Management Tools

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The European Securities and Markets Authority ("ESMA") has progressed Level 2 measures under the revised Alternative Investment Fund Managers Directive ("AIFMD 2.0"), which is due to apply from April 2026.

IrelandFinance and Banking
Matheson LLP
Matheson LLP
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The European Securities and Markets Authority (“ESMA”) has progressed Level 2 measures under the revised Alternative Investment Fund Managers Directive (“AIFMD 2.0”), which is due to apply from April 2026.

AIFMD 2.0 will introduce a new pan-European harmonised loan origination funds framework (see our briefing note Loan Origination under AIFMD 2.0). In December 2024, ESMA launched a consultation on implementing measures addressing open-ended loan originating alternative investment funds (“AIFs”). On 15 April 2025, ESMA published draft regulatory technical standards (“RTS”) and  draft guidance on the use of liquidity management tools (“LMTs”) by AIFMs of open-ended AIFs and UCITS, supplementing the Level 1 requirement to choose at least two LMTs from a specified list.

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