ARTICLE · 14 NOVEMBER 2025

Regulatory Technical Standards On Open-Ended Loan-Originating AIFs Published

Arthur Cox

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In 21 October 2025, the European Securities and Markets Authority ("ESMA") published its final report and draft regulatory technical standards ("RTS") for open-ended loan-originating alternative investment funds...

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Dara Harrington

Stephanie Hanrahan

Christopher O'Reilly

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Background

On 21 October 2025, the European Securities and Markets Authority ("ESMA") published its final report and draft regulatory technical standards ("RTS") for open-ended loan-originating alternative investment funds ("AIFs") under Directive (EU) 2024/927 ("AIFMD II"). This follows the consultation on the proposed draft RTS, which was initiated by ESMA on 12 December 2024 and closed on 12 March 2025. The final report includes the revised draft RTS developed, taking into account the feedback received to the consultation.

AIFMD II provides that an AIFM shall ensure that a loan-originating AIF it manages is closed-ended. However, by way of derogation from this requirement, a loan-originating AIF may be open-ended provided that the alternative investment fund manager ("AIFM") that manages it is able to demonstrate to the competent authority of the home Member State of the AIFM that:

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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