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ARTICLE · 30 OCTOBER 2025

ESMA's Draft RTS On Open-Ended Loan-Originating AIFs-AIFMD II In Practice

K&L Gates
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On 21 October 2025, the European Securities and Markets Authority (ESMA) published its draft Regulatory Technical Standards (RTS) on open-ended loan-originating alternative...

LuxembourgFinance and Banking
Susanna Güven
Susanna Güven
Mathieu Volckrick
Mathieu Volckrick

On 21 October 2025, the European Securities and Markets Authority (ESMA) published its draft Regulatory Technical Standards (RTS) on open-ended loan-originating alternative investment funds (AIFs). This marks a key step in the implementation of Directive (EU) 2024/927 (AIFMD II), which updates the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) frameworks to strengthen rules on delegation, liquidity risk, supervisory reporting, depositary services, and loan origination.

Operationalizing AIFMD II: What Fund Managers Need to Know

The RTS sets out several key requirements for AIFMs managing open-ended loan-originating AIFs:

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