ESMA Final Report On RTS On Open-ended Loan Originating AIFs Under The AIFMD

On 21 October 2025, the European Securities and Markets Authority (ESMA) published its final draft regulatory technical standards on open-ended loan-originating AIFs under AIFMD (the "RTS"). The RTS are the result of a consultation process undertaken in the context of Directive (EU) 2024/927 (also known as "AIFMD II"), more specifically the newly introduced loan origination regime by AIFMD II, and seek to determine the requirements that loan originator AIFs must meet in order to maintain an open-ended structure.

Background: Introduction of harmonized rules for AIFs that originate loans

To strengthen Europe's private credit market and ensure consistent investor protection across the EU, AIFMD II has introduced new, harmonized rules for AIFs that originate loans. These changes are designed to prevent regulatory loopholes and create a level playing field for all managers.