End Of The Beginning: AIFMD II's Final Text

In our previous alert AIFMD II (Near) Final Text Agreed: What's New? and in our recent update in our Horizon Scan, we noted that the Council of the European Union (EU) had published the final compromise amending text setting out amendments to the Alternative Investment Fund Managers Directive (AIFMD) and to the UCITS Directive.

As we expected, the European Parliament approved the text, and there is now a fixed text to guide EU and EU-member-state lawmakers and regulators into the implementation phase, ending sometime in March or April 2026 — two years and 20 days from publication of the AIFMD II text in the Official Journal (and when AIFMD II comes into force).

With the benefit of the final text, we have updated our blackline document showing the final changes to AIFMD resulting from AIFMD II.