AIFMD II: Approaching publication and entry into force

On 26 February 2024, the Council unanimously adopted the text of AIFMD II. This vote follows the Parliament's adoption of this text on 7 February 2024. The newly adopted directive amends the AIFMD (Directive 2011/61/EU) and the UCITS framework (Directive 2009/65/EC). The key points of AIFMD II are covered in our previous Newsflash, which is available here.

As regards the next steps, AIFMD II must now be published in the EU’s official Journal and it will come into force 20 days after publication. It must be implemented by EU Member States within 2 years from its entry into force and will become applicable from that date (which is expected to be in the course of Q2 2026), subject to specific transition provisions for existing loan originating funds and for the new reporting requirements.

In order to make it easier to identify the changes introduced by AIFMD II in both the AIFM and the UCITS Directives, a consolidated version of these Directives has been prepared, which is available on our website. In these consolidated versions, the amendments included in AIFMD II are highlighted (in red and blue) and the AIFMD II Recitals have been inserted each time under the relevant article.

• To access the consolidated version of the AIFM Directive with AIFMD II, click here.
• To access the consolidated version of the UCITS Directive with AIFMD II, click here.