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Client Alert

AIFMD II – A Summary of the Key Changes

November 27, 2023

By Zach Milloy,Arun Srivastava,

Konstantin Burkov,

& David Wormley

10 years after the Alternative Investment Fund Managers Directive (AIFMD) entered into force, the Council of the European Union (EU) has published the final text of the political agreement reached in relation to the changes to the AIFMD. This follows an announcement on July 20, 2023 that the Council of the EU and the EU Parliament had reached agreement on the targeted amendments to the AIFMD.

The amendments to the AIFMD will introduce new rules relating to loan origination activities as well as enhanced liquidity management requirements for open-ended funds. These changes are combined with wider amendments to reporting requirements, investor disclosures, and a marketing ban for non-EU AIFMs and non-EU AIFs whether either is established in a jurisdiction considered high-risk/non-cooperative jurisdictions from an AML and tax perspective, among others changes.

The team at Paul Hastings has put together a summary of the key changes to the AIFMD.

Click here for a PDF of the full text

Practice Areas

Investment Funds & Private Capital


For More Information

Image: Zach Milloy
Zach Milloy

Partner, Investment Funds & Private Capital

Image: Arun Srivastava
Arun Srivastava

Partner, Corporate Department

Image: David Wormley
David Wormley

Associate, Corporate Department