While the first revision of the AIFMD, which entered into force on 15 April 2024, does not entail a radical reform, AIFMD II brings some minor but significant changes to the regulation of both AIFs and UCITS.

These may well have some substantial impact on certain areas of investment fund regulation, including in respect of non-EU AIFs and AIFMs. The changes concern:

• loan originating funds,
• liquidity management tools,
• depositaries,
• delegation,
• governance of management companies,
• permitted activities,
• marketing requirements for non-EU AIFs and non-EU AIFMs (including NPPR),
• investor information,
• supervisory reporting and cooperation.

Except for the rules on loan originating funds and the amended rules on supervisory reporting, EU member states must have transposed AIMFD II into national law two years from entering into force, i.e. by 16 April 2026.

In this briefing, we summarize the changes introduced by AIFMD II as per the list above and provide a high-level analysis of the relevant impacts, including comments on selected items from a German, French, and Dutch perspective. We conclude with an outlook for the UK, where the changes will not apply and which is considering its own amendments to the onshore AIFMD regime.