On 26 February 2024, the Council of the European Union announced that it adopted the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”) and the UCITS Directive (2009/65/EU), commonly referred to as the ‘AIFMD II’ (2021/0376 (COD)).

The targeted amendments to AIFMD and the UCITS Directive form part of a package of reforms adopted by the European Commission to progress its second action plan on the Capital Markets Union. The key provisions of AIFMD II deal with the following:

AIFMD II will now be published in the EU’s official Journal and will enter into force 20 days later. Member states will have 24 months after the entry into force to transpose the rules into national legislation.

Author: Ria Micallef