The Council of the European Union (the Council) has adopted new rules to improve European capital markets and strengthen investor protection in the EU. The new directive (AIFMD II) amends the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), which governs managers of hedge funds, private equity funds, private debt funds, real estate funds and other alternative investment funds in the EU. The new directive also modernises the framework for undertakings for collective investment in transferable securities, as set out in Directive 2009/65/EC as amended (UCITS Directive), ie plain-vanilla EU-harmonised retail investment funds such as unit trusts and investment companies.

Ireland—Banking & Financial Service analysis: This article, was written by A&L Goodbody’s Asset Management and Investment Funds Team. The Team summarises some key changes that Alternative Investment Fund Managers Directive (EU) 2024/927 (AIFMD II) introduces in respect of delegation, authorisation, regulatory reporting and conflicts of interest-related requirements applicable to alternative investment fund managers (AIFMs).

Commission Delegated Regulation (EU) No 231/2013 which supplements the AIFMD with regard to exemptions, general operating conditions, depositaries , leverage, transparency and supervision of AIFMs. The rules set out in the AIFMD Level 2 Delegated Regulation have direct effect.

Law360: AIG is not liable to pay the bulk of nearly €3.5m to investors in a failed Italian real estate project, as a judge found on 12 February 2025 that the insurance policy of a defunct Italian firm does not cover negligent advice by its predecessor.

Law360, London: A judge ruled on 9 May 2025 that AIG does not have to pay the two owners of bars and hotels in Cornwall for losses suffered during the coronavirus (COVID-19) pandemic because the policy did not specifically cover the COVID-19 disease.

The Alternative investment market, a form of stock market designed for smaller and newer companies where the listing rules are easier and the costs of listing are lower (but the companies are riskier).

A securities market owned and operated by the stock-exchange'>London Stock Exchange plc, with lighter entry requirements and continuing obligations than the main regulated markets. Now simply known as AIM.

A market that the stock-exchange'>London Stock Exchange has designated as being eligible to benefit from a streamlined admission process to AIM. A list of AIM Designated Markets is set out in the London Stock Exchange publication The AIM Designated Market Route. A company that has had its securities traded on an AIM Designated Market for at least 18 months may apply for admission to AIM through the AIM Designated Market Route.

The AIM Rules for Companies published by the stock-exchange'>London Stock Exchange which contain the requirements for companies wishing to be admitted to trading on AIM and continuing obligations once an AIM company.

This Resource Note outlines the main provisions of Rule 1 of the AIM Rules for Companies (AIM rules), which deals with the requirement for an AIM Company to retain a nominated adviser (also known as a nomad) and the role of a nomad. It highlights relevant materials, commentary and guidance from the London Stock Exchange (LSE), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rule 1 of the AIM Rules. Materials covered in this Resource Note include: • the AIM Rules • the AIM Rules for Nominated Advisers (Nomad Rules) • Inside AIM, the periodic publication from the AIM Regulation team • AIM Notices, which are issued periodically, and contain information on AIM regulatory and administrative matters • Lexis+® UK Practical Guidance and Lexis+® UK Legal Research resources. Setting the scene • Rulebook: AIM Rules for Companies • What it covers: Rule 1 deals with the requirement for an AIM Company to appoint a nomad and retain

This Resource Note outlines the main provisions of Rules 10 and 11 of the AIM Rules for Companies (AIM Rules), which deal with the principles of disclosure of information by an AIM company and disclosure of price sensitive information. It highlights relevant materials, commentary and guidance from the London Stock Exchange (LSE), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rules 10 and 11 of the AIM Rules. Material covered in this Resource Note include: • the AIM Rules • the AIM Rules for Nominated Advisers (Nomad Rules) • Inside AIM, the periodic publication from the AIM Regulation team • AIM Notices, which are issued periodically, and contain information on AIM regulatory and administrative matters • Lexis+® UK Practical Guidance and Lexis+® UK Legal Research resources Setting the scene • Rulebook:AIM Rules for Companies • What it covers: Rule 10 sets out the principles relating to disclosure of information by an AIM

This Resource Note outlines the main provisions of Rules 12, 13, 14, 15 and 16 of the AIM Rules for Companies (AIM Rules), which deal with the disclosure of corporate transactions by an AIM company. It highlights relevant materials, commentary and guidance from the London Stock Exchange (LSE), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rules 12, 13, 14, 15 and 16 of the AIM Rules. Material covered in this Resource Note include: • the AIM Rules • the AIM Rules for Nominated Advisers (Nomad Rules) • Inside AIM, the periodic publication from the AIM Regulation team • AIM Notices, which are issued periodically, and contain information on AIM regulatory and administrative matters • Lexis+® UK and Lexis®Library resources. Setting the scene • Rulebook: AIM Rules for Companies • What it covers: Rules 12 to 16 contain the disclosure and other requirements an AIM company must comply with when it undertakes a corporate transaction.