The European Securities and Markets Authority (ESMA) has published a consultation paper on draft regulatory technical standards (RTS) for open-ended loan originating (LO) alternative investment funds (AIFs) under the revised Alternative Investment Fund Managers Directive (EU) 2024/927 (AIFMD II). Responses are sought by 12 March 2025. ESMA expects to publish a final report and submit the draft RTS to the European Commission by Q3/Q4 2025.

This Practice Note provides an overview of Directive (EU) 2024/927 (AIFMD II) which has amended Directive 2011/61/EU (the Alternative Investment Fund Managers Directive (AIFMD)) and Directive 2009/65/EC (the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive, also known as UCITS IV). AIFMD entered into force over a decade ago, while the UCITS regime has been in force for even longer. AIFMD II is intended to update and harmonise further the respective regimes for alternative investment fund managers (AIFMs) and for UCITS. The text of AIFMD II was published in the Official Journal of the European Union (OJ) on 26 March 2024 and entered into force on 15 April 2024. As of 16 April 2026, EU Member States are required to have transposed AIFMD II into national law, marking a significant new phase

This timeline shows key developments relating to the Alternative Investment Fund Managers Directive (EU) 2011/61/EU (EU AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC, as amended, from January 2024 onwards. For earlier developments, see Alternative Investment Fund Managers Directive (AIFMD)—timeline [Archived] and Undertakings for Collective Investment in Transferable Securities—timeline [Archived]. For further guidance on EU AIFMD and UCITS, see Practice Notes: EU AIFMD—essentials and EU Undertakings for Collective Investment in Transferable Securities (UCITS)—essentials. For guidance on the UK alternative investment fund managers (AIFM) regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. For guidance on UK UCITS, see Practice Note: UK Undertakings for Collective Investment in Transferable Securities (UK UCITS)—essentials. 2026 Date Source Document Description 3 July 2026 ESMA ESMA launches Common Supervisory Action with NCAs on the risk management function The European Securities and Markets Authority (ESMA) is launching a common supervisory action (CSA) on risk management function of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU. The CSA will be conducted

This Practice Note examines the role of depositaries under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and their responsibilities for safeguarding assets, monitoring cash flows and overseeing alternative investment funds (AIFs). It discusses the AIFMD’s depositary requirements, the entities eligible to serve as depositaries, their functions, issues relating to delegation and liability, the depositary agreement, and the reforms for depositary services introduced by Directive (EU) 2024/927 (AIFMD II), which must be applied in Member States from 16 April 2026. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of AIFs across the EU. AIFMD, as implemented, applies to all EU alternative investment fund managers (AIFMs) that manage one or more AIFs, irrespective of whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also applies to: • non-EU AIFMs who manage EU AIFs, and • (in part) to non-EU AIFMs who actively market AIFs in the EU For general information on the application

The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) provides a comprehensive framework for the regulation of alternative investment fund managers (AIFMs) marketing or managing alternative investment funds (AIFs)—such as hedge funds, private equity funds, and real estate investment funds—in the EU. This Practice Note explores key elements of AIFMD, including its scope, available exemptions, regulatory framework, authorisation process and provisions for small AIFs. AIFMD regulatory framework AIFMD AIFMD was published in the Official Journal of the EU (OJ) on 1 July 2011, entered into force on 21 July 2011 and had to be implemented by EU Member States by 22 July 2013. AIFMD has subsequently been amended by the following Directives and Regulations: • Directive 2014/65/EU (MiFID II) amended AIFMD to extend the AIFMD passport to MiFID II investment services • Directive 2013/14/EU (CRA III) amended Article 15 of AIFMD in risk management in respect of over-reliance on credit ratings • Regulation (EU) 2017/2402 (the EU Securitisation Regulation) replaced Article 17 of AIFMD and introduced obligations for AIFMs involved in securitisations as servicers or institutional investors • Directive

This Practice Note provides an overview of the organisational, valuation and delegation requirements under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), as supplemented by Commission Delegated Regulation (EU) 231/2013 (EU AIFMD Level 2 Regulation). It explains how alternative investment fund managers (AIFMs) are expected to organise themselves and summarises key provisions in relation to asset valuation and delegation. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of alternative investment funds (AIFs) across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, irrespective of whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also applies to: • non-EU AIFMs who manage EU AIFs, and • (in part) to non-EU AIFMs who actively market AIFs in the EU For general information on the application of the AIFMD, see: Investment funds, asset management, and benchmarks (EU Law)—overview and Practice Note: EU AIFMD—essentials.

This Practice Note explores the remuneration policies and practices introduced by Article 13 and Annex II of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and further detailed in the European Securities and Markets Authority (ESMA)’s Guidelines on sound remuneration policies under the AIFMD (ESMA Guidelines). Alternative investment fund managers (AIFMs) of alternative investments funds (AIFs) including hedge funds, private equity funds and other AIFs (such as commodity funds venture capital funds, real estate funds and investment funds) are all potentially within scope of the AIFMD remuneration requirements. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of AIFs across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, irrespective of whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also applies to: • non-EU AIFMs who manage EU AIFs, and • (in part) to non-EU AIFMs who actively market AIFs in the EU For

This Practice Note explores the marketing, passporting, and third-country regimes in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD). What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of AIFs across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, irrespective of whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also applies to: • non-EU AIFMs who manage EU AIFs, and • (in part) to non-EU AIFMs who actively market AIFs in the EU For general information on the application of AIFMD, see Investment funds, asset management, and benchmarks (EU Law)—overview and Practice Note: EU AIFMD—essentials. For the latest developments in relation to the AIFMD, see: EU AIFMD and UCITS—timeline. Background on marketing, passporting and third-country regimes The AIFMD sets out a framework to regulate the offer or placing of shares and units in AIFs by directly restricting

The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), as implemented in EU Member States, introduced requirements concerning transparency and the information that must be disclosed to potential investors before they make an investment decision. The principal document for any investor and alternative investment fund manager (AIFM) is the investment prospectus, also known as an information memorandum, which must be drafted to include all relevant information about the investment opportunity to enable an investor to make an informed choice. This Practice Note lists the prospectus transparency requirements imposed by Article 23 of the AIFMD and explores these concepts in relation to preparing an investment memorandum that is fit for purpose. For information on disclosure requirements more generally, including periodic disclosures to investors, regulatory reporting, private equity disclosures, and anti-asset stripping provisions, see Practice Note: EU AIFMD disclosure, reporting and anti-asset stripping requirements. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of alternative investment funds (AIFs) across

EU Law analysis: The Council of the EU has published the legislative texts of the sixth Money Laundering Directive (MLD6), the AML/CFT Single Rulebook Regulation and the Regulation establishing the Anti-Money Laundering Authority (AMLA) (AMLAR), following the European Parliament’s formal adoption of the texts in April 2024.

The EU’s Anti-Money Laundering Authority (AMLA) has published the first speech delivered by its chair, Bruna Szego, at the European Anti-Financial Crime Summit in Dublin on 7 May 2025. The address outlines AMLA’s role in anti-money laundering and counter-terrorist financing (AML/CTF), emphasising that fragmented oversight has previously allowed criminals to exploit regulatory weaknesses and undermine public trust and financial stability within the EU. Szego outlines AMLA’s mandate to complete the AML single rulebook and ensure its uniform application, to enhance the coordination and collaboration of national supervisors, Financial Intelligence Units (FIUs) and law enforcement, and to assume direct supervisory responsibilities of 40 of the EU’s highest-risk financial institutions, starting in 2028.

Key information AEI Directive Title Directive 2003/4/EC of the European Parliament and of the Council of 28 January 2003 on public access to environmental information (AEI Directive) Entry into force 14 February 2003 Deadline for transposition 14 February 2005 National transposition measures See Eur-Lex information on national transposition measures, as provided by Member States Repealing Council Directive 90/313/EEC (the 1990 Directive) Subject Access to environmental information; Access to justice Purpose of the Access to Environmental Information (AEI) Directive In 1990, the EU adopted Council Directive 90/313/EEC on the ‘free access’ to information (the 1990 Directive). This was replaced by Directive 2003/4/EC (the AEI Directive) during the accession of the EU as a party to the 1998 UNECE Convention on Access to Information, Public Participation in Decision-making and Access to Justice in Environmental Matters (the Aarhus Convention). The Aarhus Convention provides that each Party to it must guarantee the public three key rights: • access to environmental information, including information on the state of the