AIFMD II Implementation across jurisdictions

Directive (EU) 2024/927 (commonly referred to as “AIFMD II”) introduces significant new requirements for alternative investment funds managers  across the European Union. It significantly enhances the existing regime by strengthening liquidity management, introducing a harmonised framework for loan-originating AIFs, and clarifying delegation and risk management requirements, thereby enhancing investor protection and promoting financial stability.

While AIFMD II provides a common standard, Member States retain discretion in certain areas. This discretion means that, in practice, the application of the directive may differ across jurisdictions, making it important to review the local transposition. Key areas where positions are clarified include:

• National deviations – any provisions that deviate from, supplement, or provide additional clarification beyond the AIFMD II text.
• Depository rules – whether cross-border depositary options are exercised, and any specific local requirements for depositary arrangements. 
• Loan origination regime – whether there are jurisdiction-specific rules or restrictions, including in relation to consumer lending, and whether authorities intend to introduce additional prudential or supervisory requirements. 
• Regulatory guidance – guidance, circulars, Q&A, or supervisory expectations issued by the national regulator relating to AIFMD II compliance. 

Examining these areas allows market participants to anticipate jurisdiction-specific obligations, structure AIFs in a compliant manner, and understand how harmonised EU requirements interact with local rules.