AIFMD II Implementation in Spain

Spain is currently still in a legislative transposition phase of Directive (EU) 2024/927 (“AIFMD II”). 

The transposition is being implemented through a two-tier legislative package (1) a Draft Bill and (2) a Draft Royal Decree. Legislative drafts have already been published on 25 March 2026. Both texts are subject to public consultation (“audiencia pública”) until 30 April 2026.

Following parliamentary processing, formal adoption is expected in Q4 2026. 

Subject to reviewing final legislative documents, it is expected a minimal deviation from AIFMD II. Relevant changes are the following:

• The Draft Bill prohibits AIFs that originate loans from granting loans to consumers. This right is expressly provided for in the AIFMD, which recognizes that Member States may allow that AIFs grant such loans.
• The current Spanish AIFM Act stipulates that AIFs may only invest in loans that were granted originally at least three years before. The Draft Bill maintains this restriction and further specifies that this limitation shall not apply for loans originated by the AIF itself.

Spanish FIA framework already had provisions for loan origination by Spanish AIFs. 

This regime is maintained and adapted to the provisions of AIFMD II. (please see previous section for comments on features of the loan origination regime in Spain).

As of today, the national regulator (i.e., CNMV) has only issued a communication addressed to fund managers (i.e., not published on the CNMV website) dated 27 April 2026 setting out supervisory criteria on the application of liquidity management tools (LMTs) under Directive (EU) 2024/927 and related delegated regulations. 

These criteria are expressly intended to be applied for supervisory purposes in the interim period before AIFMD II in implemented into Spanish law. 

Formal circulars or additional guidance are expected to be issued once AIFMD II has been fully transposed into Spanish law.