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On 25 November 2021, the European Commission published its long-awaited proposals to amend the Alternative Investment Fund Managers Directive (AIFMD), along with changes proposed to the UCITS Directive and ELTIF Regulation (AIFMD II). The Commission's proposals follow ESMA's August 2020 letter of recommendations for changes that could be made to the AIFMD framework (for more detail on those recommendations, please see our earlier blog post). Tripartite negotiations on AIFMD II are ongoing, following agreement by the Council of the EU on its general approach in June 2022, and adoption by the European Parliament's Economic and Monetary Affairs Committee (ECON) of its negotiating position in January 2023. In this alert we aim to help prepare the industry for the forthcoming changes, focusing on some of the Commission's key original proposals for amendments to the AIFMD and how the current positions taken by the Council and ECON diverge from the Commission's proposals.
The changes set out in AIFMD II relate to, among other topics:
Subject to the outcome of the negotiations and finalization, we expect that AIFMD II may enter into force in late 2023. EU Member States will then have 24 months to transpose the legislation and new requirements into national legislation, with legislative changes expected to take effect in late 2025.
Click here to read the full alert.
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