Directive amending AIFMD/UCITS is published

AIFMD / UCITS: amending directive published in OJ

After a gestation period slightly longer than that of an elephant, (the Commission's original proposal came out in November 2021), Directive (EU) 2024/927 was published today in the Official Journal.

This introduces changes to the Level 1 texts of AIFMD and the UCITS Directive in the areas of

• delegation arrangements

• liquidity risk management

• supervisory reporting

• the provision of depositary and custody services and

• loan origination by AIFs

What happens next?

The Directive's provisions will apply from 16 April 2026.

Between now and then, Member States must transpose the Directive's provisions into their national law and ESMA will develop a series of level 2 measures and Level 3 guidelines to supplement the new Duirective.

AIFMD 2.0 Overview notes

A series of Overviews, looking at the key areas of change can be found here.
These cover the following topics:

• Application of the changes to non-EU AIFMs
• Authorisation of AIFMs and delegation
• The new Loan Origination Regime
• Liquidity Management Tools and
• Depositaries