The Preferred Return Podcast | AIFMD II – Implementation Begins
Investment Management Update - January 2015
ESMA has published its final report on the 2025 common supervisory action (CSA) conducted with national competent authorities (NCAs) on the compliance and internal audit functions of AIFMs and UCITS management companies...more
AIFMD II has quickly moved from background noise to a live structuring consideration for private equity managers. It is not a wholesale rewrite of the rules but it is prompting some very practical decisions about how funds...more
The European Securities and Markets Authority (ESMA) has published a final report with the results of its 2025 common supervisory action (CSA) on the compliance and internal audit functions of fund managers, conducted with...more
This horizon scan highlights the principal legal and regulatory developments (excluding tax) that European managers should monitor over the coming months. In our full analysis, we have grouped topics under headings, commented...more
This Regulatory Round-up highlights a selection of significant EU and UK developments during March and April 2026 that are of relevance to asset managers, including...more
The European Securities and Markets Authority (ESMA) has published its final report on the integrated collection of funds' data, as part of its broader simplification and burden reduction agenda for EU reporting frameworks...more
Ireland is widely recognised as a leading domicile in which to establish investment funds. The most common Irish-regulated fund structures used in fund finance transactions are: (i) Irish collective asset-management vehicles...more
On 5 May 2025, the Central Bank of Ireland (Central Bank) published its Feedback Statement to Consultation Paper 162 (CP162) together with a revised edition of the Alternative Investment Fund Rulebook (AIF Rulebook)....more
Ireland has taken a significant step forward in the implementation of the Alternative Investment Fund Managers Directive II (AIFMD II), with confirmation that the enabling Statutory Instruments have now been signed and are...more
Welcome to the January – March 2026 issue of our Irish Quarterly Legal and Regulatory report for asset management and investment funds. This quarter brings a significant range of developments across both Irish and EU...more
The second iteration of the AIFMD II introduces new requirements for EU alternative investment funds (AIFs) and their managers (AIFMs). AIFMD II came into force on 15 April 2024, and EU member states are required to transpose...more
The first quarter of 2026 saw a steady flow of UK and EU regulatory initiatives and updates, which are relevant to European private fund managers as well as non-European managers marketing or operating in Europe....more
On March 27, 2026, the legislative decree (the Decree) transposing Directive (EU) 2024/927 (the so-called AIFMD2) was published in the Official Gazette, introducing significant amendments to the Italian Financial Law...more
The implementation date for the revised Alternative Investment Fund Managers Directive (“AIFMD II”) on 16 April 2026 is fast approaching. The new rules introduce a harmonised framework for loan origination by alternative...more
The journey to implementation of the revised EU’s Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) is in its final stages, and the Directive, AIFMD2, will take effect in each of the EEA member states on 16...more
This overview provides an assessment and practical guidance for a UK-based Alternative Investment Fund Manager (AIFM) hosting company that services US clients. It addresses the dual regulatory landscape that such firms must...more
The European Commission has published two Delegated Regulations in the Official Journal of the European Union (OJ): (i) Delegated Regulation (EU 2026/465), supplementing the Alternative Investment Fund Managers Directive...more
Welcome to our debt capital markets update - a roundup of key Irish and EU legislative and regulatory developments shaping financial markets in Ireland....more
In 2026, evergreen funds are expected to rise further and the broadening of access to public markets will likely continue. Additionally, amid ongoing prevalence of liquidity solutions outside "traditional" exits, mergers and...more
Much of the commentary surrounding AIFMD II has focused on its potential to increase complexity, constrain flexibility and reshape existing fund management models - often with an implicit assumption that non-EU jurisdictions,...more
This horizon scan sets out the main legal and regulatory developments (not including tax) that European managers should look out for in the coming months. In our full analysis, we have categorised topics under the following...more
The recently adopted Location Promotion Act is intended to facilitate investments in renewable energies and infrastructure, mobilize venture capital, and strengthen Germany’s position as a financial center. The new provisions...more
The European Commission (EC) has launched two consultations on reforming the rules for venture and growth capital funds. The consultations seeks to explore potential changes to the regulatory framework applying to such funds...more
AIFMD 2 introduces a new loan-origination regime, with general rules applicable to all AIFs that originate loans, and more stringent requirements applicable to AIFs that qualify as loan-originating AIFs....more
The private fund management sector will face unprecedented regulatory change in the UK in 2026 as new rules and regulations are introduced, which are designed to promote competition and growth, whilst supporting financial...more