On 20 July 2023, the Council of the EU announced that a provisional political agreement (“Provisional Agreement”) had been reached with the EU Parliament on the review of the Alternative Investment Fund Managers Directive, as amended (“AIFMD”). Whilst the Provisional Agreement focuses on the AIFMD, it also touches on Directive 2009/65/EU relating to undertakings for collective investment in transferable securities, as amended (“UCITS Directive”), by aligning requirements as between the AIFMD and the UCITS Directive.

The Provisional Agreement inter alia revises the delegation framework and enhances the rules concerning the use of liquidity management tools including new requirements concerning the activation of these tools. It also introduces new rules in relation to loan origination funds, identification of undue costs and prevention of possible misleading names for investor protection.


Next steps

Further technical and legal negotiations will aim to fine-tune the text of the Provisional Agreement.

We will provide further updates once the text is available.


Your experts

For further information, please reach out to your usual contact within the Fund Formation Group.


Access our newsflash on the AIFMD review published in November 2021 here_