AIFMD 2: Quick guide to Member State activity
On 26 March 2024, the final legislative text of the Alternative Investment Fund Managers Directive 2 (AIFMD 2) was published in the Official Journal of the EU. The publication marked the conclusion of the AIFMD Review process that formally began in 2020. AIFMD 2 amends both the AIFMD and the UCITS Directive and makes targeted changes to rules relating to delegation, authorisation requirements, reporting obligations and the regulation of loan originating alternative investment funds. The deadline for Member States to implement AIFMD 2 is 16 April 2026.
In the table below we set out the latest communications from certain Member State regulators regarding their implementation of AIFMD 2 together with any recent updates from the European Commission and European Supervisory Authorities. We also set out the latest communications from the UK as it looks to amend its own implementation of AIFMD.
The table will be updated from time to time.
We have also completed a gap analysis that provides a comparative overview of the key changes introduced by AIFMD 2 as compared to AIFMD and for further details please speak to Claire Guilbert.
| Member State | Latest developments on domestic implementation | NRF contact |
| Germany | On June 17, 2026, the German regulator, the Federal Financial Supervisory Authority (BaFin), launched a consultation on its new circular “Notes on the amendments to the Capital Investment Code introduced by the Fund Risk Limitation Act”(Hinweise zu Änderungen im Kapitalanlagegesetzbuch durch das Fondsrisikobegrenzungsgesetz) (Circular). The Fund Risk Limitation Act (Fondsrisikobegrenzungsgesetz – FRiG) is the German Act for the transposition of Directive (EU) 2024/927 (AIFMD 2). The FRiG was published in the Federal Gazette on 14 April 2026 and entered into force on 16 April 2026 for most of its provisions. The FRiG led to extensive amendments to the German Capital Investment Code. These particularly concern the mandatory introduction of liquidity management tools (LMTs) for open-ended funds, changes to the licensing procedure, and the granting of loans by investment funds. According to the explanatory statement, the FRiG is intended to implement AIFMD 2 without any deviations (no “goldplating”) in order to avoid putting the German fund industry at a competitive disadvantage. However, market participants raised various questions to BaFin regarding the interpretation of the statutory provisions and the applicability of grandfathering rules. The Circular addresses key questions raised by market participants and provides guidance on the interpretation of the new provisions. First, the Circular addresses the mandatory implementation of at least two LMTs within the liquidity management system of open-ended investment funds. In addition to general requirements for LMTs, the Circular also discusses the specific features of each individual tool. Furthermore, the Circular deals with the changes to the licensing procedure, in particular the additional information required regarding managing directors. Finally, the Circular also addresses loan origination. The consultation period ends on 6 July 2026. Last update: 19 June 2026 | Michael Born and Frank Herring |
| Luxembourg | On 12 February 2026, the Luxembourg Parliament (Chambre des députés) held the first constitutional vote to adopt the amendments to the Law of 12 July 2013 on Alternative Investment Fund Managers, together with parallel amendments to the Law of 17 December 2010 on undertakings for collective investment. The second vote was waived by the Counsil of State (Conseil d’Etat) on 25 February 2026. The Luxembourg law will enter into force on 16 April 2026 for most of its provisions. Last update: 12 February 2026 | Claire Guilbert |
| France | France has not yet transposed the directive. A bill to empower the government to legislate by order was tabled in the Senate on 10 November 2025. The Senate adopted a version of the text on 18 February 2026, which was forwarded to the National Assembly on 20 February 2026. However, consideration of this text does not yet appear on the Assembly’s agenda. Last update: 27 February 2026 | Sebastien Praicheux |
| Poland | The draft act implementing the AIFMD II was published on 5 January 2026, which initiated the national legislative process aimed at introducing the new regulations to the investment funds market. The draft act is currently at the stage of governmental consultations and work. The link to the legislative process is: Projekt Last update: 4 March 2026 | Agnieszka Braciszewska |
| Italy | The Legislative Decree No. 39 of 13 March 2026 implementing AIFMD2 was published on the Official Gazette on 27 March 2026 and took effect the following day. Its provisions will apply as of 16 April 2026 (except for certain reporting requirements which will be applicable the following year, 2027). The AIFMD2 implementing process will be completed with secondary measures to be adopted by Consob and the Bank of Italy within 16 October 2026. It is worth noting that, in relation to the exercise of national discretion, credit funds are now allowed to grant credit also to consumers though it remains prohibited the provision of financing by AIFs with the exclusive purpose of selling the relevant receivable. Last update: 27 March 2026 | Maria Beatrice Gilesi |
| Netherlands | The legislative proposal implementing (among other things) AIFMD 2 – more specifically the Implementation Act for the amended AIFMD and UCITS Directive (Implementatiewet gewijzigde AIFM-richtlijn en icbe-richtlijn) – has been adopted on 17 March 2026. For now, it appears the Dutch legislator will not apply any goldplating. Last update: 25 March 2026 | Floortje Nagelkerke |
| Finland | On 9 October 2025, the Government Proposal (HE 139/2025) regarding the national implementation of AIFMD II was submitted to the Finnish Parliament. The implementation was carried out mainly through amendments to the Act on Alternative Investment Fund Managers (Laki vaihtoehtorahastojen hoitajista) and the Act on Common Funds (Sijoitusrahastolaki), with certain smaller changes introduced to other legislation. The permissive rules enabled by AIFMD II based on Member State discretion concerning e.g. permitted services and consumer loans were adopted, and no additional Finnish obligations or restrictions beyond AIFMD II were imposed in connection with the national implementation (i.e. no “goldplating”). The Government Proposal was approved by the Finnish Parliament on 17 December 2025 and ratified by the President of the Republic on 30 December 2025. The legislative changes entered into force on 16 April 2026, with certain supervisory reporting obligations becoming applicable from 16 April 2027. Last update: 16 April 2026 | Antti Ihamuotila Petri Avikainen Roschier Kasarmikatu 21 A FI-00130 Helsinki |
| Norway | On 8 October 2025 the Norwegian Ministry of Finance (Finansdepartementet – MoF) published a consultation paper prepared by the Norwegian Financial Supervisory Authority (Finanstilsynet – NFSA) proposing to implement AIFMD 2.0 into Norwegian national law: Gjennomføring av AIFMD 2.0 i norsk rett. The consultation period ended on 9 January 2026. The responses to the consultation paper are still being processed by the MoF: Høring om gjennomføring av endring av AIFM- og UCITS-direktivene mv. The NFSA has proposed implementing AIFMD 2.0 in its entirety, but with national adaptations where the amending directive allows for this. For example, the proposal provides that: – Lending and credit services may not be offered to consumers, and that Norwegian asset managers may not apply to use depositaries from countries other than the fund’s home state for funds established in Norway. – AIFs will not be allowed to accept non-professional investors on a “reversed solicitation”-basis. – Marketing to “qualified non-professional investors” may be conducted only with marketing authorization, but the AIFM will not be required to conduct a suitability assessment. It is not certain when the final law proposal can be expected, and the MoF has not provided their own estimates. Based on our experience and the MoF’s average processing time, we would expect the law proposal to be presented during the course of late 2026/early 2027. Last update: 20 March 2026 | Advokatfirmaet Schjødt AS Klaus Henrik Wiese-Hansen, Partner and Attorney admitted to the Supreme Court Ingrid Austjore Valseth, Attorney |
| Austria | On 22 January 2026, the Austrian Ministry of Finance (Bundesministerium für Finanzen – BMF) published its draft bill for the transposition of Directive (EU) 2024/927 (AIFMD 2) into Austrian national law. The draft bill starts the legislative procedure for implementing the AIFMD 2 directive in Austria. The implementation shall be accomplished mainly through amendments to the Alternative Investment Fund Manager Act (Alternative Investmentfonds Manager-Gesetz) and the Investment Fund Act (Investmentfondsgesetz 2011), with certain smaller changes introduced to other legislation. The entry into force of the amended provisions is intended by the BMF for 16 April 2026. Last update: 26 February 2026 | Stefan Geppert – Geppert & Maderbacher Rechtsanwält |
| European Commission and European Supervisory Authorities | On 27 February 2026, Commission Delegated Regulation (EU) 2026/465 supplementing the AIFMD with regard to regulatory technical standards (RTS) specifying the characteristics of liquidity management tools was published in the EU Official Journal. Reflecting a mandate under Article 16(2)(g) AIFMD, the RTS provide an overview of the characteristics of the liquidity management tools set out in the Annexes to the AIFMD. These are: suspension of subscriptions, repurchases and redemptions, redemption gates, extension of notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levy, redemption in kind and side pockets. Under AIFMD, AIFMs are required to select at least two appropriate tools from this list for potential use in the interest of investors. The RTS will apply from 16 April 2026. Last update: 2 March 2026 | Flupke van den Bogart |
| Non-Member State | ||
| United Kingdom | On 7 April 2025, HM Treasury (HMT) published an open consultation “Regulations for Alternative Investment Fund Managers” setting out the Government’s proposed approach for a streamlined framework for the regulation of AIFMs and the depositories they use. The Financial Conduct Authority has also issued a Call for Input alongside the HMT consultation paper, which indicates its approach to regulating AIFMs within the framework proposed by HMT. For further information please refer to our online briefing note. Last update: 1 August 2025 | Hannah Meakin |