On 14 April 2026, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published an update on the implementation of the revised Alternative Investment Fund Managers Directive II (AIFMD II). This update focuses on the revised conditions applicable to non-EU alternative investment fund managers (AIFMs) marketing their non-EU alternative investment funds (AIFs) in the Netherlands.
AIFMD II restricts the conditions under which non-EU AIFMs may market their funds in the European Union (EU) by amending the minimum conditions set out in AIFMD.
Specifically, the third-country in which a non-EU AIFM and/or non-EU AIF is established must now meet two revised conditions:
- The jurisdiction must not be identified as a high-risk third country under the EU Anti-Money Laundering Directive; and
- The jurisdiction must not be included in the revised EU list of non-cooperative jurisdictions for tax purposes.
Non-EU AIFMs and/or AIFs domiciled in any of these listed jurisdictions should be aware that continued inclusion on these lists will ultimately result in the inability to market funds to investors in the Netherlands, requiring all offering and marketing activities to cease.
Because the lists of high-risk and non-cooperative jurisdictions are dynamic, AIFMs bear an ongoing responsibility to monitor them. If any changes to these lists cause an AIFM to no longer meet the applicable AIFMD II requirements, the AIFM must inform the AFM.
Where a non-EU AIFM and/or non-EU AIF is domiciled in a listed jurisdiction, the AFM requests that the affected AIFM provides information on how compliance with the new AIFMD II requirements will be ensured. Affected AIFMs are also asked to submit their transition plans, which may include re-domiciliation to a non-listed jurisdiction or a planned exit from the Dutch market.
The press release and the fourth update on the implementation of the AIFMD II are available here.