On 15 March 2024, the Council of the EU published the updated text of the proposed Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds.

On 26 February 2024, the Council of the EU issued a press release stating that it had adopted the proposed Directive. The European Parliament adopted the proposed Directive on 7 February 2024.

The proposed Directive enters into force on the twentieth day following its publication in the Official Journal of the European Union.

Member States have 24 months following the Directive’s entry into force in which to adopt and publish the laws, regulations and administrative provisions necessary to transpose the Directive.