On 25 November 2021, the European Commission published a proposal for a Directive that would amend the Alternative Investment Funds Managers Directive (AIFMD) and UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.

Pages 11 to 16 of the proposal set out a detailed explanation of the amendments to both the AIFMD and the UCITS Directive.

When finalised, the Directive will enter into force on the twentieth day following its publication in the Official Journal of the European Journal.

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