AIFMD II amends specific articles, not the whole directive

The record

Directive (EU) 2024/927, known as AIFMD II, was adopted by the European Parliament and the Council on 13 March 2024 and published in the Official Journal on 26 March 2024. Its own title describes it as amending Directives 2011/61/EU and 2009/65/EC 'as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds.' The amending directive's text requires Member States to adopt and publish transposing measures by 16 April 2026 and to apply them from that date.

What the sources establish

The directive's recitals and articles add a loan-origination framework to AIFMD, addressing funds that originate loans directly rather than only trading existing instruments, including provisions on retention requirements and diversification for loan-originating AIFs. It amends Article 24's supervisory-reporting provisions and tightens conditions around delegating portfolio or risk management outside the manager's home state. It also directs ESMA to develop guidelines, by 16 April 2026, on when an AIF's name is unfair, unclear or misleading. None of this replaces AIFMD outright: the amending directive operates by inserting, deleting or replacing specific provisions of the 2011 text, leaving the rest of the original directive in force unchanged.

Scope and revision

Because AIFMD II is an amending instrument, reading only its text without the consolidated AIFMD version it modifies will misstate what currently applies; a manager needs the 2011 directive as amended, not AIFMD II standalone, to know its obligations. The loan-origination and delegation provisions are the amendments most relevant to a venture fund that lends to portfolio companies or delegates risk management to an outside manager, while provisions untouched by AIFMD II, such as the Article 3 sub-threshold regime, continue to read as they did before.

The decision in front of you

A manager assessing new obligations can check whether its activities touch the specific articles AIFMD II amends, rather than assuming a wholesale rule change, and can note that the 16 April 2026 transposition date has now passed as of this description's retrieval date, meaning national implementing measures should already exist in each Member State. This describes the amending directive's own scope, not a specific manager's compliance status.

• Does the manager originate loans to portfolio companies, triggering the new loan-origination provisions?
• Has the manager's home Member State published the national measures the 16 April 2026 transposition deadline required?
• Which specific AIFMD articles does AIFMD II amend for this manager's activities, versus which remain as adopted in 2011?

AIFMD II is best read as a set of targeted amendments layered onto the 2011 directive, not a freestanding replacement for it.