In November 2023, after several years of negotiation, the Council of the European Union published the detailed compromise text for the Alternative Investment Fund Managers Directive (AIFMD) II.
While the introduction of the AIFMD a decade ago imposed what were, at the time, substantial changes to the regulation of alternative funds, the AIFMD II text is not so radical and, except for important changes in requirements relating to loan originating AIFs, does not amount to a rewiring of the AIFMD framework.