What changes on 16/04/2026

The text in force from 17/01/2025 compared with the text from 16/04/2026, which includes the changes made by Directive (EU) 2024/927 (AIFMD II).

Read the act as of 16/04/2026 · other versions: 20/06/2013 · 02/07/2014 · 13/01/2019 · 26/06/2021 · 02/08/2021 · 09/01/2024 · 17/01/2025

Chapter I

• amended Article 4 - Definitions

Chapter II

• amended Article 6 - Conditions for taking up activities as AIFM
• amended Article 7 - Application for authorisation
• amended Article 8 - Conditions for granting authorisation
• amended Article 9 - Initial capital and own funds

Chapter III › Section 1

• amended Article 12 - General principles
• amended Article 14 - Conflicts of interest
• amended Article 15 - Risk management
• amended Article 16 - Liquidity management
• amended Article 17

Chapter III › Section 2

• amended Article 18 - General principles

Chapter III › Section 3

• amended Article 20 - Delegation

Chapter III › Section 4

• amended Article 21 - Depositary

Chapter IV

• amended Article 22 - Annual report
• amended Article 23 - Disclosure to investors

Chapter V › Section 1

• amended Article 25 - Use of information by competent authorities, supervisory cooperation and limits to leverage

Chapter V › Section 2

• amended Article 26 - Scope
• amended Article 29 - Specific provisions regarding the annual report of AIFs exercising control of non-listed companies

Chapter VI

• amended Article 30a - Conditions for pre-marketing in the Union by an EU AIFM
• amended Article 32a - De-notification of arrangements made for the marketing of units or shares of some or all EU AIFs in the Member States other than in the home Member State of the AIFM

Chapter VII

• amended Article 35 - Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
• amended Article 36 - Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
• amended Article 37 - Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40
• amended Article 40 - Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
• amended Article 42 - Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM

Chapter VIII

• amended Article 43 - Marketing of AIFs by AIFMs to retail investors

Chapter IX › Section 1

• amended Article 46 - Powers of competent authorities
• amended Article 47 - Powers and competences of ESMA

Chapter IX › Section 2

• amended Article 50 - Obligation to cooperate

Chapter X

• inserted Article 69-a - Other review
• amended Article 59 - Implementing measures
• amended Article 60 - Disclosure of derogations
• amended Article 61 - Transitional provisions
• amended Article 69 - Review
• amended Article 69b - Accessibility of information on the European single access point

Outside any heading

• inserted Annex V - LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs
• amended Annex I - ▼M9