Recital 22

(22)It should be clarified that where an AIF which originates loans, or an AIFM, in relation to the lending activities of AIFs that it manages, is subject to the requirements laid down in Directive 2011/61/EU and to the requirements laid down in Regulations (EU) No 345/2013 ¹⁰ , (EU) No 346/2013 ¹¹ and (EU) 2015/760 ¹² of the European Parliament and of the Council, the specific product requirements laid down in Chapter II of Regulation (EU) No 345/2013, Chapter II of Regulation (EU) No 346/2013 and Regulation (EU) 2015/760 should take precedence over the more general rules set out in Directive 2011/61/EU.