What EU AIFMD2 Directive 2024/927 - Loan-Originating Funds & Delegation Rules requires
Directive 2024/927 (AIFMD2, amending AIFMD 2011/61/EU and UCITS Directive 2009/65/EC) introduces a harmonised EU framework for loan-originating Alternative Investment Funds (LO-AIFs): a 20% diversification limit per borrower, prohibition on lending to AIFMs/their managers, a 150% leverage limit for open-ended LO-AIFs, and a 300% leverage limit for closed-ended LO-AIFs. AIFMD2 harmonises delegation rules (requiring proportionate staffing in the EU vs third-country delegate), introduces substance requirements for AIFMs, and expands liquidity management tools (LMTs - gating, notice period, swing pricing, redemption fees). Member State transposition deadline: 16 April 2026.
Pillar: Banking & Global Finance · Authority: European Securities and Markets Authority (ESMA); national competent authorities; European Commission · Version: 1.0.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32024L0927
SHA-256 integrity: fb569c6dfedd0e502358cac0447b2d90e116b6f247a94243e0bdbbf2ab7a5444
Primary Citations — 5 traced to source
- {"title":"Directive 2024/927 - AIFMD2 (amending AIFMD 2011/61/EU and UCITS 2009/65/EC)","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32024L0927","section":"Art 1(11) amending AIFMD Art 20 (delegation substance - one of PM/RM must stay in EU); Art 1(14) inserting AIFMD Art 46a-46d (LMTs - 2 mandatory LMTs for open-ended AIFs); Art 1(15) inserting AIFMD Art 15a-15d (LO-AIF: 20% diversification, 5% retention, 150%/300% leverage, prohibited lending)"}
- {"title":"ESMA Opinion on AIFMD Delegation and Substance (ESMA34-45-1272, July 2022)","url":"https://www.esma.europa.eu/document/opinion-supervisory-convergence-area-investment-management-regarding-delegation-aifms","section":"Substance benchmarks for AIFMs with significant delegation; NCA notification triggers (>50% delegation); ESMA peer review on delegation practices across NCAs; letter-box entity indicators"}
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