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Directive 2024/927/EU amending the EU Alternative Investment Fund Managers Directive (AIFMD) and the EU UCITS Directive (AIFMD II) entered into force in spring 2024. AIFMD II is not a comprehensive reform of the fund industry regulation, but rather an update of specific areas of regulation. While most of its amendments impose new administrative tasks on fund managers, it also introduces some welcome elements that increase their operational possibilities.
Member States must transpose the amendments under AIFMD II into national law by 16 April 2026. To this end, the Finnish Government recently proposed amendments to both the Finnish Act on Alternative Investment Fund Managers and the Finnish Act on Common Funds (Government Proposal HE 139/2025). These amendments are similar in content in many respects, although some of them apply only to alternative investment fund managers (AIFMs) and some only to certain types of alternative investment funds.
It's high time for AIFMs to start preparing for the new requirements under AIFMD II. While the reform can be considered limited, the changes could nonetheless have a significant impact on the activities of some funds.
To read more on the subject, visit our Finnish blog.
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