AIFMD II and harmonisation of alternative investment funds providing credit

AIFMD II and the harmonisation of alternative investment funds providing credit. In April this year, the so-called AIFMD II entered into force, introducing changes primarily to the AIFMD (and in addition amending the UCITS Directive). Its transposition deadline is 16.4.2026, i.e. by this date the Slovak Republic will have to adopt an amendment to the Act on Collective Investment. 1) Harmonisation of the rules for alternative investment funds providing credit: AIFMD II introduces a new concept of “AIF providing credit”, whereby the management company managing such funds will carry out a new credit management activity and will have to comply with a number of obligations set out in the Directive; 2) Introduction of liquidity management tools for open-ended AIFs, such as the “AIFMD II”; 3) Introduction of liquidity management tools for open-ended AIFs, such as the “AIFMD II”; 4) Introduction of liquidity management tools for open-ended AIFs, such as the “AIFMD II”; 5) Introduction of liquidity management tools for open-ended AIFs. (3) Tightening the conditions for persons carrying out management company activities: persons who actually carry out management company activities will have to carry out these activities on a full-time basis and be resident in the European Union; (4) Partial liberalisation of the provision of depositary services on a cross-border basis: AIFMD II introduces a regime under which Member States have the possibility to allow their supervisory authorities to allow the designation of a depositary established in another Member State; 5) Enhancement of the information provided to investors: Management companies will be obliged to provide investors on a regular basis for each AIF they manage, inter alia, with the composition of the portfolio of loans granted or any fees, costs and expenses directly or indirectly borne by investors. Also on the above changes, Radoslav Gulassa and I have written an article published on the Highgate Law & Tax website here: https://lnkd.in/dcPWKfv8, in which we discuss selected changes to AIFMD II in more detail. Finally, the Ministry of Finance of the Slovak Republic has already published a preliminary information on AIFMD II on the slov-lex portal(https://lnkd.in/d6bAMa2R), whereby it invited the public to participate in the preparation of the amendment to the Collective Investment Act.