Regulatory developments impacting UCITS and AIFMD fund structures, including compliance updates and investor protection measures.
Monthly Updates
Last Updated: 31/03/2025
| Sub Category | Region | Earliest Adoption Date (Can Apply) | Latest Adoption Date (Must Apply) | Update Title | Short Description | Details | FA Product Impact | Status | FA Outreach | Source Link |
|---|---|---|---|---|---|---|---|---|---|---|
| UCITS and AIFMD General | EU | April 15 2024 | April 16 2026 | AIFMD II and UCITS VI | Amends to UCITS and AIFMD Directive re: delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds was published in the Official Journal of the EU. | On 26 March 2024, Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 amending Directive 2011/61/EU ("AIFMD") and Directive 2009/65/EC (the "UCITS Directive") re: delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds was published in the Official Journal of the EU. The Directive entered into force on 15 April 2024. Member States have until 16 April 2026 to transpose the Directive into national law. | No | |||
| Annex IV Reporting | EMEA | April 16 2027 | April 16 2027 | AIFMD II and UCITS VI | Go-live date re: applicability of AIFMD II in EU Member States for regulatory reporting by AIFMs and UCITS managers | Annex IV Regualtory Reporting (may come in effect in 2027)- - Questions relating to "principal" will require to report "all" for markets, instruments, and exposures - Total Leverage employed - List of Member States in which AIF is marketed by AIFM or by a distributor | YES - AIFMD Annex IV Reporting | |||
| UCITS and AIFMD General | EU | 2026-2028 | 2026-2028 | ESMA 2026-28 programming document | ESMA released its priroity programs document for the period of 2026-2028. | Key impact programs on investment management sector include: 2026 : Under the AIFMD and UCITS Directive, ESMA will develop guidelines (directed at national competent authorities) on the activation of suspensions of subscriptions and redemptions of funds. Reporting — Under the current reviews of AIFMD and UCITS, ESMA is working with ESAs on integrated supervisory data collection to reduce reporting burdens for market participants and to ensure that the appropriate data is available to authorities NBFI — Monitoring the risks of the NBFI sector SFDR — ESAs may provide more guidance and Q&As for sustainability disclosures under the SFDR ESMA working on development of the single rulebook applicable to the investment management sector, which allows users to view associated rules and guidance in relation to a given piece of legislation. The program also outlines key focus on the various other areas that includes but not limited to Sustainability Reporting, DORA, Data and Technological Innovation, key regulated sectors and entities such as ESG rating providers, security depositories, credit rating agencies | Yes - to be discussed | Watching brief/ impact on clients | Click to View |