AIFMD II: Cross-EEA Implementation Report

Deloitte Legal’s new AIFMD II Cross-EEA Implementation Report looks across 19 EEA jurisdictions and shows how national implementation choices can still shape the way private credit strategies are structured and operated. Romania is a good example: the new regime provides a clearer framework for AIFs lending to companies, while combining this opportunity with specific local safeguards, including restrictions on consumer lending.

For fund managers and investors, the message is therefore broader than compliance: AIFMD II creates new possibilities for private credit, but understanding the national implementation layer will be important when deciding how and where to deploy capital across Europe.

Cross-EEA Implementation Report

To the extent information is available, for each jurisdiction, the report sets out:

• the current legislative status (whether the implementation has been completed),
• the (expected) exercise of Member State options under Articles 6(4), 15(4g), and 21(5a), regarding ancillary services, consumer loans and credits, and appointment of depositary established in other Member States, and 
• whether any gold-plating measures are (expected to be) introduced in that regard.

See the country-by-country breakdown in our report.

Ancillary Services

Overview of permitted ancillary services introduced by and prior to AIFMD II

Ancillary services are activities that AIFMs are permitted to perform in addition to their core function of managing funds, allowing them to diversify their business operations. The original AIFMD framework established a set of ancillary services, including portfolio management and investment advice. AIFMD II introduces new potential activities for AIFMs, such as benchmark administration and credit servicing. The charts show how many jurisdictions (are expected to) permit such services and whether gold-plating measures are (expected to be) in place.

Consumer Loans & Credits

Overview of the option to allow consumer loans and credits

The charts show how many jurisdictions (are expected to) permit AIFs to grant consumer loans and service consumer credits and whether gold-plating measures are (expected to be) in place.

Appointment of Depositary 

Overview of the option to allow appointment of depositary in other Member States

The charts show how many jurisdictions (are expected to) permit cross-border appointment of depositaries and whether gold-plating measures are (expected to be) in place.

Implementation Status

Many Member States have completed the implementation, while some have not

Conclusions

Overall, the pace and approach to transposition vary across the EEA. At the time of writing, while many Member States have completed or are actively progressing transposition, some have not yet started the process despite the lapsed deadline.

Positions on available Member State options, as reflected in draft national‑law proposals or final national laws, remain divergent. Most jurisdictions (are expected to) permit the ancillary services newly introduced by AIFMD II, but many are more cautious about AIFs providing consumer loans and servicing consumer credits. Approaches to the cross-border appointment of depositaries also vary widely.

Switzerland

Although Switzerland is not an EEA country, at the end of this report, a comparative overview of the equivalent Swiss regulatory framework is included for reference.

Download the full report.