The Dutch Ministry of Finance (Ministerie van Financiën) has launched a public consultation on the draft bill to implement the revised Alternative Investment Fund Managers Directive (AIFMD2) in the Netherlands. The consultation is open until 8 May 2025.
Background
Following the AIFMD2 proposal on 25 November 2021, the AIFMD2 entered into force on 15 April 2024. With a local transposition deadline of 16 April 2026, the Dutch Ministry of Finance has on 9 April 2025 launched a public consultation on the draft bill to implement AIFMD2 in the Netherlands. The draft bill and accompanying explanatory notes (available in Dutch only) can be accessed via this link.
Key changes proposed
The draft bill implementing AIFMD2 in the Netherlands introduces several important amendments, including:
- New rules for loan-originating AIFs.
- Liquidity management requirements: Open-end funds and UCITS must implement at least two liquidity management tools from Annex V of AIFMD2 (e.g., redemption limits, redemption fees, or notice periods). These tools must also be reflected in the AIF rules of incorporation or articles of associations.
- Governance requirements: A minimum of two directors must work full-time for the AIFM and be domiciled in the European Union.
- Additional provisions on reporting, delegation, and cross-border depositary services.
For a more detailed background see our prior article.
Next steps
The consultation is open until 8 May 2025. The AIFMD2 changes come into effect on 16 April 2026. Please note that certain reporting obligations will not apply until 16 April 2027.
Although the changes that AIFMD2 will make are not as wide ranging as was once thought some can be significant and AIFMs – both EU and non-EU – should familiarise themselves with these changes and, where necessary, update their systems, policies and procedures in good time.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
