AIFMD 2.0 – what we know about Level 2 and level 3 timings

As we reported at the time, the changes made to the Level 1 text of the AIFMD in March 2024 won't come into effect until April 2026.

Between now and then, though, ESMA is working on a series of Level 2 RTS and Level 3 Guidelines to underpin AIFMD 2.0.

Where do things stand with ESMA's work

First, the good news.

ESMA's draft RTS on Liquidity Management Tools (and also Level 3 Guidelines) are on track - a consultation ran from July to October 2024 and the draft RTS should be submitted to the Commission by 16 April 2025 as planned.

However, two recent ESMA publications give us more information on the timing of other Level 2 and 3 measures, some of which are being significantly delayed.

So, what do we know so far?

In a letter to Commission dated 3 March 2025, ESMA's Chair, Verena Ross, confirmed that several pieces of work were being deprioritised, including the following in respect of AIFMD:

• Loan originating funds (LOFs) - Article 16(2)(f) of AIFMD 2.0

  Submission of draft RTS on LOFs is being delayed by 6 months (these were originally due by 16 April 2025). These will establish what elements and factors an AIFM must consider when demonstrating to its NCAs that a loan-originated AIF is open-ended.

  ESMA's consultation ran from 12 December 2024 to 12 March 2025 - our summary of the CP can be found here.

• Guidelines on fund names - Article 23(7) of AIFMD 2.0

  ESMA is mandated to develop Level 3 guidelines specifying the circumstances in which the name of an AIF is unfair, unclear or misleading, taking into account relevant sectoral legislation.

  These guidelines were due to be published by 16 April 2026 but ESMA has now confirmed a delay of 'at least 12 months'.

Second, ESMA's publication, Overview of planned consultation papers 2025 dated 13 March 2025 confirms that

• Integrated reporting

  Article 69a(2) of AIFMD 2.0 mandates ESMA to submit a report to the Commission by 16 April 2026 on the development of the integrated collection of funds' supervisory data.

  The report is to focus on how to:

• reduce areas of duplication and inconsistencies between the reporting frameworks in the asset-management sector and other sectors of the financial industry and

• improve data standardisation and efficient sharing and use of data already reported within any EU reporting framework by any NCA, at EU or Member State level.

  ESMA's Overview document confirms that a consultation paper on this work is expected in 'Q2 2025', but gives no further detail.

We will be following progress on all the above measures and will report on any relevant updates when we become aware of them.