EU Fund Manager Reforms May Deepen Divide With U.K. Regs

The changes brought about by the Alternative Investment Fund Managers Directive II — which EU member states were required to transpose into national law by April 16, 2026, introducing new requirements for EU alternative investment funds and their managers — are, overall, more evolutionary than revolutionary, but the U.K. is reviewing its regulatory framework for asset managers, marking a potential divergence between the U.K. and EU regimes. Partner Greg Norman, counsel Abigail Reeves and associate William Hardaway discuss the key reforms introduced by AIFMD II, including a new regime for loan-originating AIFs and new requirements concerning delegation arrangements, liquidity management and reporting.