SUPERVISORY GUIDELINE

| February 2026 1

AIFMD II Update 2

Second Edition: New rules for loan origination by AIFMs from April 16, 2026

In Short

The revised AIFM Directive (AIFMD II) brings significant changes for AIFMs and UCITS managers. The provisions regarding the origination of loans apply exclusively to AIFMs. The new obligations in this update apply to both new and existing managers and primarily affect funds that originate loans. From April 16, 2026, additional rules apply to all AIFMs that directly or indirectly grant loans, for example via SPVs or third parties. These measures are intended to limit risks in the credit chain, increase transparency, and strengthen investor protection. Evaluate now whether these new rules apply to your funds or activities so that you can make the necessary preparations in time.

New Definitions within AIFMD II

AIFMD II distinguishes between the origination of loans by AIFMs and so-called "loan-originating AIFMs." Loan origination is broadly defined as the granting of loans by an AIFM, directly or indirectly via SPVs or other parties. An AIFM is considered a loan-originating AIFM when its investment strategy is primarily focused on loan origination, or when loans constitute at least 50% of the AIFM's net asset value. The directive contains both rules that apply to all AIFMs originating loans and additional requirements that apply to loan-originating AIFMs.

General Requirements for All AIFMs Originating Loans

New obligations apply to all AIFMs originating loans, particularly in the areas of lending, risk management, and transparency:

• Managers must have effective processes and policies for loan origination.
• To limit concentration risks, a loan to certain counterparties, such as AIFMs, UCITS, or financial institutions, may not exceed 20% of the fund's assets per counterparty.
• Loans to the manager, the depositary, delegates, or affiliated parties are not permitted.
• Loans may not be originated with the sole purpose of transferring existing loans or exposures to third parties.
• In the event of the transfer of loans, the AIFM must also retain at least 5% of the nominal value of each transferred loan.
• The proceeds from the originated loans must be fully attributed to the AIFM.

AIFM Update 2 - New rules for loan origination by AIFMs 2

Additional Rules for Loan-Originating AIFMs

AIFMs that primarily originate loans, or where loans constitute at least half of the net asset value, must comply with additional obligations, including:

• Managers must have robust processes for credit risk assessment and for the management and monitoring of the credit portfolio.
• Loan-originating AIFMs must in principle have a closed-end structure; an open-end structure is only permitted under strict conditions.
• AIFMD II introduces leverage limits of a maximum of 175% for open-end AIFMs and 300% for closed-end AIFMs.

Entry into Force and Transitional Regime

The new rules for loan origination enter into force on April 16, 2026. Funds established after April 15, 2024, must comply fully with all new requirements from that date. Investment institutions that originate loans and were established before April 15, 2024, and raise capital after that date, are granted a transition period until April 16, 2029, for part of the obligations. During this period, they do not have to comply immediately with all requirements. For funds established before April 15, 2024, and which have not raised new capital since then, some obligations are permanently not applicable, while other rules apply immediately. It is therefore important to determine now which rules apply to your funds and when.

Next Steps and Outlook

The AFM will shortly issue a request to managers to gain insight into the scope and characteristics of existing loan-originating activities. At a later stage, we will inform you about how to submit any changes or notifications related to the new requirements to the AFM.

In the next publications within this series, we will delve deeper into specific sub-topics of the revised directive. This includes changes regarding Liquidity Management Tools (LMTs). The first edition addressed tightened requirements for daily policy setters.

Keep an eye on the information on the AFM website to stay informed.

This publication was issued on February 4, 2026.