The Irish legislation implementing the provisions of AIFMD II updating the UCITS and AIF legislative frameworks has been published in Iris Oifgiúil and is stated to come into operation today, 1 May 2026.

The enhanced reporting provisions for AIFs and UCITS come into effect on 16 April 2027. The legislation is in the form of separate statutory instruments updating the existing Irish UCITS legislation and the existing Irish AIFMD legislation; S.I. No. 181 of 2026 European Union (Alternative Investment Fund Managers)(Amendment) Regulations 2026 and S.I. No. 182 of 2026  European Union (Undertakings for Collective Investment in Transferable Securities)(Amendment) Regulations 2026.  We expect that the Irish implementing legislating implements the AIFMD II provisions with little or no changes to those set out in the AIFMD II Directive.

AIFMD II became effective on 16 April 2026.  Key changes include a new EU‑wide regime for loan‑originating AIFs, enhanced delegation requirements and strengthened liquidity management tools for open-ended funds.  The reforms also refine regulatory reporting data sharing and depositary oversight and extend relevant changes to the UCITS framework where appropriate, ensuring greater consistency between regimes while preserving their distinct fund models.

The Central Bank of Ireland is expected to publish its revised AIF Rulebook in the coming days. Changes in the revised AIF Rulebook are being made to align with AIFMD II changes as they relate to AIFs. Other changes in the AIF Rulebook are being made to enhance Ireland’s private asset fund offering. We will provide a further update when the Irish implementing legislation is published in the Irish Statute Book and the AIF Rulebook is published.

Please contact any of our Asset Management & Investment Funds Partners or your usual contact at William Fry for further information.