Ireland: AIFMD II Implementing Measures

Why should I read this?

On 1 May 2026, Ireland implemented AIFMD II and UCITS VI (Directive (EU) 2024/927) by:

• I. No. 181/2026 European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2026 (AIFMD II Regulation); and
• I. No. 182/2026 European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2026 (UCITS VI Regulations)

Both sets of regulations came into operation on 1 May 2026.

The AIFMD II requirements, which entered into force on 15 April 2024, have now been embedded into the Irish regulatory framework, albeit with a minimal delay following the 16 April 2026 transposition deadline.

What do the implementing measures mean for AIFs and AIFMs?

The Irish AIFMD II Regulations, as expected, do not materially gold plate the EU directive and broadly reflect a faithful transposition of AIFMD II, including in respect of:

• liquidity management tools regime;
• loan origination rules; and
• delegation framework.

This alignment with the EU rules supports EU harmonisation objectives and maintains Ireland’s competitiveness as a fund domicile.

Ireland did exercise a limited number of national discretions in transposing AIFMD II, including:

• a prohibition on AIFs lending to consumers;
• full adoption of the expanded framework for AIFM ancillary and non-core services; and
• preserving the current Irish depositary model with no introduction of a cross-border depositary regime.

The last discretion was possible because Ireland has a mature depositary market.  It is possible that Ireland may benefit from incoming cross-border depositary business from other EU member states which lack a mature depositary market.

What do the implementing measures mean for UCITS and UCITS ManCos?

As with the AIFMD II Regulations, the UCITS VI Regulations do not materially gold plate UCITS VI. In particular, the following are implemented in close alignment with UCITS VI:

• liquidity management tools framework; and
• delegation and oversight regime.

Compared to AIFMD II, Ireland exercised fewer national discretions in implementing UCITS VI. As the UCITS regime has always aimed for uniform rules across Member States, UCITS VI afforded more limited scope for the exercise of national discretion. The principal national discretion exercised by Ireland was the adoption of the expanded framework for UCITS management company ancillary and non-core services. 

The Modernised AIF Rulebook

On 5 May 2026, the Central Bank of Ireland (CBI) published its Feedback Statement on the consultation regarding proposed updates to the AIF Rulebook (Consultation Paper 162), along with the revised and modernised AIF Rulebook. The updated AIF Rulebook consolidates the requirements for Irish-authorised AIFs, AIFMs and depositaries, taking account of both AIFMD II and recommendations contained in the Funds Sector 2030 Final Report. Key changes contained in the Rulebook include:

• greater flexibility for private asset funds;
• an overhauled loan origination framework; and
• alignment with the EU liquidity management framework.

This milestone publication significantly enhances Ireland’s AIF regime and strengthens Ireland’s position as a leading EU funds hub.

Next steps

The CBI is now due to publish its feedback statement on the consultation regarding proposed updates to the CBI UCITS Regulations (Consultation Paper 161), along with the revised Central Bank UCITS Regulations which will align the CBI’s supervisory and operational requirements with the EU regime.

Firms should ensure that all necessary regulatory filings are made with the CBI to ensure that fund documentation, policies and procedures align with the new framework.

How Eversheds Sutherland can help

We advise across the full lifecycle of funds, acting for asset managers, depositaries and service providers on the structuring, establishment and operation of Irish UCITS and AIFs. We support clients on authorisation, regulatory compliance and cross-border distribution, with deep expertise across EU frameworks including AIFMD, UCITS and MiFID II. Combining strong Irish regulatory insight with international reach, we help clients develop innovative fund solutions and access new investor markets.