On 21 October 2025, the European Securities and Markets Authority (ESMA) published its final draft regulatory technical standards on open-ended loan-originating AIFs under AIFMD (the “RTS”). The RTS are the result of a consultation process undertaken in the context of Directive (EU) 2024/927 (also known as “AIFMD II”), more specifically the newly introduced loan origination regime by AIFMD II, and seek to determine the requirements that loan originator AIFs must meet in order to maintain an open-ended structure.
