Europe - European Commission Delays “Non-Essential” Level 2 Measures Concerning AIFMD II and the UCITS Review

In a letter dated 1 October 2025, the European Commission has announced that it will not adopt any non-essential Level 2 acts in respect of AIFMD II or the UCITS review, before 1 October 2027 at the earliest. The list of “non-essential” measures now postponed includes technical standards (i) for loan-originating funds to maintain open-ended features and (ii) on information exchange between national regulators and EU institutions.