News 14/04/26

Stricter Requirements for Offering Non‑EU Funds

The Netherlands Authority for the Financial Markets (AFM) presents its fourth update on the implementation of the revised Alternative Investment Fund Managers Directive II (AIFMD II). This edition explains the stricter requirements for managers from third countries wishing to offer funds in the Netherlands. They may not be established in jurisdictions designated as high-risk under EU anti-money laundering regulations or featured on the EU list of non-cooperative tax jurisdictions. In addition, these managers must explain to the AFM how they will comply with all applicable legal obligations.

In short

• Stricter requirements for (non-EU) AIFMs wishing to market their (non-EU) funds in the Netherlands
• Restrictions relating to countries classified as high-risk or non-cooperative
• Affected fund managers are requested to submit information to ensure compliance with AIFMD II

Directive (EU) 2024/927 (AIFMD II) entered into force on 15 April 2024 and introduces changes to both the AIFMD and the UCITS Directive. Member States have until 16 April 2026 to transpose these into national law, after which fund managers must comply with the new regulatory framework.

Stricter requirements for (non-EU) AIFMs wishing to market their (non-EU) funds in the Netherlands

In this fourth edition of the AIFMD II Update: Non-EU , the AFM outlines enhanced requirements applicable to (non-EU) alternative investment managers (non-EU AIFMs) that currently market, or intend to market, their (non-EU) AIFs in the Netherlands. These new requirements are designed, among other things, to ensure that entities from third countries seeking access to the EU market comply with EU rules on the prevention of money laundering and terrorist financing, as well as the EU’s approach on noncooperative tax jurisdictions. The requirements described in this update relate exclusively to AIFMD.

Restrictions relating to countries classified as high-risk or non-cooperative

The new requirements include, inter alia, but are not limited to, the following conditions. They provide that (non EU) managers may only offer funds where both (i) the non EU manager and/or (ii) the non EU fund is not established in a country that appears on:
• the EU list of third countries identified as high risk under the EU anti‑money laundering Directive; and
• the EU list of non-cooperative jurisdictions for tax purposes.
If a non-EU AIFM, non-EU AIFs is domiciled in such a jurisdiction, they will no longer be permitted to market or register their funds in the EU. These “lists” are dynamic, and managers are responsible for ongoing monitoring.

Affected fund managers are requested to submit information to ensure compliance with AIFMD II

Affected fund managers are requested to notify the AFM of the measures they will take to ensure compliance with AIFMD II. Such notification should be submitted without undue delay by sending an email to non.eu.notifications@afm.nl. The AFM emphasises that all arrangements must always adequately safeguard the interests of investors. Timely action will enable affected managers to achieve an orderly transition and ensure compliance with AIFMD II.