Europe: AIFMD II Transposition: Ireland Reaches a Key Milestone

By: Gayle Bowen and Shane Geraghty

Ireland has taken a significant step forward in the implementation of the Alternative Investment Fund Managers Directive II (AIFMD II), with confirmation that the enabling Statutory Instruments have now been signed and are set to come into force.

The Statutory Instruments (SIs) required for the transposition of AIFMD II—along with the related updates to the AIF Rulebook and UCITS Regulations—have been signed by the Tánaiste and are expected to be published and become effective on 1 May 2026. In the days following publication of the SIs, the Central Bank of Ireland is expected to publish the corresponding updates to its AIF Rulebook, which is set to enhance Ireland’s private funds regime.

This marks the culmination of sustained engagement between industry and regulatory authorities. The considerable work done by member firm representatives and the Irish Funds team has been aimed at maximising the opportunity to provide a broader range of compelling fund solutions, reflecting the harmonisation that AIFMD II brings.

For fund managers and industry participants, the transposition signals the beginning of a new operational phase. Firms will now need to assess the practical implications of the updated framework and ensure their structures, processes, and documentation are aligned with the revised requirements.

Irish Funds has indicated it will be gathering feedback as the changes become operable and will support members through its groups, communications, events, and portal materials.

With Ireland continuing to position itself as a leading domicile for alternative investment funds, the transposition of AIFMD II reinforces the jurisdiction’s commitment to regulatory alignment and industry competitiveness.