Dutch Authority for the Financial Markets publishes AIFMD II update tightening conditions for non-EU managers marketing funds in the Netherlands

The Dutch Authority for the Financial Markets (AFM) has published its fourth implementation update on the revised Alternative Investment Fund Managers Directive II (AIFMD II), setting out stricter requirements for third-country managers that want to offer non-EU funds in the Netherlands. The update links market access to EU anti-money laundering high-risk country designations and the EU list of non-cooperative tax jurisdictions, and asks impacted managers to explain to the AFM how they will meet the applicable legal obligations. Under the new conditions, marketing is only permitted where both the non-EU manager and the non-EU fund are not established in a jurisdiction on either the EU high-risk third-country list for anti-money laundering measures or the EU list of non-cooperative tax jurisdictions. Where a manager or fund is established in a listed jurisdiction, the funds may no longer be marketed or registered in the EU. The AFM notes that these lists are dynamic and places ongoing monitoring and compliance responsibility on managers. Directive (EU) 2024/927 (AIFMD II) entered into force on 15 April 2024 and must be implemented into national law by 16 April 2026, from which point managers must comply with the new rules. Non-EU managers affected by the changes are requested to notify the AFM by email about how they expect to meet the AIFMD II requirements.