By Legislative Decree No. 39 of March 13, 2026 (the “Decree”), Italy implemented Directive (EU) 2024/927 (“AIFMD II” or the “Directive”), making significant amendments to Legislative Decree No. 58 of February 24, 1998 (the “TUF”) and, inter alia, reshaping the regulatory framework applicable to alternative investment funds (“AIFs”) investing in loans. This transposition forms part of the broader process of aligning Italian law with the innovations introduced at EU level in the field of collective investment, with particular regard to the granting of loans by AIFs, liquidity risk management, delegation arrangements and the depositary regime.
National transposition of the Directive was expected to provide a first clarification of some of the most uncertain aspects of the new European framework
This article therefore examines the key choices made by the Italian regulator in implementing the Directive, focusing in particular on the new framework for AIFs investing in loans and assessing the extent to which the new provisions of the TUF have addressed the main interpretative issues that arose in the immediate aftermath of the Directive’s adoption.
It should also be noted, however, that the regulatory framework remains, for the time being, only partially complete, as the Decree entrusts the Bank of Italy and Consob with the adoption of the relevant implementing measures by October 16, 2026.
