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AIFMD II and Italian credit AIFs: What changes for lending into Italy

The 'Unicredit tower' skyscraper (Torre Unicredit) at 231 meters tall is the tallest in Italy. Opened in 2012, architect Cesar Pelli, it is part of the new Porta Nuova business district, Milan.
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Andrea Giaretta | McDermott Will & Schulte profile image Nadia Cuppini | McDermott Will & Schulte profile image +1

Andrea Giaretta | McDermott Will & Schulte, Nadia Cuppini | McDermott Will & Schulte, Marco Colombo | McDermott Will & Schulte

5 min read

What sponsors and investors should focus on as the reform aligns Italy’s credit AIF regime with the EU-wide AIFMD II framework.

Italy has published the implementing decree (D.Lgs. 13 March 2026, No. 39) transposing Directive (EU) 2024/927 (AIFMD II) into national law. The new rules apply from April 16, 2026, and the Bank of Italy and Consob must adopt secondary implementing measures by October 16, 2026. The Bank of Italy launched a market consultation

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