Italy transposes AIFMD II: Legislative Decree No. 39/2026 amends the Consolidated Law on Finance

On 27 March 2026, Italy published Legislative Decree No. 39 of 13 March 2026, which transposes Directive (EU) 2024/927 (AIFMD II) into national law and amends the Consolidated Law on Finance (TUF).

The decree updates the rules for AIFs and UCITS on delegation arrangements, liquidity risk management, supervisory reporting, custody and depositary services, and lending activities by investment funds. It entered into force on 28 March 2026 and will be complemented by implementing measures from the Bank of Italy and Consob.