Key Takeaways
- • The Dutch AFM issued updated guidance on April 14, 2026, tightening market access conditions for non-EU alternative investment fund managers (AIFMs) under the revised AIFMD II directive, effective immediately for funds marketed in the Netherlands.
- • Non-EU AIFMs and funds must now satisfy two mandatory jurisdictional requirements: the home country cannot be designated as high-risk under the EU Anti-Money Laundering Directive, and cannot appear on the EU's revised list of non-cooperative tax jurisdictions.
- • AIFMs domiciled in listed high-risk or non-cooperative jurisdictions face a hard deadline: failure to achieve compliance will result in marketing cessation and complete withdrawal from the Dutch market.
- • The AFM has placed ongoing compliance responsibility on affected managers to monitor dynamic lists and immediately notify the regulator of any status changes; non-compliant AIFMs must submit transition plans detailing either re-domiciliation or market exit strategies.
- • This regulatory update effectively restricts capital flows into the Netherlands from alternative fund managers in jurisdictions identified as financial crime risks or tax havens, aligning Dutch market access with EU-wide AML and tax compliance standards.
Summary
On April 14, 2026, the Dutch Authority for the Financial Markets (AFM) published a regulatory update clarifying revised conditions for non-EU alternative investment fund managers seeking to market funds in the Netherlands under the amended Alternative Investment Fund Managers Directive II (AIFMD II). The directive restricts market access by establishing new minimum criteria tied to the home jurisdiction's financial and tax compliance standing.
Under the revised framework, non-EU AIFMs and their funds must satisfy two explicit jurisdictional tests to maintain market access in the Netherlands. First, the third country where an AIFM or AIF is established must not appear on the EU's designated list of high-risk jurisdictions under the Anti-Money Laundering Directive. Second, the jurisdiction cannot be included in the EU's revised list of non-cooperative countries and territories for tax purposes. These conditions represent a tightening of AIFMD requirements and directly link regulatory eligibility to both anti-money laundering and tax compliance standards.
The AFM's guidance carries significant implications for non-EU fund managers currently operating in the Dutch market. Managers domiciled in any jurisdiction appearing on either the high-risk or non-cooperative lists face mandatory action: they must either relocate fund domiciliation to a compliant jurisdiction, restructure operations, or exit the Dutch market entirely. The regulator has explicitly stated that continued inclusion on these lists will ultimately result in a complete prohibition on offering and marketing activities.
Recognizing the dynamic nature of both lists, the AFM has imposed ongoing monitoring obligations on affected AIFMs. Managers bear responsibility for tracking changes to EU designations, and any change in status that creates non-compliance must be immediately reported to the AFM. The regulator is currently requesting that AIFMs already domiciled in listed jurisdictions provide detailed information on how they will achieve compliance, along with formal transition plans outlining their intended path forward—whether through re-domiciliation, operational restructuring, or planned market exit. This proactive approach ensures the AFM can track remediation timelines and enforce compliance at the fund level.
Under the revised framework, non-EU AIFMs and their funds must satisfy two explicit jurisdictional tests to maintain market access in the Netherlands. First, the third country where an AIFM or AIF is established must not appear on the EU's designated list of high-risk jurisdictions under the Anti-Money Laundering Directive. Second, the jurisdiction cannot be included in the EU's revised list of non-cooperative countries and territories for tax purposes. These conditions represent a tightening of AIFMD requirements and directly link regulatory eligibility to both anti-money laundering and tax compliance standards.
The AFM's guidance carries significant implications for non-EU fund managers currently operating in the Dutch market. Managers domiciled in any jurisdiction appearing on either the high-risk or non-cooperative lists face mandatory action: they must either relocate fund domiciliation to a compliant jurisdiction, restructure operations, or exit the Dutch market entirely. The regulator has explicitly stated that continued inclusion on these lists will ultimately result in a complete prohibition on offering and marketing activities.
Recognizing the dynamic nature of both lists, the AFM has imposed ongoing monitoring obligations on affected AIFMs. Managers bear responsibility for tracking changes to EU designations, and any change in status that creates non-compliance must be immediately reported to the AFM. The regulator is currently requesting that AIFMs already domiciled in listed jurisdictions provide detailed information on how they will achieve compliance, along with formal transition plans outlining their intended path forward—whether through re-domiciliation, operational restructuring, or planned market exit. This proactive approach ensures the AFM can track remediation timelines and enforce compliance at the fund level.
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