Risk & Compliance
Key considerations for AIFM-Light Managers
On 30 June 2025, the AFM (Dutch Authority for the Financial Markets) published its “Sector Brief for AIFM-Light Managers”. In this document, the AFM presented the results of an exploratory investigation into fund managers registered under the AIFMD regime (also known as light managers) in the Netherlands. Over recent months, the AFM has examined the risks associated with this market segment. One of the key findings is that many light managers either fail to comply with, or incorrectly apply, a number of legal requirements. Although light managers largely operate outside the scope of direct AFM supervision, they are nonetheless subject to specific regulatory obligations.
