After substantial deliberation, a final draft of the 2.0 version of the Alternative Investment Fund Managers Directive (AIFMD) was agreed to by representatives of the European Parliament, the Council of the E.U. and the European Commission. The revisions in AIFMD 2.0 aim to modernize the regulations to account for the impact of Brexit, problems surfaced during the coronavirus pandemic and other developments in the private funds industry. Several notable items were not addressed, however, including any updates to the third-country passporting provisions in AIFMD 1.0. To assist alternative investment fund managers in understanding and preparing for AIFMD 2.0, a panel at Dechert’s Luxembourg Annual Funds Conference discussed the current state and future direction of the amended directive. The program featured Dechert partners Angelo Lercara (Munich), Colin Sharpsmith (London), Christine A. Renner (Luxembourg), Cyril Fiat (Paris) and Patrick Goebel (Luxembourg). The first article in a two-part series details material changes to the delegation requirements under the new rules, updates to the Annex I services and certain issues introduced by mandated liquidity management tools. The second article analyzes relevant changes affecting loan origination funds, fallout from the lack of revisions to marketing practices under AIFMD and the ramifications of a handful of omitted items under the new rules. See “The European Commission and ESMA Lay Groundwork for AIFMD II” (Nov. 3, 2020); and “KPMG Reports on AIFMD’s Efficacy Five Years After Implementation” (Apr. 16, 2019).