The recent revision of the Alternative Investment Fund Managers Directive (AIFMD) brings forth non-negligible amendments for the managers of Alternative Investment Funds (AIFs) and, to a lesser extent, Undertakings for Collective Investment in Transferable Securities (UCITS). Against the backdrop of the (further) regulation of non-bank financial intermediation (NBFI) (§2), "AIFMD 2.0" introduces a number of requirements (§3) for Loan Origination (§4), Liquidity Management Tools (§5), Delegation (§6) and other areas (§7). Apart from briefly summarizing the amendments, this contribution aims to interpret these changes in light of supervisory standards and guidelines. In addition, this contribution illustrates brief perspectives on the changes from regulation across the spectrum of financial intermediaries. In general, asset managers face significant (regulatory) change, in which the diligent tracking of developments might prove to be a boon for the industry.