Regulatory Alerts2025-04-15
Final Report on Guidelines on Liquidity Management Tools of UCITS and Open-Ended AIFs
ESMA issued final guidelines on the selection and calibration of liquidity management tools for UCITS and open-ended AIFs to mitigate financial stability risks. The document retains recommendations for managers to consider both quantitative-based tools and anti-dilution tools while removing previous restrictive governance and disclosure requirements. These guidelines apply upon the application date of the related Regulatory Technical Standards, with existing funds granted a twelve-month adaptation period.
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