Commission Delegated Regulation (EU) 2026/465 on liquidity management tools for alternative investment funds

The European Commission adopts regulatory technical standards specifying the characteristics of liquidity management tools for Alternative Investment Fund Managers (AIFMs) under Directive 2011/61/EU. The regulation mandates simultaneous suspension of subscriptions, repurchases, and redemptions, and defines activation thresholds and pro-rata execution rules for redemption gates. It establishes detailed requirements for anti-dilution tools, including redemption fees, swing pricing, dual pricing, and anti-dilution levies, while permitting side pockets and redemptions in kind under specific conditions. The regulation applies to AIFs constituted after 16 April 2026, with a one-year transitional period for existing funds.

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Source: European Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works