Regulatory Alerts2025-11-17
Added · Updated
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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