Regulatory Alerts2025-11-17
Added · Updated
Commission Delegated Regulation (EU) 2026/466 specifying regulatory technical standards for UCITS liquidity management tools
The European Commission adopted Delegated Regulation (EU) 2026/466 to specify regulatory technical standards for liquidity management tools under Directive 2009/65/EC. The regulation mandates that UCITS suspend subscriptions, repurchases, and redemptions simultaneously, defines activation thresholds and pro-rata execution for redemption gates, and sets rules for extending notice periods. It further establishes detailed requirements for anti-dilution tools, including redemption fees, swing pricing, dual pricing, and anti-dilution levies, as well as procedures for redemptions in kind and the creation of side pockets. The regulation applies to UCITS constituted after 16 April 2026, with a one-year transitional period for existing funds.