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.

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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