Regulatory Alerts2025-04-15
Final Report on Draft Regulatory Technical Standards on Liquidity Management Tools under the AIFMD and UCITS Directive
The European Securities and Markets Authority (ESMA) issued final draft Regulatory Technical Standards to define the characteristics of liquidity management tools for Alternative Investment Fund Managers and UCITS. Following a public consultation, ESMA introduced flexibility for AIF redemption gate thresholds and clarified that pro-rata redemption in kind rules do not apply to authorized participants in ETF primary markets. The report also removed provisions regarding the application of liquidity management tools to share classes and submitted the standards to the European Commission for adoption.
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