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EU Asset Management Regulatory Developments—April 2025: ESMA LMT RTS, ESG fund names, leverage/UCITS VaR, MiFID research, EMIR thresholds, MAR insider lists, MiCA Q&A, CSRD/CSDDD delays, AI

Published on: 01 May 2025

Published by a LexisNexis Ireland - Banking & Financial Services expert

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Asset Management & Investment Funds: EU & International Developments—April 2025

ESMA’s draft RTS and guidelines for liquidity management tools for funds

ESMA has released draft Regulatory Technical Standards (RTS) alongside a final report covering guidelines on Liquidity Management Tools (LMTs), following an ESMA consultation. Within the draft RTS, ESMA defines requirements for choosing and calibrating LMTs to be applied by UCITS and by AIFMs managing open‑ended AIFs, both to manage liquidity risk and to curb threats to financial stability. The RTS have been drawn up under matching mandates in Article 18(a)(3) of the UCITS Directive and Article 16(2)(g) of the AIFMD. The final draft RTS under the AIFMD are included in Annex IV of the report, with those under the UCITS Directive set out in Annex V. The draft guidelines give direction on how managers should determine and calibrate LMTs having regard to their investment strategy, their liquidity profile, and the fund’s redemption policy. These guidelines are issued under mandates in Article 18(a)(4) of the UCITS Directive and Article 16(2)(h) of the AIFMD...

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