ARTICLE · 30 SEPTEMBER 2024
AIFMD II 101: Part 2 – A New EU Framework For Liquidity Management Tools
On 15 April 2024, Directive 2024/927/EU amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC), as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds ("AIFMD II") entered into force.
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Key takeaways
- This second instalment of our AIFMD II 101 series focuses on
the new EU-wide legal framework for liquidity management tools
("LMTs") under AIFMD II.
- The new rules in relation to the use of LMTs will apply to
alternative investment fund managers
("AIFMs") of open-ended alternative
investment funds ("AIFs") and undertakings for collective
investment in transferable securities
("UCITS").
- ESMA has also proposed detailed technical standards governing
the characteristics of each of the LMTs listed in AIFMD II, as well
as guidelines on the selection, calibration and
activation/deactivation of such LMTs.
On 15 April 2024, Directive 2024/927/EU amending AIFMD (2011/61/EU) and
the UCITS Directive (2009/65/EC), as regards delegation
arrangements, liquidity risk management, supervisory reporting, the
provision of depositary and custody services and loan origination
by alternative investment funds ("AIFMD II") entered into
force. The entry
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