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ARTICLE · 19 MAY 2025

ESMA Publishes Draft RTS And Final Guidelines On Liquidity Management Tools For UCITS And AIFs

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The European Securities and Markets Association (ESMA) has published draft regulatory technical standards (RTS) and final guidelines on liquidity management tools for UCITS and AIFs.

European UnionFinance and Banking
Roderik Boogaard
Roderik Boogaard
Joyce Kerkvliet
Joyce Kerkvliet
Marjolein Rekelhof
Marjolein Rekelhof
Jon Flikweert
Jon Flikweert
Florian Dorland
Florian Dorland
Meyke Maanicus
Meyke Maanicus
Gabriel Storm
Gabriel Storm

The European Securities and Markets Association (ESMA) has published draft regulatory technical standards (RTS) and final guidelines on liquidity management tools for UCITS and AIFs.

Background

On 15 April 2025, ESMA published its draft regulatory technical standards (RTS) and a final report on its guidelines on liquidity management tools (LMTs). For further details, please refer tothe draft regulatory technical standards (RTS) and the final report.

Key changes proposed

Pursuant to the revised Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) Directive ESMA was tasked to develop these draft RTS to determine the characteristics of LMTs available to AIFMs managing open-ended AIFs and UCITS and guidelines on the selection and calibration of LMTs by UCITS and AIFMs of open-ended AIFs.

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