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ARTICLE · 04 JUNE 2025

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On 15 April 2025, the European Securities and Markets Authority (ESMA) published its final reports on the Regulatory Technical Standards (RTS) and the Guidelines on Liquidity Management Tools (Guidelines).

GermanyCorporate/Commercial Law
Philipp Riedl
Philipp Riedl
Hilger Von Livonius
Hilger Von Livonius

ESMA Publishes Final Reports on Liquidity Management Tools

On 15 April 2025, the European Securities and Markets Authority (ESMA) published its final reports on the Regulatory Technical Standards (RTS) and the Guidelines on Liquidity Management Tools (Guidelines). The liquidity management tools (LMTs) were significantly amended by the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) review. ESMA has a mandate to develop the regulatory technical standards and guidelines and initiated a consultation on this in July 2024.

The RTS are intended to specify the characteristics of the nine LMTs that have been introduced by the AIFMD review. The Guidelines, which are to be read together with the RTS, also concern the selection, activation, and adjustment of the LMTs.

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