Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 22 APRIL 2025

AIFMD 2.0 – Draft RTS And Final Guidelines Published On Liquidity Management Tools

Proskauer Rose LLP
Proskauer Rose LLP
Contributor
Proskauer Rose LLP

Proskauer Rose LLP

Firm Overview Proskauer is an elite global law firm with more than 900 lawyers across key financial...

View firm profile
Explore more from Proskauer Rose LLP

On 15 April 2025, the European Securities and Markets Authority ("ESMA") published draft regulatory technical standards (the "Draft RTS")...

United StatesFinance and Banking
John Verwey
John Verwey
Rachel E. Lowe
Rachel E. Lowe
Sulaiman Malik
Sulaiman Malik
Michael Singh
Michael Singh
Author LinkedIn connections

On 15 April 2025, the European Securities and Markets Authority ("ESMA") published draft regulatory technical standards (the "Draft RTS") and final guidelines (the "Guidelines") on Liquidity Management Tools ("LMTs"), as required under the revised Alternative Investment Fund Managers Directive (EU/2024/927) ("AIFMD 2.0").

Under AIFMD 2.0, ESMA is required to develop:

  • regulatory technical standards to specify the characteristics of the liquidity management tools set out in Annex V of AIFMD 2.0; and
  • guidelines on the selection and calibration of liquidity management tools by alternative investment fund managers ("AIFMs") for liquidity risk management and mitigating financial stability risk.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC Proposes Rule Changes And Seeks Comments On Additional Accredited Investor Pathways

The Securities and Exchange Commission has proposed six new pathways for individuals to qualify as accredited investors, moving beyond traditional income and wealth thresholds. These changes would allow qualification through professional certifications like CPA, CFA, and CFP designations, as well as through a new FINRA-administered exam testing securities knowledge.
United StatesFinance and Banking
Taft, Stettinius & Hollister LLP
Taft, Stettinius & Hollister LLP
Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

CFTC Moves To Reinforce Federal Authority Over Event Contracts As New Jersey Seeks Supreme Court Review

The CFTC has proposed classifying event contracts as swaps while excluding traditional casino-style gambling products, directly responding to ongoing federal-state disputes over prediction markets and sports betting jurisdiction. These regulatory actions seek to clarify the agency's authority over event contracts amid conflicting appellate court decisions and pending Supreme Court review.
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

DOL Pulls The Plug On Plan To Move FLSA Interpretations Out Of The CFR

The U.S. Department of Labor's Wage and Hour Division has withdrawn its controversial proposal to remove nine parts of longstanding Fair Labor Standards Act interpretive guidance from the Code of Federal Regulations. What does this reversal mean for employers who have relied on these decades-old interpretations, and how does the Supreme Court's Loper Bright decision reshape the legal weight of agency guidance going forward?
United StatesEmployment and HR
Proskauer Rose LLP
Proskauer Rose LLP
Article

Parliament’s Position On SFDR 2.0

The European Parliament's Committee on Economic and Monetary Affairs has adopted its position on the Sustainable Finance Disclosure Regulation reform, establishing key divergences with the European Commission and Council on professional investor exemptions and fossil fuel investment criteria. With trilogue negotiations set to begin in October 2026, private markets managers face critical decisions about how to position their funds under the new three-category framework expected to take effect in early 2029.
United KingdomCorporate/Commercial Law
Proskauer Rose LLP
Proskauer Rose LLP
Article

New York State Mandates Employee Access To Personnel Records

New York has enacted legislation granting private and public sector employees unprecedented access to their personnel records, including the right to review, dispute, and potentially correct negative information that could impact their employment status. The law, which takes effect in November 2026, establishes strict timelines for employer notification and record access while providing enforcement mechanisms through the State Attorney General.
United StatesEmployment and HR
Proskauer Rose LLP
Proskauer Rose LLP
Article

New York Employers May Soon Face New Separation Agreement Procedural Requirements

New York State Legislature has passed a bill that would require employers to provide employees with a minimum 21-day review period and 7-day revocation window for separation agreements involving the release of claims. The proposed "No Severance Ultimatums Act" extends procedural protections similar to those under federal age discrimination law to all covered severance agreements, regardless of employee age, and awaits Governor Hochul's signature.
United StatesEmployment and HR
Proskauer Rose LLP
Proskauer Rose LLP