ESMA guidelines on liquidity management tools for UCITS and open-ended alternative investment funds (ESMA34-671404336-1364) – application to new and existing funds
The European Securities and Markets Authority (ESMA) has issued guidelines on liquidity management tools for UCITS and open-ended alternative investment funds (ESMA34-671404336-1364).
The Finnish Financial Supervisory Authority (FIN-FSA) has notified that it will comply with the guidelines. The FIN-FSA recommends fund managers (UCITS and alternative investment funds) to comply with the ESMA guidelines.
The guidelines apply to new funds from the application date of the regulatory technical standard referred to in Article 18a(3) of the UCITS Directive and in Article 16(2)(g) of the Alternative Investment Fund Managers Directive (16th of April 2026). For existing funds, the guidelines apply twelve months from the start date of the application of the guidelines, i.e. from 16th of April 2027.
The liquidity management tools of existing funds must be in accordance with the guidelines published by ESMA no later than 16.4.2027. However, the FIN-FSA recommends that alternative investment fund managers and fund management companies already take ESMA’s guidelines into account when implementing liquidity management tools.
Further information
Marko Hovi, Head of Division, tel. +358 9 183 5404 or marko.hovi(at)finanssivalvonta.fi