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International Rules & Guidelines

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Liquidity (Global)
International Rules & Guidelines

Europe

ESRB

April 2018:

ESRB publish recommendations on action to address systemic risks related to liquidity mismatches and the use of leverage in investment funds

ESMA

Liquidity Stress Test Guidance

February 2019:	ESMA announces Public Consultation on Liquidity Stress Test Guidance for Investment Funds
April 2019:	ESMA publishes responses to its Consultation on Liquidity Stress Test Guidelines for Investment Funds
September 2019:	ESMA publishes Final Report - Guidance regarding liquidity stress tests of investment funds

Common Supervisory Action on UCITS Liquidity Management

January 2020:	ESMA Launches Common Supervisory Action with NCAs on UCITS Liquidity Management
February 2020:	CSSF Communique on ESMA Supervision of UCITS’ Managers Liquidity Risk Management Across the European Union
February 2020:	FMA Participating in ESMA Common Supervisory Action 2020 on UCITS Liquidity Risk Management

EFAMA

April 2016:

Managing fund liquidity risk in Europe - an AMIC/EFAMA report

International

IOSCO

June 2016:	Statement on IOSCO´s Priorities Regarding Data Gaps in the Asset Management Industry
February 2018:	Recommendations for Liquidity Risk Management for Collective Investment Schemes
February 2018:	Open-ended Fund Liquidity and Risk Management – Good Practices and Issues for Consideration
July 2019:	IOSCO Statement on Liquidity Risk Management Recommendations for Investment Funds
December 2019:	CSSF Circular 19/733 on IOSCO Recommendations on Liquidity Risk Management

IOSCO intends to conduct a robust assessment exercise in 2020 which will review how the 2018 LRM recommendations have been implemented in practice.

FSB

January 2017:

Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities

United Kingdom

Non-UCITS Retail Schemes Investing in Illiquid Assets Instrument 2019

February 2017:	Discussion Paper 17/1 on the regulatory approach to open-ended funds investing in illiquid assets
October 2018:	Consultation on illiquid assets and open‑ended funds and feedback to Discussion Paper DP17/1
September 2019:	FCA Illiquid Assets and Open-Ended Funds and Feedback to Consultation Paper CP18/27
September 2019:	FCA Confirms New Rules for Certain Open-Ended Funds Investing in Inherently Illiquid Assets

FCA Letter to Authorised Fund Managers on Effective Liquidity Management

November 2019:

FCA letter to Authorised Fund Managers on Effective Liquidity Management

FCA and Bank of England Statement on Joint Review of Liquidity Vulnerabilities in Open-Ended Funds

December 2019:

FCA and BoE Statement on Joint Review of Liquidity Vulnerabilities in Open-Ended Funds

FCA Asset Management Portfolio Letter

January 2020:

Asset Management Supervision Strategy

Ireland

December 2016:	Fund Management Companies – Guidance
August 2019:	Central Bank of Ireland Issues Letter to Fund Management Companies on Liquidity Management
March 2020:	Central Bank Liquidity Questionnaire Now Available on ONR

Hong Kong

July 2016:	Circular to management companies of SFC-authorized funds on liquidity risk management
August 2019:	Hong Kong SFC Circular to Licensed Corporations Managing the Liquidity Risk of Funds

Luxembourg

May 2016:	ALFI Guidelines for UCITS Liquidity Risk Management
May 2016:	Risk Management under the Alternative Investment Fund Managers Directive
February 2020:	CSSF Communique on ESMA Supervision of UCITS’ Managers Liquidity Risk Management Across the European Union
December 2019:	CSSF Circular 19/733 on IOSCO Recommendations on Liquidity Risk Management

France

February 2017:	AMF Guide to the use of stress tests as part of risk management within asset management companies
May 2018:	Investment funds' liquidity risk management tools
March 2018:	AMF clarifies the framework applicable to investment funds' liquidity risk management tools
January 2019:	AMF publishes a study on the characteristics of Alternative Investment Funds (AIFs) managed by French management companies: exposure, liquidity risk and leverage employed

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