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By Dr. Sebastiaan NIELS HOOGHIEMSTRA*
In the context of the impact of the Ukraine crisis on financial markets, investment fund managers (“IFMs”) are currently facing the challenge of how to deal with Russian and Belarussian assets in their managed investment funds that have become illiquid/ non-tradeable as a consequence of this crisis as well as due to the restrictive measures taken by the EU and other countries in this context. In this respect, the Commission de Surveillance du Secteur Financier (“CSSF”) received questions from market participants regarding temporary as well as more structural measures for the situation, including the usage of Liquidity Management Tools (“LMTs”) by investment funds as well as the valuation of the affected assets. For that...
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