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By Antonios NEZERITIS (Partner), Marc HIRTZ (Counsel) Stella RANTE (Junior Associate), Ashurst
On April 15, 2025, the European Securities and Markets Authority (ESMA) published two final reports: the “Guidelines on LMTs of UCITS and Open-Ended AIFs” (ESMA34-1985693317-1160) and the “Final Draft Regulatory Technical Standards on Liquidity Management Tools under the AIFMD and UCITS Directive” (ESMA34-1985693317-1259).
Directive (EU) 2024/927 has amended Directive 2009/65/EC (the UCITS Directive) and Directive 2011/61/EU (the AIFMD), notably by introducing non-exhaustive lists of liquidity management tools (LMTs) as new annexes. Member States are now required to ensure that at least the LMTs set out in Annex V of the AIFMD or Annex IIA of...
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