AGEFI Luxembourg - juin 2025

Juin 2025 27 AGEFI Luxembourg Fonds d’investissement By Antonios NEZERITIS (Partner), Marc HIRTZ (Counsel) & Stella RANTE (Junior Associate), Ashurst O nApril 15, 2025, the EuropeanSecurities and MarketsAuthority (ESMA) published two final reports: the “Guidelines onLMTs of UCITS andOpen-EndedAIFs” (ESMA34- 1985693317-1160) and the “Final Draft RegulatoryTechnical Standards onLiquidity Management Tools under the AIFMDandUCITSDirective” (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 the UCITS DirectiveareavailabletoAIFsandUCITS. These regulatory measures are designed to establish a harmonized and robust liq- uiditymanagementframework,withsig- nificant implications for investment fund managers, depositaries, and investors. UnderDirective(EU)2024/927,ESMAhas been mandated to develop both guide- lines and regulatory technical standards (RTS)toensuretheconsistentandeffective use of LMTs across UCITS and open- ended AIFs. The primary objectives of these LMTs are to mitigate systemic risk, enhance investor protection, and ensure that investment fund managers remain responsibleforliquidityriskmanagement. The new rules are a direct response to recent episodes of market stress and the increasingcomplexityofinvestmentfund structures and strategies. LiquidityManagement Tools (LMTs) AnnexVof theAIFMDandAnnex IIAof the UCITS Directive enumerate the fol- lowingLMTs: 1.Suspensionofsubscriptions,repurchas- es, and redemptions 2. Redemptiongates 3. Extensionof notice periods 4. Redemption fees 5. Swingpricing 6. Dual pricing 7.Anti-dilution levies 8. Redemptions inkind 9. Side pockets Summary of the Final Reports ESMA’s framework introduces aharmo- nized taxonomy of LMTs, ensuring that definitions and operational characteris- tics are aligned across the UCITS Directive and the AIFMD. The frame- work also provides flexibility to accom- modate the diversity of investment fund strategies and asset classes. Suspension of Subscriptions, Repur- chases, and Redemptions: Intended as a temporarymeasure in exceptional cir- cumstances (e.g., severe market stress, valuation uncertainty, or operational disruptions). The suspension must apply simultaneously to all investors, all share classes, and for the same period. RedemptionGates: Allow funds to tem- porarily andpartially limit the amount or proportion of units or shares that can be redeemed during a given period, rather than suspending redemptions entirely. The activation of redemption gates requires that an “activation threshold” is exceeded. This threshold must be based onthetotalnetorgrossredemptionorders received on a particular dealing date and, for UCITS, expressed as a proportion of theUCITS’sNAV. ForAIFs, the threshold maybebasedonaproportionoftheNAV, a monetary value, a combination of both, orapercentageofliquidassets.Theframe- work allows for flexibility in the applica- tion of gates. Redemption orders fromall investors may be executed up to an amountatleastcorrespondingtothelevel of the activation threshold in proportion to the total amount of those orders. Alternatively, redemption orders below or equal to a predefined redemption amount may be executed in full, with the redemption gate applied only to the por- tion of the order exceeding such prede- fined amount, thereby protecting smaller investorsfromtheimpactoflargeredemp- tions. The treatment of non-executed redemptionordersissubjecttopredefined conditionsdisclosedtoinvestorsandmay includeautomatictransfertothenextdeal- ingdateorcancellation.Itshouldbenoted that thedraftRTSdonot includeanypro- visionregardingthetreatmentofnon-exe- cuted redemptionorders. Extension of Notice Periods: Provides managerswithadditionaltimetomanage liquidity and execute asset sales in an orderly manner, particularly for invest- ment funds with less liquid assets. The extensionisaddedtotheminimumnotice period already inplace anddoes not alter the investment fund’s redemption fre- quency. This tool is especially relevant for funds whose liquidity is susceptible to deterioration in times ofmarket stress. Redemption Fees: Imposed on investors whoredeemtheirunitsorshares,withthe aim of passing on the estimated explicit and implicit costs, including market impact, to redeeming investors, thus pro- tectingremaininginvestorsfromdilution. The feesmust be basedongross redemp- tionorders andcanbe expressedas aper- centageoftheredemptionorderoramon- etaryvalue. It is alsopossible to applydif- ferentlevelsofredemptionfeesdepending on the size of the redemptionorders. Swing Pricing: Adjusts the investment fund’s NAV up or down depending on the net capital activity (subscriptions or redemptions) onagivendealingday. The swingfactor(expressedasapercentageof the fund’sNAV)must reflect the estimat- ed explicit and implicit costs of subscrip- tions or redemptions, including any sig- nificant market impact of asset purchases or sales. Swing pricing can be applied in case of a difference between redemption and subscription orders (full swing) or onlywhen suchdifference exceeds a pre- defined threshold (partial swing). The direction of the swing is determined by whether there are net subscriptions or net redemptions. Swing pricingmay include different swing factors corresponding to different activation thresholds. Dual Pricing: May involve calculating two NAVs: one for subscriptions (using ask prices) and one for redemptions (usingbidprices).Alternatively,oneNAV for subscribing or redeeming investors may be used. Dual pricing ensures that subscribingandredeeminginvestorsbear the cost of entering or exiting the invest- mentfund,includingexplicitandimplicit transaction costs and any estimated sig- nificantmarket impact. Anti-DilutionLevies: Chargesappliedto subscribingor redeeming investorswhen net flows exceed a certain threshold, designed to cover the estimated explicit and implicit costs and any estimated sig- nificant market impact of portfolio trans- actions. The levy can be expressed as a percentageofthesubscriptionorredemp- tion orders or as a monetary value and is intendedtoprotectexistinginvestorsfrom the dilution effects of large transactions. Redemptions in Kind: Allows the fund to satisfy redemption requests bydeliver- ing a pro-rata share of the investment fund’s assets, rather than cash, in order to preventtheforcedsaleofasignificantpor- tion of assets necessary to meet redemp- tion requests. This tool is generally avail- able only to professional investors and is particularly useful when selling assets would incur significant transaction costs or market impact. The RTS also address the specificities of ETFs, clarifying that redemptions in kind by authorized par- ticipants in the primary market are not considered as an activationof LMTs. SidePockets: Incaseswheretheeconomic or legal features of an asset have changed significantly or become uncertain, side pockets may be created by establishing a specific share class (accounting segrega- tion) or transferring unaffected assets to another fund (physical segregation). Side pockets must suspend subscriptions or redemptions andbe put into liquidation. Fund managers are required to select at least two appropriate LMTs from those listedintheAIFMDandUCITSDirective, considering the fund’s legal structure, investment strategy, liquidity profile, investor base, distribution policy, and operational complexities. The selection must be deliberate and aligned with the fund’s structure and strategy to address both normal and stressed market condi- tions. The final report on the RTS clarifies that managers may use additional LMTs, butonlythoselistedinthedirectivescount toward the requirement to select at least two. “Soft closures” are not considered LMTs for this purpose. ESMA encourages managers to select at leastonequantitative-basedLMT(suchas redemption gates or notice period exten- sions) and one anti-dilution tool (such as swingpricing or anti-dilution levies). ESMA’s cost-benefit analysis concludes that the benefits of harmonization— namely increased investor protection, financial stability, and supervisory con- vergence—outweigh the compliance costs.Thenewframeworkisnotexpected to impose significant additional obliga- tions beyond those already set by the directives,andtheimplementationperiod is designed to ensure a smooth transition. As a leading investment fund domicile, Luxembourg will play a pivotal role in implementing these new rules. Investmentfundmanagers,legaladvisors, and service providers should begin reviewingtheirexistingliquidityriskman- agement frameworks, updating policies, and ensuring that fund documentation alignswith the newrequirements. Next Steps ESMA has submitted its final reports on the draft RTS and the guidelines to the EuropeanCommission for approval. The RTS will apply on the twentieth day fol- lowing their publication in the Official Journal of the EuropeanUnion. ESMA’s Final Reports on RTS and Guidelines on LMTs under the RevisedAIFMD and UCITS Directive L e va-et-vient de la politique tari- faire deDonaldTrumpmain- tient un climat d’incertitude généralisé réduisant la visibilité pour tous les acteurs économiques. Néanmoins, malgré les innombrables volte-faces de l’administration améri- caine, la conjoncturemondiale semble résister, les signes de ralentisse- ment demeurant contenus jusqu’à présent, affirment GuyWagner (cf. portrait) et son équipe dans leur dernier rap- port d’analyse sur lesmarchés financiers, les «Highlights ». «AuxÉtats-Unis, la légèredécélération desdépensesdesménages enavril s’expliquepar les achats antérieurs effectués au préalable de l’intro- duction des droits de douane », dit Guy Wagner, chiefinvestmentofficer(CIO)delasociétédegestion BLI - Banque de Luxembourg Investments. «Laproductionindustriellesemblemêmeréaccélérer depuisladésescaladedestensionscommercialesavec la Chine, les entreprises s’empressant de constituer des stocks avant la fin éventuelle de la trêve tarifaire le 8 juillet. » En zone euro, l’activité économique poursuit son rythme de croissancemollemais positive, le secteur manufacturier se révélant plus ro- buste depuis le début d’année que les activi- tés de services. En Chine la consommation domestique et la production industrielle bénéficient des me- sures de stimulation publiques alors que les exportations rebondis- sent depuis la réduction des droits de douane américains. Au Japon, le PIB du premier trimestre a reculé de 0,2%par rapport au quatrième tri- mestre 2024, en raison d’une demande externe en baisse et d’une activité domestique stagnante. En zone euro, le taux d’inflation global a de nouveau atteint le niveau cible de la BCE Lapolitique tarifaire américainen’apas encoremené àunedétériorationdes indicateursdeprixauxÉtats- Unis.Ainsi,letauxd’inflationglobalareculéde2,4% enmars à2,3%enavril. Enzone euro, le tauxd’infla- tion global a de nouveau atteint le niveau cible de la Banque centrale européenne, reculant de 2,2% en avril à 1,9%enmai. LaRéserve fédérale américaine n’a pasmodifié sa politiquemonétaire Conformément aux attentes, la Réserve fédérale américaine n’a pas modifié sa politique monétaire lors de sa réunion de mai. Le Président Jerome Po- well a réitéré la position attentiste des autoritésmo- nétaires en vue d’observer lequel de ses 2 objectifs, le plein emploi ou l’inflation de 2%, s’avérera plus à risque suite à lapolitique tarifairede lanouvelle ad- ministration. Enzone euro, une réductionaddition- nelle du taux de dépôt de la Banque centrale européennede 25pointsdebase à 2%début juinpa- raît hautement probable. La nervosité autour des taux longs américains reste élevée «Lanervositéautourdestauxlongsaméricainsreste élevée, les investisseurs continuant àdouter de la ca- pacitédes obligationsd’État américaines àmaintenir le rôle de valeur refuge ultime après le changement depolitiquecommercialedel’administrationTrump etl’absenced’améliorationdudéficitbudgétaire»,es- time l’économiste luxembourgeois. Enmai, le rende- ment dubondu trésorUS à 10 ans est remonté, alors que celui à 30 ans amême atteint la barre des 5%, re- venant ainsi aux niveaux plus élevés précédant la grandecrisefinancièrede2008.Enzoneeuro,lesren- dements obligataires ont par contre peu bougé. La technologie, les services de communication et l’industrie ont affiché lesmeilleures performances Les marchés boursiers ont fortement rebondi en mai, la plupart des indices boursiers retrouvant des niveaux supérieurs à ceux en place avant le « Libe- rationDay » du 2 avril. Le rebond au cours dumois a été principalement déclenché par la réductiondes droits de douane américains sur les importations chinoises de 145 % à 30 %, mettant fin à une situa- tion qui correspondait de facto à un embargo sur les produits chinois. GuyWagner : « D’une manière générale, la straté- gie de Donald Trump consistant à annoncer des droits de douane pour les suspendre quelques jours plus tard rassure les investisseurs quant au maintien de ce que l’on appelle le « Trump put » sur les marchés financiers. » Ainsi, l’indice MSCI All Country World Net Total Returna fortement gagné sur lemois.Auniveau ré- gional, le S&P 500 aux États-Unis, le Stoxx Europe 600, le Topix au Japon et l’indice MSCI Emerging ont tous progressé. «Au niveau sectoriel, la techno- logie, les services de communication et l’industrie ont affiché les meilleures performances, tandis que la consommation de base, l’immobilier et la santé ont enregistré les évolutions lesmoins favorables. » Malgré les innombrables volte-faces de l’administration américaine, la conjoncture mondiale semble résister