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

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

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

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

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

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

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