These provisions aim to enhance liquidity risk management, particularly during market stress, and harmonize the availability and use of Liquidity Management Tools across the EU Member States. The publications are a key step in the implementation of the revised AIFMD and UCITS Directive.
On April 15 2025, the European Securities and Markets Authority (ESMA) published the final reports on the Guidelines (GL) on Liquidity Management Tools (LMTs) and the Draft Regulatory Technical Standards (RTS). The GL and RTS have now been revised based on the feedback received from the public consultation last year.
What happens now?
-
The draft RTS have been submitted to the European Commission (EC) for adoption. The EC have three months to decide on the adoption of the RTS. The EC may extend the period by one month.
-
After EC approval of the RTS, ESMA will translate the GL into the official EU languages, and national competent authorities (NCAs) will have two months to notify ESMA whether they comply or intend to comply with the GL.
-
The Guidelines will start to apply by April 16 2026, and any transitional rules will be decided at the national level.
Talk to an expert.
Stefan Gavelin
COO ISEC Services
