Ucits product rules liquidity management pdf

Nca supervisory action on liquidity management ucits funds february 2020. Directive ucits and the alternative investment fund for managers directive aifmd are. Recent changes in the regulatory framework surrounding collateral and reuse of assets launched post the 20072008 crisis aimed at reducing systemic risk in the financial system but resulted in a reduction of the overall availability and velocity i. This document is a working document of the commission services for consultation and does not prejudge the final form of any future decision to be. Thanks to the requirements with regard to risk management and transparency, ucits is seen as a product that people can trust. The latest european commissions consultation paper on product rules, liquidity management, depositary, money market funds and longterm investments. Product rules, liquidity management, depositary, money. First steps toward ucits vi the latest european commissions consultation paper on product rules, liquidity management, depositary, money market funds and longterm investments, colloquially referred to as ucits vi, demonstrates the ongoing regulatory scrutiny and is paving the way for further improvements of the ucits framework.

The esma guidelines apply to both existing and new funds from the 20th of september 2020. Concerns about systemic risk and fund liquidity are driving the regulatory agenda. Currently ucits managers and aifms under their respective regulatory regimes have to have liquidity risk management processes in place for the funds they manage, the esma guidelines will apply in addition to these existing requirements on liquidity stress testing. Ucits stands for undertakings for the collective investment in transferable securities.

Consultation document ucits, product rules, liquidity. More prescription and granularity on the liquidity rules would assist in greater harmonization across the industry and ultimately on the liquidity profiles of ucits brought to the market. Ucits product rules, liquidity management, depositary, money market funds. Ucits product rules, liquidity management, depositary, money. Insurance commercial litigation product liability mergers and acquisitions joint ventures. The european directive defines liquidity risk as the risk that a position in the ucits portfolio cannot be sold, liquidated or closed at limited cost in an adequately short time frame and that the ability of the ucits to repurchase or redeem its units at the request of any unitholder is thereby compromised. Nca supervisory action on liquidity management ucits dillon. Managing fund liquidity risk in europe an amicefama report. Undertakings collective investment in transferable. Asset management consultation document undertakings for collective investment in transferable securities ucits product rules, liquidity management, depositary, money market funds, longterm investments disclaimer this document is a working document of the commission services for consultation and does not. Consultation document ucits, product rules, liquidity management, depositary, money market funds, longterm investments dear sir, the irish funds industry association1 ifia is the industry association for the international investment fund. Ongoing supervision and general regulatory requirements. Ec consultation document ucits product rules, liquidity management, depositary, money market funds, longterm investments introduction the european trustee and depositary forum etdf was established in 2008 to represent the interests of eu member state depositaries of collective investment schemes covering both.