On 20 July 2023, the European Commission issued a press release welcoming the political agreement that the European Parliament and Council had reached on the legislative proposals that were adopted as part of the Capital Markets Union package which amend the UCITS Directive and the Alternative Investment Fund Managers Directive. The agreement reached is provisional as it still needs to be confirmed by the Council and the European Parliament before it can be formally adopted.

Under the provisional agreement negotiators:

• Decided to enhance the availability of liquidity management tools, with new requirements for managers to provide for the activation of these instruments.
• Agreed on an EU framework for funds originating loans, i.e., funds that provide credit to companies, supplemented with several requirements to alleviate risks to financial stability and to ensure an appropriate level of investor protection.
• Agreed on enhanced rules for delegation by investment managers to third parties.
• Agreed on enhanced data sharing and cooperation between authorities, and new measures to identify undue costs that could be charged to funds, as well as on preventing possible misleading names to better protect investors.