On 26 May 2025, the International Organization of Securities Commissions (IOSCO) published a final report on revisions to its 2018 Recommendations for Liquidity Risk Management for Collective Investment Schemes. Overall, IOSCO is publishing a total of 17 recommendations under a revised structure with six sections, namely the CIS Design Process, Liquidity Management
On 11 November 2024, the International Organization of Securities Commissions (IOSCO) issued a consultation report on revised recommendations for liquidity risk management for collective investment schemes (CIS), especially for open-ended funds. IOSCO is also consulting on complementary guidance for the effective implementation of the recommendations for liquidity risk management.
The recommendations
There are two methods which allow the marketing of alternative investment funds (AIFs) in the EU by alternative investment fund managers (AIFMs). The first method is a marketing “passport” which has been introduced by the Alternative Investment Fund Managers Directive (AIFMD) to allow AIFs to be marketed to professional