On 20 December 2023, the Financial Stability Board issued a report setting out revised policy recommendations to address structural vulnerabilities from asset management activities in relation to liquidity mismatch in open-ended funds. The revised policy recommendations supersede section2 of the FSB’s 2017 policy recommendations to address structural vulnerabilities from asset management activities. The revised recommendations form part of the FSB’s work programme on non-bank financial intermediation and should be read in conjunction with the International Organization of Securities Commissions’ guidance on anti-dilution liquidity management tools.