On 13 January 2026, the European Securities and Markets Authority (ESMA) issued a Final Report containing updated guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation).
The MMF Regulation provides that ESMA shall develop guidelines with a view to establishing common reference parameters of the stress test
On 18 December 2025, the European Securities and Markets Authority (ESMA) issued a report which makes certain targeted amendments to its guidelines on liquidity management tools (LMTs) of UCITS and open-ended alternative investment funds.
The amendments focus on redemption gates and transition costs for anti-dilution LMTs and are intended to align
On 26 June 2025, the European Securities and Markets Authority issued a Final Report on the UCITS Eligible Assets Directive (EAD).
We have published a new briefing note on the report, which covers the key issues and proposals, as well as the next steps for the UCITS EAD.
In the latest episode of our podcast series, Let’s talk asset management, Frank Herring and Simon Lovegrove discuss the proposals contained in the European Securities and Markets Authority’s Final Report on the UCITS Eligible Assets Directive.
Listen to the episode here.
On 11 July 2025, the European Securities and Markets Authority (ESMA) published a Final Report on revised guidelines on outsourcing to cloud service providers (CSPs).
Background
On 18 December 2020, ESMA published a Final Report on guidelines on outsourcing to CSPs. The guidelines are intended to help in-scope firms identify, address
On 26 June 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice to the European Commission (Commission) on the review of the UCITS Eligible Assets Directive (UCITS EAD).
Background
Following a mandate from the Commission to provide technical advice on the review of
In the latest edition of our podcast series, Let’s talk asset management, Claire Guilbert, Hannah Meakin, Lucy Dodson and Simon Lovegrove discuss the similarities and differences between Luxembourg’s Reserved Alternative Investment Fund (RAIF) and the UK’s Reserved Investor Fund (RIF)
Listen to the episode here.
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 15 April 2025, the European Securities and Markets Authority (ESMA) published draft regulatory technical standards (RTS) and a final report on its guidelines on liquidity management tools (LMTs).
Background
The revised Alternative Investment Fund Managers (AIFMs) Directive (AIFMD) and Undertakings for Collective Investment in
On 7 January 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). The guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios