On 30 March 2022, the European Securities and Markets Authority (ESMA) announced that following a supervisory engagement with investment funds and Member State national competent authorities (NCAs) it had found some room for improvement in funds’ liquidity stress testing. This year the ESMA will facilitate further discussion among NCAs on the application of its liquidity stress testing guidelines in UCITS and alternative investment funds (AIFs) and is conducting a common supervisory action on the valuation of less liquid assets in UCITS and open-ended AIFs.

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