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 Tools and Measures, Day to Day Liquidity Management Practices, Stress Testing, Governance and Disclosures to Investors and Authorities. At the same time IOSCO also published a final report on Guidance for Open-ended Funds for the Effective Implementation of the Recommendations for Liquidity Risk Management.

Both final reports follow an earlier consultation that was conducted in November 2024.

Next steps

IOSCO will review the progress made by member jurisdictions in implementing the revised recommendations and guidance. The review process will begin with a stocktake, to be completed by the end of 2026, of the measures and practices adopted and planned by member jurisdictions.