Events listed in Undertakings for Collective Investment in Transferable Securities Directive (UCITSD)
Réponse de l’AFG à la consultation FSB sur la gestion de la liquidité des fonds ...
ID 24848
The AFG has taken part at the consultation by the FSB, which proposed amending its 2017 recommendations on liquidity conditions offered by investment funds, particularly those investing in illiquid assets. The FSB suggests categorizing assets into three categories: liquid, less liquid, and illiquid, with a significant impact on the resulting liquidity that funds can offer to investors. Key changes involve a bucketing approach, anti-dilution ...
ALFI responds to the FSB Consultation addressing Structural Vulnerabilities from ...
ID 24833
ALFI responded to the FSB Consultation on Structural Vulnerabilities Arising from Liquidity Mismatch in OEFs. This consultation coincided with the IOSCO consultation report on Anti-dilution Liquidity Management Tools, aiming to provide guidance for the effective implementation of liquidity risk management recommendations for CIS (see ALFI’s corresponding response in eventid=22788). **ALFI appreciates the principle-based guidance that promotes convergence and good practi ...
ALFI responds to IOSCO consultation report on anti-dilution liquidity management ...
ID 24821
ALFI has responded to IOSCO’s consultation report on anti-dilution liquidity management tools. ALFI highlights that open-ended RE funds already have appropriate mechanisms in place to manage liquidity and mitigate dilution risks. These mechanisms include commitment mechanisms, redemptions paid with undrawn commitments and unencumbered cash, and the use of adjusted NAVs. The ALFI survey indicates that only 1% of Luxembourg real estate funds made use ...
Communication on the launch of a Standardised Model Articles of Incorporation for ...
ID 24507
The CSSF has introduced the Standardised Model Articles of Incorporation for UCITS, complementing the previously launched Standardised Model Prospectus on 17 November 2022 (see eventid=18307). The new model template is specifically designed to support applicants seeking approval for a new UCITS set up in corporate form (SICAV). The *main objective behind the development of the Model Articles of Incorporation* is to simplify the drafting ...
CSSF feedback report on ESMA Common Supervisory Action on valuation
ID 24269
ESMA initiated a CSA in January 2022, in collaboration with NCAs, to evaluate the valuation of UCITS and open-ended AIFs. Concurrently, the CSSF conducted a related supervisory exercise focused on the valuation practices of IFMs during the Russia-Ukraine crisis, which resulted in illiquid/non-tradeable assets due to the crisis and EU-imposed restrictive measures. ESMA’s CSA on Valuation aimed to assess various aspects, including valuation policies ...
Discussion Paper 11 – An approach to macroprudential policy for investment ...
ID 24259
The CBI has issued a Discussion Paper titled „An approach to macroprudential policy for investment funds“ and is inviting feedback on various aspects related to this policy framework. These are the key points covered in the Discussion Paper: Objectives and Rationale: The Discussion Paper aims to stimulate discussions on the development and operationalization of a macroprudential framework for the investment funds sector. While macroprudential ...
ESMA publishes 2022 UCITS and AIFMD sanction reports
ID 24257
ESMA has published its 2022 reports on the use of sanctions by NCAs under UCITSD and AIFMD. Some highlights from the reports: – UCITS sanctions: In 2022, 9 NCAs imposed a total of 38 penalties with over €97 million, compared to 61 penalties issued by 12 NCAs in 2021. AMF accounted for 98% of the total amount of penalties, and 16 NCAs did not ...
Asset Management
report / study
Open-ended funds and resilient capital markets – the perspective of the ...
ID 24056
EFAMA has published a report on the contribution of the European investment fund sector to the diversity and resilience of capital markets. The report challenges the notion that investment funds contribute to systemic risks and highlights their positive role in financing the real economy. Key findings from the report include: – While the investment fund sector as a whole is not considered systemically important, ...
Formal request to ESMA for technical advice on the review of Commission Directive ...
ID 23745
ESMA has received a formal request from the EC to review the Commission Directive 2007/16/EC on UCITS eligible assets. The objective is to assess the implementation of the Eligible Assets Directive across EU member states, identify any discrepancies, and provide recommendations for revising the directive to align it with market developments. The UCITS Directive is a **crucial framework for managing and marketing mutual funds ...
CSSF Thematic Review: Validation of Value-at-Risk models used by UCITS for global ...
ID 23685
The CSSF conducted a thematic review on the validation of VaR models used by UCITS for global exposure calculation. The review was based on a representative sample of 20 Luxembourg IFMs managing Luxembourg UCITS that use VaR for global exposure calculation. The CSSF observed different approaches to perform the validation of the VaR model depending on the structural set-up of the IFMs. The validation ...