EU Financial Regulatory Q&A Database

NEW LIQUIDITY MANAGEMENT TOOLS REQUIREMENTS FOR UCITS AND OPEN ENDED AIFS COMING INTO EFFECT ON 16 APRIL 2026: DOES THE SCOPE OF LMTs EXTEND TO NON-EU OPEN ENDED AIFs?

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. Directive [EU] 2024/927 amending UCITS Directive and AIFM Directive with regard to the new liquidity management tools (LMTs) requirements for UCITS and open-ended AIFs coming into effect on 16 April 2026

3461

(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. 184

Definitions (Art. 2 IDD)

(EU) No 2016/97 - Insurance Distribution Directive · Art. 2

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 2(3)(e)

Obligation to apply the ICT risk managment (Art. 5-15) and/or the simplified ICT risk management framework for entities that hold two or more licences.

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Art. 5-15, Art. 16 DORA; Art. 12 (1) IFR + Art. 12 ECSPR

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. Article 2(1)(a)(n)(o)

Key Functions

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3

Setting limit (daily and/or per transaction) for the execution of payment transaction by PSP

Directive 2015/2366/EU (PSD2) · Art. 68

Notifications without a designated contact

ESGR - Regulation (EU) 2024/3005

Obligation to consider issuer feedback

ESGR - Regulation (EU) 2024/3005

Application of two working day notification period

ESGR - Regulation (EU) 2024/3005

Position reporting

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Position reporting

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Scope of the term “trading platform for crypto-assets” in Article 78(5) of MiCA (executing client orders outside of a trading platform)

MiCA · Art. Article 78(5)

Definition of ‘demand deposits’ for FINREP reporting

Regulation (EU) No 575/2013 (CRR) · Art. 430

Appropriate reporting of unconditionally cancellable commitments (UCCs) subject to transitional arrangements of Article 495d in CR SA (COREP C_07.00)

Regulation (EU) No 575/2013 (CRR) · Art. 495d

C 25.01 - CREDIT VALUATION ADJUSTMENT RISK (CVA) – Col 0090 - Instruction Clarification

Regulation (EU) No 575/2013 (CRR) · Art. 430

In assessing whether the use of a particular benchmark or proxy is appropriate, potential assets in which the PRIIP invests, consistent with the investment policy, must be taken into account (point 16

PRIIPs

Point 11 of Annex II, Methodology for the presentation of risk, defines the return over each period as the natural logarithm of the ratio of the price at the market close at the end of the current per

PRIIPs

The main difference between Category 2 and Category 3 is, in accordance with Annex II Part 1 Point 5, whether the condition of "constant multiple" is fulfilled. In the event where a UCITs product has:

PRIIPs

According to point 16 (a) of Annex IV, the assessment of the appropriateness of a benchmark or proxy depends, inter alia, on the risk-return profile where the benchmark or proxy and the PRIIP fall int

PRIIPs

In the case of actively managed funds (meaning there is not a benchmark that can reflect the performance) that have been valued on a weekly basis for more than 10 years (i.e. that currently have only

PRIIPs

Listing Act implementation for secondary issuances of existing shares

Prospectus Regulation 2017/1129 · Art. Article 1, paragraph 4, points (da) and (db)

Reporting Templates

(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision · Art. N/A

Packaged retail and insurance-based investment products (PRIIPs)

(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. Annex II

Key information document (KID), Packaged retail and insurance-based investment products (PRIIPs)

(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. point 16 of Annex IV of the Delegated Regulation

Key information document (KID), Packaged retail and insurance-based investment products (PRIIPs)

(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. Point 16 of Annex IV of the Delegated Regulation

Reporting Templates

(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35 of SII Directive

Packaged retail and insurance-based investment products (PRIIPs)

(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. N/A

Packaged retail and insurance-based investment products (PRIIPs)

(EU) 2017/653 - PRIIPs Delegated Regulation for key information document

Minimum Capital Requirement (MCR), Reporting Templates

(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision

Reporting Templates

(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision

Application of the SME definition in specific cases

Regulation (EU) No 575/2013 (CRR) · Art. 5

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3

ICT third-party risk management (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3

Reporting Templates

(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3

Advice (Art. 34 PEPP)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. n/a

DORA 243 - 3352

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A

Digital operational resilience testing (DORA), ICT risk management (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 25 & Art. 16 TS - ICT systems acquisition, development, and maintenance

DORA 235 - 3338

(EU) 2022/2554 - Digital Operational Resilience Act (DORA)

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 2

ICT third-party risk management (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 28(6) 30(3)(e)(i)

ICT risk management (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A

Digital operational resilience testing (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 27 and 28

1182

(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35, 163

Register of Information (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A

ICT third-party risk management (DORA)

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 30

Other DORA topics

(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. Article 13