Long-Term Asset Fund (LTAF)
Click here to learn more about regulation and guidance in relation to the Long-Term Asset Fund (LTAF) including the recent updates to the NURS second scheme rules to facilitate LTAF investment. The model LTAF Instrument of Incorporation and model LTAF Co-Ownership Deed for ACS can be found here.
Liquidity Management
View a summary on the policy work being undertaken by regulators and governments on funds' liquidity management.
ESMA - Liquidity Management Tools for Funds - Guidelines & Technical Standards
ESMA are seeking input on draft guidelines and technical standards for liquidity management tools under the revised AIFMD and UCITS Directive.
FSB - Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds
The FSB published its Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds in December 2023. These recommendations supersede Section 2 of the FSB’s 2017 Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities.
IOSCO - Guidance for Open-Ended Fund use of Anti-Dilution Liquidity Management Tools
In December 2023 IOSCO published its Guidance on Anti-Dilution Liquidity Management Tools.
Press Release: “ISA changes welcome – but much more work to do”
AREF comments on Chancellor's Autumn Statement
Central Bank of Ireland - Macroprudential measures for property funds
In November 2022 the Central Bank of Ireland implemented macroprudential measures for property funds.
IOSCO - Liquidity Risk Management Recommendations
ISOCO have published the Final Report from their Thematic Review of their Liquidity Risk Management Recommendations. Click for more information.
FCA PS21/14: A new authorised fund regime for investing in long term assets (LTAF)
The FCA published this Policy Statement as a follow on from their consultation (CP21/12) on a new category of authorised open-ended fund called the long-term asset fund (LTAF).