Consultation on draft guidelines on liquidity stress test for investment funds

Consultation on draft guidelines on liquidity stress test for investment funds

from 05 February 2019 to 01 April 2019


Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in section 5. Comments are most helpful if they:

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 1 April 2019.

All contributions should be submitted online at under the heading ‘Your input - Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading Legal Notice.

Who should read this paper

The main stakeholders to whom these guidelines would apply are managers of UCITS and EU AIFMs as well as EU depositaries overseeing UCITS and EU AIFs. The paper will also be of interest to trade associations, investors and consumer groups relating to UCITS and EU AIFs.


Documents available for this Consultation
05/02/2019ESMA34-39-784Consultation paper on guidelines on liquidity stress testing in UCITS and AIFs
05/02/2019ESMA34-39-795Response from to consultation on liquidity stress tests


Activity Institution Download
Asset Management Legal & General Investment Management Limited
Asset Management ESMA
Asset Management ESMA
Asset Management AFTI
Asset Management ESMA
Asset Management Association of the Luxembourg Fund Industry (ALFI)
Asset Management ESMA
Asset Management BVI
Asset Management AIMA
Asset Management ASSOGESTIONI
Asset Management ICMA’s Asset Management and Investors Council (AMIC)
Asset Management AFG
Asset Management Vanguard Asset Management Ltd.
Asset Management Amundi AM
Asset Management Invesco
Asset Management ASPIM
Asset Management The Securities Industry and Financial Markets Association - Asset Management Group
Asset Management Vereinigung österr. Investmentgesellschaften
Asset Management BlackRock
Banking Deutsche Bank
Banking German Banking Industry Committee
Insurance and Pension German Insurance Association (GDV)
Investment Services Depositary and Trustee Association (DATA)
Investment Services State Street
Issuers The Association of Investment Companies
Others ESMA
Others ESMA
Others INREV - European Association for Investors in Non-Listed Real Estate Vehicles