ESMA publishes implementing rules on loan-originating AIFs
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is publishing today the draft Regulatory Technical Standards (RTS) on open-ended loan-originating AIFs (‘OE LO AIFs’).
The draft rules determine the requirements with which LO AIFs must comply to maintain an open-ended structure. Those requirements include a sound liquidity management system, the availability of liquid assets and stress testing, as well as an appropriate redemption policy having regard to the liquidity profile of OE LO AIFs. The RTS also set out a list of factors AIFMs shall consider to determine the redemption policy and assess the liquidity of OE LO AIFs.
Next steps
The draft RTS were mandated under the AIFMD and have been submitted to the European Commission (EC) for adoption. ESMA draws stakeholders’ attention to the inclusion of these RTS on the list of the non-essential Level 2 acts that the European Commission will not adopt before 1 October 2027 at the earliest [letter] [annex]
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.eu