15 February 2018

ESRB（欧州システミックリスク理事会）、投資ファンドの流動性ミスマッチとレバレッジへの対応策について欧州委員会及びESMA（欧州証券市場機構）に提言

The Recommendation focuses on five areas where the ESRB sees a need to provide supervisory authorities with guidance on applying macroprudential elements of the current regulatory framework and/or for legislative changes to be made:

• Liquidity management tools for redemption: A common legal framework governing the inclusion of additional liquidity management tools in the design of investment funds originating anywhere in the European Union;
• Additional provisions to reduce the likelihood of excessive liquidity mismatches: Measures to limit the extent to which the use of liquidity transformation in open-ended AIFs could contribute to the build-up of systemic risks or the risk of disorderly markets;
• Stress testing: ESMA to develop guidance for managers on the stress testing of liquidity risk for individual AIFs and UCITS;
• UCITS reporting: Establishing a harmonised UCITS reporting framework across the EU to make it easier for authorities to monitor such funds and assess any risks to financial stability; and
• Guidance on Article 25 AIFMD: ESMA to develop guidance to help supervisory authorities both assess leverage risks in the AIF sector and design, calibrate and implement macroprudential leverage limits

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