Consultation on Liquidity Management Tools for funds

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​Responding to this paper

​ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they: 

  1. ​respond to the question stated; 
  2. ​indicate the specific question to which the comment relates; 
  3. contain a clear rationale; and 
  4. describe any alternatives ESMA should consider. 

​ESMA will consider all comments received by 8 October 2024.  

​All contributions should be submitted online using the provided Reply form in the .docx format (pdf documents will not be considered except for annexes).

​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 under the heading Legal Notice and Data protection

​Who should read this paper? 

​This document will be of interest to alternative investment fund managers, AIFs, management companies, UCITS, and their trade associations, depositories and their trade associations, as well as professional and retail investors investing into UCITS and AIFs and their associations.

Activity Institution Download
Others Austrian Federal Economic Chamber, Division Bank an Insurance
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Others France Post-Marché
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Others INREV
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Investor Relations Association francaise des investisseurs institutionnels (Af2i)
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Asset Management Association of Austrian investment funds management companies (VÖIG)
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Asset Management France Invest
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Asset Management The Association of Real Estate Funds (AREF)
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Banking GBIC - German Banking Industry Committee
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Investment Services German Investment Funds Association BVI
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Others The International Capital Market Association (ICMA)
  • 207293
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Others Association of Foreign Banks in Germany (Verband der Auslandsbanken in Deutschland e.V.)
  • 207297
Asset Management ALFI – Association of the Luxembourg Fund Industry
  • 207300
  • 207301
Asset Management Amundi Asset Management
  • 207302
  • 207304
Asset Management Investment Company Institute and ICI Global
  • 207307
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Others BETTER FINANCE
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Asset Management Invest Europe
  • 207312
  • 207313
  • 207314
Others IRISH FUNDS INDUSTRY ASSOCIATION
  • 207315
  • 207316
Asset Management European Fund and Asset Management Association (EFAMA)
  • 207317
  • 207318
Others Swedish Investment Fund Association
  • 207319
  • 207320
Asset Management The Investment Association
  • 207321
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Asset Management The UK Depositary Association
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Others AIMA & BAI
  • 207324
  • 207325
Others ASPIM (Association française des Sociétés de Placement Immobilier)
  • 207326
  • 207327
Asset Management AFG - ASSOCIATION FRANCAISE DE LA GESTION FINANCIERE
  • 207328
Asset Management AFG - ASSOCIATION FRANCAISE DE LA GESTION FINANCIERE
  • 207329
Asset Management BLACKROCK
  • 207330
  • 207331
Asset Management FundPartner AM
  • 207334
  • 207335
Asset Management Schroders Investment Management (Europe) SA
  • 207336
Asset Management Schroders Investment Management (Europe) SA
  • 207339
Asset Management ASSOGESTOINI
  • 207340
  • 207341
  • 207342
Investment Services State Street Corporation
  • 207344
  • 207345