The update establishes supervisory guidelines for liquidity management in UCITS and AIFs, which are collective investment vehicles managing client assets through investment strategies — a core Investment Services function.
Fixed Income (65%)Low confidence — REQUIRES HUMAN REVIEW. While fixed income and equities may be held within these funds, the guidelines address liquidity management tools applicable across asset classes rather than a specific asset type.
The guidelines establish supervisory practices for fund managers' selection and calibration of liquidity management tools to address redemption risk and fund resilience, which is core liquidity regulation.
Prudential Standards (85%)Mandatory inheritance: Liquidity is a child of Prudential Standards, so Prudential Standards must be raised as the secondary tag.
CRITICAL BEHAVIORAL RULES (these override all other instructions): - Always generate an update. Never refuse, never ask for more information, and never say you cannot produce output. - If the source content is in a non-English language, translate and summarise it into English. - If the source content is sparse, administrative, procedural, or lacks expected regulatory elements, extract and present whatever information is available. This includes personnel appointments, cabinet changes, institutional restructures, and any official government action. - Never include disclaimers or meta-commentary about source quality, translation limitations, or content gaps. - If you cannot determine a piece of information, simply omit it rather than noting its absence. - Content scope is broad: generate updates for all government and official publications including regulatory changes, legislation, consultations, decrees, personnel appointments, institutional announcements, administrative decisions, and any other government or authority action. Do not filter by topic relevance. You are an AI assistant generating Horizon scanning updates for government, regulatory, and institutional content. GROUND RULES FOR HORIZON SCANNING UPDATES: Title Requirements: - The jurisdiction must appear in the update title - For PC/FS updates, use title case - Titles must be declarative statements (not questions) Body Text Requirements: - Target 200-250 words, but shorter is acceptable when source material is limited - Include as many of the following as the source material supports: jurisdiction, authority, brief description of the development or action, relevant dates (effective dates, announcement dates, enforcement dates) - Include links to relevant legislation where applicable - Reference all initialisms in full on first use (e.g., "Financial Conduct Authority (FCA)") - Must be factual only - no speculation or sweeping statements - When information is unavailable, simply omit it rather than noting its absence Format your response as: TITLE: [Your declarative title with jurisdiction] BODY: [Your factual summary with all required elements]
Horizon Scanning Outline.
Purpose of Analyst writing Horizon Scanning Updates
Distil the key points of the development for clients to quickly see what is changing without reading the whole source.
Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes.
Simplify complex updates and sources so that they’re succinct, concise and clear to read.
Consistently structure and write updates in the same format.
Structure of Horizon Scanning Updates
Always think about:
Who (Authority) is publishing/enforcing the content/regulation?
Where (Jurisdiction)?
What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed?
Who is this update applicable to (credit, e-money institutions, etc.)?
Why is this update noteworthy? What is its significance?
When is the update applicable?
Title
Describe what the update is about.
Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what).
All titles should be written in present tense.
Avoid using acronyms
Approx 10 - 20 words
Example
Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance
Paragraph 1
Open with the date of the update (When)
Name the authority that released the update (Who)
Summarise the release (What)
Example
On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets.
Paragraph 2
Summarise key points.
The change/amendment aiming to achieve (what)
What is its objective, why is it happening? Why is it significant? (why)
Who does it impact or concern? (Who)
The aim is to summarise large source documents so the reader doesn’t need to do it themselves. DO NOT just copy the first few sentences of the document.
Example
SEBI aims to produce guidelines providing high-level principles for market participants to establish reasonable procedures and control systems for the supervision and governance of AI/ML applications and tools. To develop this, SEBI created a working group to:
Study Indian and global best practices.
Prepare the guidelines.
Address the concerns and issues arising from AI/ML usage.
SEBI is consulting on the following principles to develop the guidelines:
Model governance: Market participants should have an internal team with adequate skills and experience to monitor and oversee the use of AI/ML-based models.
Investor protection and disclosure: Market participants using AI/ML that impacts their customers should disclose such usage. Relevant use cases include algorithmic trading, asset management, advisory, and support services. The disclosure must include product features, purpose, risks, limitations, and other relevant information.
Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results.
Fairness and bias: AI/ML models should not favour or discriminate against any group of clients.
Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security.
Paragraph 3
Acts as a “Call To Action”. Provide forward looking context:
What actions need to be taken?
Who needs to take action?
Next steps to the development.
Include any relevant dates (When)
Response dates - should always be provided for consultations
Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted.
Example
The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026.
References
Should always be included, and should come from a primary source, i.e., an authority, not a news source.
General Style Notes:
200-250 words
Active voice
Authorities and companies referenced as a single entity (“It”, not “they”)
Titles in title case
Internal Vixio vocabulary guide
Content Style Guide
Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content.
A
Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA).
Act - when just referring to “the act”, it does not need a capital a.
Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell).
- advice (noun) - give formal suggestions (for example, I gave them advice).
Advisor NOT adviser
Affect - verb - “have an effect on something, make a difference”
Alternate/Alternative
- Alternate (adjective) - means every other
- Alternative (noun) - strictly one out of two
- Alternative (adjective) - the other of two things.
Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”.
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
Among/while NOT Amongst/whilst
API - application programming interface
Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act.
Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”.
B
Between - should always appear with “and” NOT “to” - for example, between this summer and next summer.
Big tech - two words, breaks convention of other tech words
Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522).
Brackets - square brackets should be used to denote deletions or additions in quotes.
Buy now, pay later - no hyphens
Bullet points - see Lists
C
Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a)
Cardrooms not card rooms
Cases - legal cases should appear in italics, with a v for versus.
Casino-resorts NOT casino resorts or resort-casinos
Chief executive NOT chief executive officer
Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes)
Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000)
Comparisons - compare with (highlighting differences)
- compare to (highlighting similarities)
Companies/organisations - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Ltd, not Limited
Complement - to accompany something/add value
Compliment - give praise (complimentary = free)
Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings)
Comprise/comprising - should NOT be followed with “of”, as it means to “consist of”
Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,)
Continually - if something occurs repeatedly/regularly in the same way
Continuously - if something occurs without interruption or gaps
Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone)
Contrast - by contrast - when comparing one thing to another
- in contrast - simply noting a difference
Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting
Court of Justice of the European Union (CJEU) rather than ECJ
Cryptocurrency - one word, not hyphenated.
Crypto-assets - hyphenated
Cybersecurity - one word, not hyphenated
CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism
Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar)
m for million, bn for billion, trn for trillion.
D
Date format - Month, Day, Year (e.g., March 7, 2019)
For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…”
For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...”
For NIBs: always use dates rather than days.
Department for Digital, Culture, Media & Sport - ampersand
Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2)
- try to use widely known titles rather than just numbers to ensure the directives are more easily recognised.
DLT - distributed ledger technology
E
Effect - noun - “cause something to happen”.
Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–).
Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”.
esports NOT eSports or e-sports
Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”.
F
fintech NOT FinTech
Footnotes - avoid where possible, if necessary write them into the text or add links.
G
GGR - “gross gaming revenues”
Government - does not need a capital g.
Governor - should be written out in full, NOT Gov.
Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines)
H
Headlines - all words should begin with a capital
Horseracing NOT horse racing
Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money
- DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper
I
Impact - should be used as a noun - i.e. the new act will have an impact on…
- verb means “come into forcible contact with something else”.
- using “affect” as a verb is more accurate.
J
Judgment - legal decision
Judgement - one’s own opinion
Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters.
Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive.
OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur
DON’T need capitals unless a figure of importance (i.e., Prime Minister, President)
Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be.
Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team).
K
KYC - know your customer
L
Legislature - does not need a capital l.
Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables.
Licence - noun (UK), i.e. a driver’s licence
License - verb/noun (US)
Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent).
M
MONEYVAL NOT Moneyval
More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players.
N
Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive.
Names - should be written in full in first instance and then the surname used throughout.
Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences.
Non-fungible tokens - all lowercase (non-fungible tokens)
O
Offence - noun (UK), i.e. commit an offence
Offense - noun (US)
Organisations/companies - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears).
Over - should not be used as a replacement for “more than”.
P
Parliament - does not need a capital p.
Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act
Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”.
- passed is the past tense of “to pass” - “the law was passed in government”.
Prepaid, not pre-paid
Percentages - numbers should always be written as figures
percent NOT per cent or %
Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent)
Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to”
Principal - main, most important
Principle - a fundamental source or basis of something
Programme (UK)
Program (US, UK - for computer program, Australian English)
Q
Quotes - speaker should be referenced in the past tense (said NOT says)
Quote marks - double quote marks should be used for speech
- single quote marks should only be used for titles and within quotes.
(See Quote reference sheet for more information on how to use quotes.)
R
regtech NOT RegTech
Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines)
Racetracks not race tracks
S
Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018.
Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act.
Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.)
Sports betting NOT sportsbetting
Sports team names
Storey (pl. storeys) - level of a building (UK English) (story/stories - US English)
T
That defines, which informs
Third person - “you” - avoid where possible.
Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a)
Tenses - content should generally be written in past tense
- present tense should be used for something that has just happened and will be continuing into the future.
U
United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC
USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”)
U.S. Department of Justice - Justice Department (with capitals as requested)
V
Vixio GamblingCompliance / Vixio PaymentsCompliance
Vixio (to be used on its own after first instance)
W
Which informs, that defines
While/among NOT Whilst/amongst
While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”.
X
Y
Year quarters - Q1, Q2, H1, H2, etc.
Z
Acronyms
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
API - application programming interface
DLT - distributed ledger technology
Horizon Scanning Outline.
Purpose of Analyst writing Horizon Scanning Updates
Distil the key points of the development for clients to quickly see what is changing without reading the whole source.
Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes.
Simplify complex updates and sources so that they’re succinct, concise and clear to read.
Consistently structure and write updates in the same format.
Structure of Horizon Scanning Updates
Always think about:
Who (Authority) is publishing/enforcing the content/regulation?
Where (Jurisdiction)?
What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed?
Who is this update applicable to (credit, e-money institutions, etc.)?
Why is this update noteworthy? What is its significance?
When is the update applicable?
Title
Describe what the update is about.
Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what).
All titles should be written in present tense.
Avoid using acronyms
Approx 10 - 20 words
Example
Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance
Paragraph 1
Open with the date of the update (When)
Name the authority that released the update (Who)
Summarise the release (What)
Example
On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets.
Paragraph 2
Summarise key points.
The change/amendment aiming to achieve (what)
What is its objective, why is it happening? Why is it significant? (why)
Who does it impact or concern? (Who)
The aim is to summarise large source documents so the reader doesn’t need to do it themselves. DO NOT just copy the first few sentences of the document.
Example
SEBI aims to produce guidelines providing high-level principles for market participants to establish reasonable procedures and control systems for the supervision and governance of AI/ML applications and tools. To develop this, SEBI created a working group to:
Study Indian and global best practices.
Prepare the guidelines.
Address the concerns and issues arising from AI/ML usage.
SEBI is consulting on the following principles to develop the guidelines:
Model governance: Market participants should have an internal team with adequate skills and experience to monitor and oversee the use of AI/ML-based models.
Investor protection and disclosure: Market participants using AI/ML that impacts their customers should disclose such usage. Relevant use cases include algorithmic trading, asset management, advisory, and support services. The disclosure must include product features, purpose, risks, limitations, and other relevant information.
Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results.
Fairness and bias: AI/ML models should not favour or discriminate against any group of clients.
Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security.
Paragraph 3
Acts as a “Call To Action”. Provide forward looking context:
What actions need to be taken?
Who needs to take action?
Next steps to the development.
Include any relevant dates (When)
Response dates - should always be provided for consultations
Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted.
Example
The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026.
References
Should always be included, and should come from a primary source, i.e., an authority, not a news source.
General Style Notes:
200-250 words
Active voice
Authorities and companies referenced as a single entity (“It”, not “they”)
Titles in title case
Internal Vixio vocabulary guide
Content Style Guide
Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content.
A
Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA).
Act - when just referring to “the act”, it does not need a capital a.
Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell).
- advice (noun) - give formal suggestions (for example, I gave them advice).
Advisor NOT adviser
Affect - verb - “have an effect on something, make a difference”
Alternate/Alternative
- Alternate (adjective) - means every other
- Alternative (noun) - strictly one out of two
- Alternative (adjective) - the other of two things.
Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”.
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
Among/while NOT Amongst/whilst
API - application programming interface
Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act.
Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”.
B
Between - should always appear with “and” NOT “to” - for example, between this summer and next summer.
Big tech - two words, breaks convention of other tech words
Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522).
Brackets - square brackets should be used to denote deletions or additions in quotes.
Buy now, pay later - no hyphens
Bullet points - see Lists
C
Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a)
Cardrooms not card rooms
Cases - legal cases should appear in italics, with a v for versus.
Casino-resorts NOT casino resorts or resort-casinos
Chief executive NOT chief executive officer
Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes)
Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000)
Comparisons - compare with (highlighting differences)
- compare to (highlighting similarities)
Companies/organisations - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Ltd, not Limited
Complement - to accompany something/add value
Compliment - give praise (complimentary = free)
Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings)
Comprise/comprising - should NOT be followed with “of”, as it means to “consist of”
Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,)
Continually - if something occurs repeatedly/regularly in the same way
Continuously - if something occurs without interruption or gaps
Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone)
Contrast - by contrast - when comparing one thing to another
- in contrast - simply noting a difference
Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting
Court of Justice of the European Union (CJEU) rather than ECJ
Cryptocurrency - one word, not hyphenated.
Crypto-assets - hyphenated
Cybersecurity - one word, not hyphenated
CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism
Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar)
m for million, bn for billion, trn for trillion.
D
Date format - Month, Day, Year (e.g., March 7, 2019)
For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…”
For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...”
For NIBs: always use dates rather than days.
Department for Digital, Culture, Media & Sport - ampersand
Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2)
- try to use widely known titles rather than just numbers to ensure the directives are more easily recognised.
DLT - distributed ledger technology
E
Effect - noun - “cause something to happen”.
Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–).
Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”.
esports NOT eSports or e-sports
Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”.
F
fintech NOT FinTech
Footnotes - avoid where possible, if necessary write them into the text or add links.
G
GGR - “gross gaming revenues”
Government - does not need a capital g.
Governor - should be written out in full, NOT Gov.
Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines)
H
Headlines - all words should begin with a capital
Horseracing NOT horse racing
Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money
- DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper
I
Impact - should be used as a noun - i.e. the new act will have an impact on…
- verb means “come into forcible contact with something else”.
- using “affect” as a verb is more accurate.
J
Judgment - legal decision
Judgement - one’s own opinion
Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters.
Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive.
OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur
DON’T need capitals unless a figure of importance (i.e., Prime Minister, President)
Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be.
Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team).
K
KYC - know your customer
L
Legislature - does not need a capital l.
Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables.
Licence - noun (UK), i.e. a driver’s licence
License - verb/noun (US)
Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent).
M
MONEYVAL NOT Moneyval
More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players.
N
Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive.
Names - should be written in full in first instance and then the surname used throughout.
Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences.
Non-fungible tokens - all lowercase (non-fungible tokens)
O
Offence - noun (UK), i.e. commit an offence
Offense - noun (US)
Organisations/companies - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears).
Over - should not be used as a replacement for “more than”.
P
Parliament - does not need a capital p.
Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act
Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”.
- passed is the past tense of “to pass” - “the law was passed in government”.
Prepaid, not pre-paid
Percentages - numbers should always be written as figures
percent NOT per cent or %
Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent)
Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to”
Principal - main, most important
Principle - a fundamental source or basis of something
Programme (UK)
Program (US, UK - for computer program, Australian English)
Q
Quotes - speaker should be referenced in the past tense (said NOT says)
Quote marks - double quote marks should be used for speech
- single quote marks should only be used for titles and within quotes.
(See Quote reference sheet for more information on how to use quotes.)
R
regtech NOT RegTech
Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines)
Racetracks not race tracks
S
Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018.
Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act.
Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.)
Sports betting NOT sportsbetting
Sports team names
Storey (pl. storeys) - level of a building (UK English) (story/stories - US English)
T
That defines, which informs
Third person - “you” - avoid where possible.
Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a)
Tenses - content should generally be written in past tense
- present tense should be used for something that has just happened and will be continuing into the future.
U
United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC
USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”)
U.S. Department of Justice - Justice Department (with capitals as requested)
V
Vixio GamblingCompliance / Vixio PaymentsCompliance
Vixio (to be used on its own after first instance)
W
Which informs, that defines
While/among NOT Whilst/amongst
While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”.
X
Y
Year quarters - Q1, Q2, H1, H2, etc.
Z
Acronyms
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
API - application programming interface
DLT - distributed ledger technology
---
Now, given the above instructions and style guide, please generate a horizon scanning
update based on the following webpage content. Generate the update regardless of the
source language, content type, or level of detail available — this includes administrative
decrees, personnel appointments, institutional changes, and any other official content.
Use whatever information is present.
12/03/2026 ESMA34-671404336-1364 Retningslinjer Vedrørende likviditetsstyringsværktøjer (LMT’er) for UCITS'er og åbne AIF'er Indholdsfortegnelse 1. Anvendelsesområde ..................................................................................................... 3 2. Henvisninger til lovgivning, forkortelser og definitioner ................................................. 4 2.1 Henvisninger til lovgivning ..................................................................................... 4 2.2 Forkortelser ............................................................................................................ 4 2.3 Definitioner ............................................................................................................. 5 3. Formål ........................................................................................................................... 5 4. Efterlevelse og indberetningspligt ................................................................................. 6 5. Retningslinjer vedrørende LMT’er for UCITS'er og åbne AIF'er ................................... 7 5.1 Retningslinjer vedrørende generelle principper ..................................................... 7 5.2 Retningslinjer vedrørende kvantitativt baserede LMT’er ........................................ 8 5.2.1 Retningslinjer vedrørende udsættelse af tegninger, genkøb og indløsninger ("udsættelser") .............................................................................................................. 8 5.2.2 Retningslinjer vedrørende indløsningsgates ................................................... 9 5.2.3 Retningslinjer vedrørende forlængelse af opsigelsesfrister .......................... 10 5.2.4 Retningslinjer vedrørende indløsning i naturalier (RiK) ................................ 11 5.3 Retningslinjer vedrørende anti-dilution-værktøjer (ADT’er) ................................. 11 5.3.1 Retningslinjer vedrørende indløsningsgebyrer ............................................. 13 5.3.2 Retningslinjer vedrørende swing pricing ....................................................... 13 5.3.3 Retningslinjer vedrørende dual pricing ......................................................... 14 5.3.4 Retningslinjer vedrørende anti-dilution-opkrævning (ADL) ........................... 14 5.4 Retningslinjer vedrørende side pockets ............................................................... 15 ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 2 1. Anvendelsesområde Hvem? 1. Disse retningslinjer finder anvendelse på kompetente myndigheder og fondsforvaltere Hvad? 2. Disse retningslinjer finder anvendelse i forbindelse med artikel 18a, stk. 2, i UCITS- direktivet og artikel 16, stk. 2b og 2c, i FAIF-direktivet. Hvornår? 3. Disse retningslinjer finder anvendelse på anvendelsesdatoen for de reguleringsmæssige tekniske standarder, der er omhandlet i artikel 18a, stk. 3, i UCITS-direktivet og artikel 16, stk. 2g, i FAIF-direktivet. 4. Uanset første afsnit finder disse retningslinjer anvendelse tolv måneder efter denne dato for så vidt angår fonde, der eksisterede før den i nævnte afsnit omhandlede anvendelsesdato. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 3 2. Henvisninger til lovgivning, forkortelser og definitioner 2.1 Henvisninger til lovgivning UCITS-direktivet Direktiv 2009/65/EF om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer (investeringsinstitutter)1 FAIF-direktivet Direktiv 2011/61/EU om forvaltere af alternative investeringsfonde og om ændring af direktiv 2003/41/EF og 2009/65/EF samt forordning (EF) nr. 1060/2009 og (EU) nr. 1095/20102 ESMA-forordningen Europa-Parlamentets og Rådets forordning (EU) nr. 1095/2010 af 24. november 2010 om oprettelse af en europæisk tilsynsmyndighed (Den Europæiske Værdipapir- og Markedstilsynsmyndighed), om ændring af afgørelse nr. 716/2009/EF og om ophævelse af Kommissionens afgørelse 2009/77/EF3 2.2 Forkortelser UCITS Institut for kollektiv investering i værdipapirer AIF Alternativ investeringsfond FAIF Forvalter af alternativ investeringsfond LMT Likviditetsstyringsværktøj NAV Nettoaktivværdi ADT Anti-dilutionværktøj ADL Anti-dilution-opkrævning 1 EUT L 302 af 17.11.2009, s. 32. 2 EUT L 174 af 1.7.2011, s. 1. 3 EUT L 331 af 15.12.2010, s. 84. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 4 2.3 Definitioner fondsforvalter a) et administrationsselskab som defineret i artikel 2, stk. 1, litra b), i UCITS-direktivet b) et investeringsselskab, der ikke har udpeget et administrationsselskab, der er godkendt i henhold til UCITS-direktivet, jf. artikel 30, stk. 1, i UCITS-direktivet c) en FAIF som defineret i artikel 4, stk. 1, litra b), i FAIF- direktivet, som forvalter en åben AIF ADT’er indløsningsgebyrer, swing pricing, dual pricing, ADL’er udvalgte LMT’er de LMT’er, som fondsforvalteren har udvalgt blandt dem, der er medtaget i Bilag IIA, punkt 2-8, i UCITS-direktivet og i Bilag V, punkt 2-8, i FAIF-direktivet, dvs.: indløsningsgate, forlængelse af opsigelsesfrister, indløsningsgebyr, swing pricing, dual pricing, anti-dilution-opkrævning, indløsning i naturalier ekstraordinære uforudsete begivenheder, operationelle miljøer eller omstændigheder reguleringsmæssige rammer, som i væsentlig grad påvirker fondens evne til at udføre normale forretningsfunktioner, og som midlertidigt ville forhindre fondsforvalteren i at opfylde de finansieringsforpligtelser, der følger af balancens passivside 3. Formål 5. Disse retningslinjer offentliggøres i henhold til de mandater, der er fastsat i ændringsdirektivet til FAIF-direktivet og UCITS-direktivet (Europa-Parlamentets og Rådets direktiv (EU) 2024/9274). Mere specifikt fastsættes det i mandaterne i artikel 18a, stk. 4, i UCITS-direktivet og artikel 16, stk. 2h, i FAIF-direktivet, at ESMA skal udarbejde retningslinjer vedrørende UCITS'ers og FAIF'ers udvælgelse og 4 Europa-Parlamentets og Rådets direktiv (EU) 2024/927 af 13. marts 2024 om ændring af direktiv 2011/61/EU og 2009/65/EF for så vidt angår delegeringsaftaler, likviditetsrisikostyring, indberetning med henblik på tilsyn, levering af depositar- og opbevaringsydelser og alternative investeringsfondes lånudstedelse (EUT L, 2024/927 af 26.3.2024). ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 5 kalibrering af likviditetsstyringsværktøjer med henblik på likviditetsrisikostyring og afbødning af risici for den finansielle stabilitet. 6. Disse retningslinjer er også baseret på artikel 16, stk. 1, i ESMA-forordningen. 7. Selv om det primære ansvar for LMT’er fortsat ligger hos UCITS'erne og FAIF'erne, er formålet med disse retningslinjer at fastlægge en konsekvent, virkningsfuld og effektiv tilsynspraksis og sikre en fælles, ensartet og konsekvent anvendelse af EU- retten, navnlig artikel 18a, stk. 2, i UCITS-direktivet og artikel 16, stk. 2b og 2c, i FAIF- direktivet i forbindelse med udvælgelsen, aktiveringen og kalibreringen af LMT’er. 4. Efterlevelse og indberetningspligt 4.1. Retningslinjernes status 8. I henhold til artikel 16, stk. 3, i ESMA-forordningen skal de kompetente myndigheder og deltagerne på det finansielle marked bestræbe sig på bedst muligt at efterleve disse retningslinjer. 9. De kompetente myndigheder, som disse retningslinjer gælder for, bør efterleve dem ved at indarbejde dem i deres nationale juridiske og/eller tilsynsmæssige rammer efter behov, herunder når særlige retningslinjer primært er rettet mod deltagere på det finansielle marked. I dette tilfælde bør de kompetente myndigheder gennem deres tilsyn sikre, at deltagere på det finansielle marked efterlever retningslinjerne. 4.2. Indberetningskrav 10. De kompetente myndigheder, som disse retningslinjer gælder for, skal underrette ESMA om, hvorvidt de efterlever eller agter at efterleve retningslinjerne, inden for to måneder efter datoen for ESMA's offentliggørelse, idet de skal angive årsagerne til manglende efterlevelse. Hvis der ikke er modtaget svar inden fristens udløb, anses de kompetente myndigheder for ikke at efterleve retningslinjerne. Der findes en skabelon til meddelelser på ESMA's websted. 11. Deltagere på det finansielle marked skal ikke underrette ESMA om, hvorvidt de efterlever disse retningslinjer. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 6 5. Retningslinjer vedrørende LMT’er for UCITS'er og åbne AIF'er 5.1 Retningslinjer vedrørende generelle principper 12. Det primære ansvar for likviditetsrisikostyring samt for udvælgelsen, kalibreringen, aktiveringen og deaktiveringen af likviditetsstyringsværktøjer ligger fortsat hos fondsforvalteren. Ved udvælgelsen af de relevante LMT’er bør fondsforvaltere drage omsorg for, at de valgte LMT’er vil gøre det muligt effektivt at styre fondens likviditetsrisiko under både normale og stressede markedsforhold, og at udvalget er så omfattende som muligt for at tage højde for forskellige forhold. 13. I overensstemmelse med artikel 18a, stk. 2, i UCITS-direktivet og artikel 16, stk. 2b, i FAIF-direktivet bør fondsforvaltere, når de udvælger LMT’er fra bilag IIA til UCITS- direktivet og bilag V til FAIF-direktivet, vurdere disse værktøjers egnethed i lyset af alle relevante faktorer, herunder som minimum følgende: a) fondens juridiske struktur og eventuelle særlige karakteristika, der er forbundet med den måde, den er struktureret på (f.eks. ETF'er, master-feeder-struktur) b) fondens investeringsstrategi og investeringspolitik c) fondens handelsvilkår, herunder bl.a. opsigelsesfristens varighed, lock-up-periode, afviklingsperiode, indløsningspolitik og handelshyppighed d) fondens likviditetsprofil og dens underliggende aktiver, herunder eventuelle forventede likviditetskrav, under hensyntagen til investorernes indløsninger og andre potentielle kilder til likviditetsrisiko på passivsiden i fondens balance (f.eks. marginindbetalingskrav) under normale og stressede markedsforhold og virkningen på fondens likviditetsprofil ved aktiveringen af LMT’er. e) resultaterne af likviditetsstresstest f) kendetegnene ved fondens investorkreds g) fondens udlodningspolitik h) eventuelle andre relevante operationelle hindringer og kompleksitet, der kan have indvirkning på gennemførelsen af visse LMT’er. 14. Mens UCITS-direktivet og FAIF-direktivet kræver, at der udvælges mindst to passende LMT’er fra listerne i bilag IIA til UCITS-direktivet og bilag V til FAIF- ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 7 direktivet, kan forvaltere vælge at udvælge mere end to LMT’er samt yderligere likviditetsforanstaltninger for at sikre fondens overordnede modstandsdygtighed og evne til at forvalte sin likviditet under både normale og stressede markedsforhold. Ved udvælgelsen af yderligere LMT’er eller likviditetsforanstaltninger bør fondsforvaltere vurdere deres egnethed i lyset af alle relevante faktorer, herunder som minimum de faktorer, der er nævnt i det foregående afsnit. 15. Ved udvælgelsen af de to obligatoriske minimums LMT’er bør fondsforvaltere, hvor det er relevant, overveje fordelene ved at vælge mindst ét kvantitativt baseret LMT (dvs. indløsningsgates, forlængelse af opsigelsesfristen) og mindst ét ADT (dvs. indløsningsgebyrer, swing pricing, dual pricing, ADL) under hensyntagen til fondens investeringsstrategi, indløsningspolitik og likviditetsprofil samt de markedsforhold, under hvilke LMT’er kan aktiveres. I den forbindelse kan fondsforvaltere overveje, om de skal vælge ét LMT til brug under normale markedsforhold, og ét LMT til brug under stressede markedsforhold. 16. Når fondsforvaltere overvejer at aktivere LMT’er, bør de vurdere, om de skal aktivere LMT’er individuelt eller i kombination med yderligere LMT’er eller andre likviditetsforanstaltninger. 17. Fondsforvaltere bør efter anmodning fra den kompetente myndighed kunne påvise, at aktiveringen og kalibreringen/kalibreringerne af de udvalgte LMT’er er i alle investorers interesse og er hensigtsmæssige og effektive i lyset af markedsforholdene og fondens relevante karakteristika (f.eks. likviditetsprofilen, typen af underliggende aktiver og investorkreds). 18. Fondsforvaltere bør sikre, at niveauet af modtagne tegnings- og indløsningsordrer behandles på en sådan måde, at det undgås, at nogle investorer drager fordel af oplysninger om sandsynligheden for, at LMT’er kan aktiveres (f.eks. kan aktiveringstærskler nås i tilfælde af indløsningsgates). 5.2 Retningslinjer vedrørende kvantitativt baserede LMT’er 5.2.1 Retningslinjer vedrørende udsættelse af tegninger, genkøb og indløsninger ("udsættelser") 19. Fondsforvaltere bør kun overveje at aktivere udsættelser under ekstraordinære omstændigheder, og når det er berettiget under hensyntagen til deres investorers interesser. En ikkeudtømmende liste over ekstraordinære omstændigheder, under hvilke en fondsforvalter kan overveje at aktivere udsættelser, omfatter: vanskeligheder med værdiansættelse af aktiver, alvorlige likviditetsproblemer (f.eks. på grund af margin calls, væsentlig indløsning), hvor gennemførelsen af salget af ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 8 underliggende aktiver kan forårsage likviditetsproblemer for fonden (f.eks. store rabatter på salg af aktiver, stor udvanding af resterende investorer), kritisk cyberhændelse, der påvirker fondens, fondsforvalterens og/eller fondens tjenesteudbyderes operationelle kapacitet, uforudsete markedslukninger, handelsrestriktioner, lukning af markedspladser, alvorlig finansiel og/eller politisk krise, afdækning af væsentlig svig, naturkatastrofe. 20. Udsættelserne kan omfatte udsættelse af beregningen af NAV, navnlig i tilfælde af usikker værdiansættelse, og hvor det ikke er muligt at beregne NAV af fonden/fondene. I andre tilfælde, og når det er muligt, bør fondsforvalteren fortsat værdiansætte aktiverne i fonden og offentliggøre en NAV for at sikre, at investorerne får de rette oplysninger, herunder at fonden er lukket for tegninger, genkøb og indløsninger. 21. Selv om udsættelser i nogle tilfælde kan aktiveres, mens fondsforvalteren beslutter, om fonden skal likvideres, bør fondsforvaltere sikre, at udsættelser kun aktiveres midlertidigt (dvs. med henblik på ikke at suspendere fonden permanent, men at genåbne den eller likvidere den eller aktivere side pockets, hvis det er nødvendigt, på et bestemt tidspunkt). 22. Fondsforvaltere bør overveje relevante kalibreringer for suspensioner, herunder: a) kriterierne for vurdering og overvågning af de forhold, der førte til, at de blev aktiveret b) kriterierne for at revidere og eventuelt ændre beslutningen om suspension og de ændrede omstændigheder, der ville berettige dette. 5.2.2 Retningslinjer vedrørende indløsningsgates 23. Fondsforvaltere bør overveje at udvælge indløsningsgates for alle fonde, da alle aktiver potentielt kan lide under likviditetsproblemer under stressede markedsforhold, og aktiveringen af dette LMT kan være nyttig for at undgå aktivering af suspensioner. 24. Udvælgelsen af indløsningsgates bør især overvejes af: a) fondsforvaltere af fonde med en koncentreret investorkreds, hvor en indløsning af betydelig størrelse kan medføre likviditetsproblemer for fonden og påvirke investorerne, især de tilbageværende b) fondsforvaltere af fonde, hvis aktiver kan være mindre likvide, iboende illikvide eller kan blive illikvide under stressede markedsforhold og/eller aktiver, der kan tage længere tid at sælge. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 9 25. Fondsforvaltere bør overveje aktivering af indløsningsgates i tilfælde af indløsningskrav, når tærsklen overskrides. Aktiveringen af indløsningsgates kan være mindre velegnet, hvis en fond har værdiansættelsesproblemer, i hvilket tilfælde forvalteren kan overveje at anvende andre LMT’er (f.eks. udsættelser sammen med udsættelse af NAV). 26. Fondsforvaltere bør justere aktiveringstærsklen for at sikre, at den fungerer effektivt, således at en indløsningsgate kan aktiveres, når forvalteren er nødt til at begrænse indløsninger i investorernes bedste interesse. Ved kalibrering af en sådan tærskel bør forvaltere tage behørigt hensyn til: a) hyppigheden af NAV-beregningen b) fondens investeringsmål c) de underliggende aktivers likviditet d) de nuværende markedsforhold e) de forventede pengestrømme. 27. Fondsforvaltere bør ikke begrænse brugen af indløsningsgates med hensyn til den maksimale periode, hvor de kan anvendes (maksimal varighed af indløsningsgates), eller det maksimale antal gange, indløsningsgates kan aktiveres (maksimal brug af indløsningsgates), så længe aktiveringen af gaten forbliver midlertidig. Disse forhold bør afgøres af fondsforvalteren fra sag til sag. 27.a Fondsforvaltere af AIF'er uden detailinvestorer og med et begrænset antal professionelle investorer bør overveje indløsningsgates på investorniveau, alene eller i kombination med gates på fondsniveau, for at mindske first mover-fordelen. 5.2.3 Retningslinjer vedrørende forlængelse af opsigelsesfrister 28. Fondsforvaltere bør overveje udvælgelsen af en forlængelse af opsigelsesfristerne for alle fonde, men da dette LMT giver yderligere tid til at realisere de underliggende aktiver, bør der tages særligt hensyn til dette LMT med hensyn til: a) fonde, hvis likviditet er særlig sårbar over for forringelse i perioder med markedsstress b) AIF'er, som er investeret i mindre likvide aktiver, især fast ejendom og private equity- fonde, som allerede bør have en passende indløsningsfrekvens i overensstemmelse med likviditetsniveauet for deres aktiver under normale markedsforhold. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 10 29. Fondsforvaltere bør overveje at aktivere forlængelse af opsigelsesfrister både under normale og stressede markedsforhold, idet de tager højde for, at det kan være særligt nyttigt under visse omstændigheder, f.eks. i tilfælde af indløsningspres. 30. Fondsforvaltere bør nøje vurdere, om aktiveringen af forlængelsen af opsigelsesfristerne er hensigtsmæssig for UCITS under normale markedsforhold, under hensyntagen til deres aktivers likviditet og investorernes bedste interesse. 31. For at undgå en stigning i antallet af indløsningsanmodninger bør fondsforvaltere nøje justere længden af de forlængede varslingsperioder under hensyntagen til den tid, der er nødvendig for en velordnet likvidation af de underliggende instrumenter i investorernes bedste interesse. 5.2.4 Retningslinjer vedrørende indløsning i naturalier (RiK) 32. I forbindelse med udvælgelsen af RiK bør fondsforvaltere tage hensyn til: a) fondens struktur b) investorkoncentrationen c) aktivtyperne, og d) de gældende begrænsninger, der kun gælder for anvendelsen af RiK for professionelle, jf. artikel 18a, stk. 2, i UCITS-direktivet og artikel 16, stk. 2b, i FAIF- direktivet. 5.3 Retningslinjer vedrørende anti-dilution-værktøjer (ADT’er) 33. Fondsforvaltere bør overveje udvælgelsen af ADT’er for alle typer af fonde for at afbøde væsentlig investorudvanding og potentielle first mover-fordele. 34. Fondsforvaltere bør nøje vurdere de forskellige niveauer for aktivering af ADT’er på fondsniveau og bør på forhånd fastsætte og regelmæssigt revidere passende og forsigtige aktiveringstærskler for at undgå enhver væsentlig udvandingseffekt for investorerne, både under normale og stressede markedsforhold og afhængigt af investeringsstrategien, de forvaltede aktiver, størrelsen og porteføljens karakteristika, de anslåede likviditetsomkostninger, investorprofilen, likviditetsprofilen for hver fond og de historiske fondsstrømme. 35. Fondsforvaltere bør tage hensyn til, at aktiveringen af ADT’er kan være mere udfordrende under visse omstændigheder, f.eks. når der er begrænset markedslikviditet og/eller i tilfælde af værdiansættelsesusikkerhed. I disse tilfælde kan ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 11 fondsforvaltere overveje at anvende andre LMT’er ud over ADT’er (f.eks. kvantitativt baserede LMT’er). 36. Fondsforvaltere bør sikre, at aktiveringen af ADT’er ikke påvirker fondsforvalterens pligt til – til enhver tid – at værdiansætte alle aktiver retfærdigt og hensigtsmæssigt. 37. Fondsforvaltere bør aktivere ADT’er både under normale og stressede markedsforhold for at pålægge tegnende og/eller indløsende investorer de anslåede likviditetsomkostninger. De anslåede likviditetsomkostninger bør: a) omfatte eksplicitte transaktionsomkostninger ved tegning, genkøb eller indløsning b) kun tage hensyn til implicitte transaktionsomkostninger, herunder enhver væsentlig markedsindvirkning af køb eller salg af aktiver, hvor det er relevant for investeringsstrategien og estimeret efter bedste evne. Et rimeligt input til estimering af markedsindvirkningen kunne være at analysere tidligere transaktioner under lignende markedsforhold for at sammenligne forskellen mellem prisen, da ordren blev afgivet og den endelige udførte pris c) som udgangspunkt være baseret på de omkostninger, der er forbundet med at handle en pro rata-del af alle aktiver i porteføljen (dvs. "pro rata-metoden"), medmindre dette ikke udgør et rimeligt skøn over de reelle likviditetsomkostninger. Hvis den pro rata-metoden ikke giver et retvisende skøn over likviditetsomkostningerne, kan skønnet justeres, så det mere præcist afspejler de forventede likviditetsomkostninger ved handel med udvalgte enkeltbeholdninger i porteføljen. Forvalterne kan overveje at anvende pro rata- omkostningerne i stresssituationer, når det er mest relevant for at afbøde den potentielle udvandingseffekt på de resterende investorer. 38. For at sikre, at kalibreringen af ADT’er effektivt afspejler de anslåede likviditetsomkostninger, jf. foregående afsnit, bør fondsforvalteren regelmæssigt gennemgå kalibreringen og justere den, når det er nødvendigt. 39. Fondsforvaltere bør på anmodning af den relevante nationale kompetente myndighed kunne påvise, at kalibreringen af ADT’er er retfærdig og rimelig under både normale ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 12 og stressede markedsforhold, idet der tages hensyn til investorernes bedste interesse. 5.3.1 Retningslinjer vedrørende indløsningsgebyrer 40. Fondsforvaltere kan overveje udvælgelsen af indløsningsgebyrer for alle typer af fonde, men indløsningsgebyrer kan være mest nyttige for følgende fonde: a) fonde, der investerer i aktiver med faste, gennemsigtige og/eller forudsigelige transaktionsomkostninger, f.eks. ejendomsmæglergebyrer eller notargebyrer, og/eller som har transaktionsomkostninger med lav variation (f.eks. faste skatter og afgifter på ejendomstransaktioner) b) fonde, der investerer i mindre likvide aktiver, hvor andre ADT’er, såsom swing pricing, kan være vanskelige eller umulige at implementere på grund af sjældne og begrænsede prissætningskilder. 41. Ved kalibreringen af det forud fastsatte sæt indløsningsgebyrer bør fondsforvaltere anvende en metode, der, hvis den er statisk, giver mulighed for revision og justering for at afspejle de højere likviditetsomkostninger eller stressede markedsforhold. 5.3.2 Retningslinjer vedrørende swing pricing 42. Fondsforvaltere bør overveje udvælgelsen af swing pricing for fonde, hvis underliggende aktiver handles aktivt, og for hvilke der er adgang til oplysninger om handelsomkostninger (køb/salg), som ajourføres hyppigt, navnlig når fondene hovedsagelig investerer i aktiver med markedsbaserede likviditetsomkostninger. Fondsforvaltere bør tage hensyn til, at swing pricing kan være mindre hensigtsmæssigt, når handelsomkostningerne ikke er umiddelbart tilgængelige. 43. Fondsforvaltere bør basere en beslutning om at aktivere en specifik swing pricing- model (dvs. fuldstændig, delvist med en enkelt eller trinvis swing factor) og kalibreringen af denne swing factor på markedsforhold baseret på en metode, der fastsættes af fondsforvalteren. 44. Ved kalibrering af swing pricing bør fondsforvaltere sikre, at de anslåede likviditetsomkostninger i lyset af markedsforholdene og i overensstemmelse med principperne i punkt 37 indgår i swing factoren, herunder, hvor det er relevant, enhver væsentlig markedspåvirkning af handlerne. 45. Fondsforvaltere kan fastsætte en maksimal swing factor. Hvis justeringen af denne swing factor overstiger den maksimale swing factor, bør fondsforvalteren ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 13 efterfølgende kunne begrunde den anvendte swing factor, hvis den kompetente myndighed kræver det. 46. Fondsforvaltere bør sikre, at en beslutning om at rekalibrere den maksimale swing factor er begrundet og træffes i investorernes interesse. 5.3.3 Retningslinjer vedrørende dual pricing 47. Fondsforvaltere bør overveje udvælgelsen af dual pricing som en potentiel passende løsning for fonde, der hovedsageligt investerer i aktiver, hvis likviditetsomkostninger primært afspejles i et købs-salgs-spænd. 48. Selv om dual pricing kan være mere velegnet for fonde, der investerer i aktiver, hvis likviditetsomkostninger hovedsagelig består af købs-salgs-spændet, bør fondsforvaltere regnskabsføre enhver væsentlig indvirkning på markedet eller direkte transaktionsomkostninger separat ved yderligere justering af NAV. 5.3.4 Retningslinjer vedrørende anti-dilution-opkrævning (ADL) 49. Fondsforvaltere bør betragte ADL som særligt velegnet til fonde: a) med en høj investorkoncentration (dvs. et lille antal investorer) for at imødegå risikoen for, at en eller flere investorer kunne indløse deres aktier fuldt ud med kort varsel b) med en betydelig tegnings- og/eller indløsningsaktivitet, som kan have en negativ indvirkning på fondens eksisterende investorer (f.eks. kan mindre fonde med hensyn til NAV blive mere påvirket af likviditetsomkostningerne som følge af store indløsninger) c) som investerer i mindre likvide aktiver (f.eks. højtforrentede obligationer, small cap-aktier) d) hvor oplysninger om handelsomkostninger (køb/salg) er almindeligt tilgængelige (f.eks. fonde, der investerer i aktiver med markedsbaserede likviditetsomkostninger). ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 14 50. Fondsforvaltere bør være opmærksomme på, at ADL kan aktiveres løbende eller dynamisk på baggrund af foruddefinerede udløsere og tærskler. 51. Selvom ADL’en kan implementeres konsekvent under normale markedsforhold, bør fondsforvaltere gennemgå dens kalibrering i forhold til skiftende markedsforhold for at sikre, at den er effektiv med hensyn til at bevare fondens likviditet. 52. Fondsforvaltere bør kalibrere ADL’en på grundlag af de samme faktorer, der anvendes til at kalibrere swing factors, dvs. at kalibreringen af ADL’en bør omfatte samtlige forventede direkte og indirekte transaktionsomkostninger, hvor det er relevant og i overensstemmelse med principperne i punkt 37, og den bør revideres og om nødvendigt tilpasses for at sikre, at opkrævningen kan udvikle sig regelmæssigt i lyset af markedsforholdene. 5.4 Retningslinjer vedrørende side pockets 53. Fondsforvaltere bør kun overveje at aktivere side pockets under ekstraordinære omstændigheder, og når det er berettiget under hensyntagen til investorernes interesser. En ikkeudtømmende liste over ekstraordinære omstændigheder, hvorunder en fondsforvalter kan overveje at aktivere side pockets, omfatter: a) betydelig værdiansættelsesusikkerhed og/eller illikviditet for en bestemt del af fondens portefølje, for hvilken der ikke findes noget aktivt marked, og/eller for hvilken handel er forbudt (f.eks. på grund af sanktioner), og/eller hvor værdiansættelsen midlertidigt ikke er tilgængelig, med henblik på at adskille den fra resten af fonden (for at muliggøre at denne del kan forblive åben for investorer) b) svig, finanskrise eller krig, der påvirker en bestemt sektor eller region. 54. Ved kalibreringen af side pockets bør forvaltere tage hensyn til: a) fastlæggelse af betingelserne for aktivering af en side pocket og definition af, hvornår sådanne betingelser ikke længere er til stede b) fastsættelse af kriterier for vurdering og overvågning af de forhold, der har ført til anvendelsen af en side pocket c) overveje fordelene ved at placere visse likvide midler til dækning af de potentielle forpligtelser i de såkaldte side pockets d) kriterierne for gennemgang og eventuel revision af beslutningen om side pockets og de ændrede omstændigheder, der ville berettige dette. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Frankrig – www.esma.europa.eu 15 16