The update directly regulates liquidity management practices for UCITS and open-ended alternative investment funds, which are collective investment vehicles that manage client assets through investment strategies — a core Investment Services function.
Cash Equivalents (65%)Low confidence — REQUIRES HUMAN REVIEW. While the guidelines address liquidity management across multiple asset classes potentially held by funds (equities, fixed income, cash equivalents), the update does not focus on a specific asset class but rather on operational liquidity tools applicable across fund types.
The guidelines establish mandatory liquidity management requirements for fund managers, including selection, calibration, and activation of liquidity management tools to address liquidity risk and financial stability concerns.
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
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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 Smjernice o LMT-ovima UCITS-a i otvorenih AIF-a Contents 1. Područje primjene ............................................................................................................. 3 2. Zakonodavni referentni dokumenti, pokrate i definicije ..................................................... 4 2.1 Zakonodavni referentni dokumenti ............................................................................. 4 2.2 Pokrate ....................................................................................................................... 4 2.3 Definicije .................................................................................................................... 5 3. Svrha ................................................................................................................................. 5 4. Obveze usklađivanja i izvješćivanja .................................................................................. 6 4.1. Status smjernica ........................................................................................................ 6 4.2. Zahtjevi za izvješćivanje ............................................................................................ 6 5. Smjernice o LMT-ovima UCITS-a i otvorenih AIF-a .......................................................... 7 5.1 Smjernice o općim načelima ...................................................................................... 7 5.2 Smjernice o kvantitativnim LMT-ovima ...................................................................... 8 5.2.1 Smjernice o obustavi upisa, otkupa i isplata („obustave”) .................................. 8 5.2.2 Smjernice o ograničenjima isplata ...................................................................... 9 5.2.3 Smjernice o produljenju rokova za prethodnu obavijest ................................... 10 5.2.4 Smjernice o isplatama u naravi ......................................................................... 11 5.3 Smjernice o instrumentima za sprječavanje razvodnjavanja (ADT-ovi) ................... 11 5.3.1 Smjernice o naknadama za isplatu ................................................................... 12 5.3.2 Smjernice o zaštitnom prilagođavanju cijena .................................................... 13 5.3.3 Smjernice o dvostrukom određivanju cijena ..................................................... 14 5.3.4 Smjernice o naknadi za sprječavanje razvodnjavanja (ADL) ............................ 14 5.4 Smjernice o računima za odvajanje nelikvidne imovine ........................................... 15 ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 2 1. Područje primjene Tko? 1. Ove se smjernice primjenjuju na nadležna tijela i upravitelje fondova. Što? 2. Ove se smjernice primjenjuju u vezi s člankom 18.a stavkom 2. Direktive o UCITS- ima i člankom 16. stavcima 2.b i 2.c Direktive AIFMD. Kada? 3. Ove se smjernice primjenjuju na datum primjene regulatornih tehničkih standarda iz članka 18.a stavka 3. Direktive o UCITS-ima i članka 16. stavka 2.g Direktive AIFMD. 4. Odstupajući od prve podtočke, u pogledu fonda koji je postojao prije datuma početka primjene iz te podtočke, ove se smjernice primjenjuju dvanaest mjeseci od tog datuma. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 3 2. Zakonodavni referentni dokumenti, pokrate i definicije 2.1 Zakonodavni referentni dokumenti Direktiva o UCITS-ima Direktiva 2009/65/EZ o usklađivanju zakona i drugih propisa u odnosu na subjekte za zajednička ulaganja u prenosive vrijednosne papire (UCITS)1 Direktiva AIFMD Direktiva 2011/61/EU o upraviteljima alternativnih investicijskih fondova i o izmjeni direktiva 2003/41/EZ i 2009/65/EZ te uredbi (EZ) br. 1060/2009 i (EU) br. 1095/20102 Uredba o ESMA-i Uredba (EU) br. 1095/2010 Europskog parlamenta i Vijeća od 24. studenoga 2010. o osnivanju europskog nadzornog tijela (Europskog nadzornog tijela za vrijednosne papire i tržišta kapitala), izmjeni Odluke br. 716/2009/EZ i stavljanju izvan snage Odluke Komisije 2009/77/EZ3 2.2 Pokrate UCITS subjekt za zajednička ulaganja u prenosive vrijednosne papire AIF alternativni investicijski fond UAIF upravitelj alternativnog investicijskog fonda LMT alat za upravljanje likvidnošću NAV neto vrijednost imovine ADT instrument za sprječavanje razvodnjavanja ADL naknada za sprječavanje razvodnjavanja 1 SL L 302, 17.11.2009., str. 32. 2 SL L 174, 1.7.2011., str.1. 3 SL L 331, 15.12.2010., str. 84. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 4 2.3 Definicije upravitelj fonda a) društvo za upravljanje kako je definirano u članku 2. stavku 1. točki (b) Direktive o UCITS-ima; b) investicijsko društvo koje nije imenovalo društvo za upravljanje s odobrenjem za rad u skladu s Direktivom o UCITS-ima iz članka 30. prvog podstavka Direktive o UCITS-ima; c) UAIF kako je definiran u članku 4. stavku 1. točki (b) Direktive AIFMD koji upravlja otvorenim AIF-om ADT-ovi naknade za isplatu, zaštitno prilagođavanje cijena, dvostruko određivanje cijena, ADL-ovi odabrani LMT-ovi LMT-ovi koje je odabrao upravitelj fonda među onima navedenima u Prilogu II.A točkama od 2. do 8. Direktive o UCITS-ima i u Prilogu V. točkama od 2. do 8. Direktive AIFMD, tj. ograničavanje isplate, produljenje rokova za prethodnu obavijest, naknada za isplatu, zaštitno prilagođavanje cijena, dvostruko određivanje cijena, naknada za sprječavanje razvodnjavanja, isplata u naravi iznimne okolnosti nepredviđeni događaji, operativna okruženja ili regulatorna okruženja koja značajno utječu na sposobnost fonda da obavlja uobičajene poslovne funkcije, koji bi privremeno onemogućili upravitelju fonda da ispuni obveze financiranja na strani obveza u bilanci 3. Svrha 5. Ove se smjernice objavljuju na temelju mandata utvrđenih u Direktivi o izmjeni Direktive AIFMD i Direktive o UCITS-ima (Direktiva (EU) 2024/927 Europskog parlamenta i Vijeća4). Konkretnije, mandatima iz članka 18.a stavka 4. Direktive o UCITS-ima i članka 16. stavka 2.h Direktive AIFMD predviđa se da ESMA izrađuje smjernice za odabir i kalibraciju alata za upravljanje likvidnošću koje upotrebljavaju 4 Direktiva (EU) 2024/927 Europskog parlamenta i Vijeća od 13. ožujka 2024. o izmjeni direktiva 2011/61/EU i 2009/65/EZ u pogledu postupaka delegiranja, upravljanja rizikom likvidnosti, nadzornog izvješćivanja, pružanja usluga depozitara i skrbništva te odobravanja zajmova od strane alternativnih investicijskih fondova (SL L, 2024/927, 26.3.2024.) ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 5 UCITS-i i UAIF-i za upravljanje rizikom likvidnosti i za smanjivanje rizika za financijsku stabilnost. 6. Ove se smjernice temelje i na članku 16. stavku 1. Uredbe o ESMA-i. 7. Iako primarna odgovornost za LMT-ove ostaje na UCITS-u i UAIF-ima, svrha je ovih smjernica uspostaviti dosljedne, učinkovite i djelotvorne nadzorne prakse te osigurati zajedničku, jedinstvenu i dosljednu primjenu prava Unije, posebno članka 18.a stavka 2. Direktive o UCITS-ima i članka 16. stavaka 2.b i 2.c Direktive AIFMD u vezi s odabirom, aktivacijom i kalibracijom LMT-ova. 4. Obveze usklađivanja i izvješćivanja 4.1. Status smjernica 8. U skladu s člankom 16. stavkom 3. Uredbe o ESMA-i nadležna tijela i sudionici na financijskom tržištu moraju ulagati napore za usklađivanje s ovim smjernicama. 9. Nadležna tijela na koja se ove smjernice primjenjuju trebaju se s njima uskladiti tako da ih na odgovarajući način ugrade u svoje nacionalne pravne ili nadzorne okvire, čak i kad se određene smjernice prvenstveno odnose na sudionike na financijskom tržištu. U tom slučaju nadležna tijela trebaju putem nadzora osigurati da se sudionici na financijskom tržištu pridržavaju smjernica. 4.2. Zahtjevi za izvješćivanje 10. Nadležna tijela na koja se ove smjernice primjenjuju moraju ESMA-u obavijestiti jesu li usklađena ili se namjeravaju uskladiti sa smjernicama, uz navođenje razloga neusklađenosti, i to u razdoblju od dva mjeseca od datuma kada ESMA objavi smjernice. U slučaju izostanka odgovora unutar tog roka smatrat će se da nadležna tijela nisu usklađena. Obrazac za izvješćivanje dostupan je na ESMA-inu mrežnom mjestu. 11. Sudionici na financijskom tržištu nisu obvezni izvješćivati o usklađenosti s ovim smjernicama. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 6 5. Smjernice o LMT-ovima UCITS-a i otvorenih AIF-a 5.1 Smjernice o općim načelima 12. Primarna odgovornost za upravljanje rizikom likvidnosti, kao i za odabir, kalibraciju, aktivaciju i deaktivaciju LMT-ova, ostaje na upravitelju fonda. Pri odabiru odgovarajućih LMT-ova upravitelji fondova trebaju primjereno voditi računa o tome da odabrani LMT-ovi omogućuju učinkovito upravljanje rizikom likvidnosti fonda u uobičajenim i stresnim tržišnim uvjetima te da odabir bude što sveobuhvatniji kako bi se u obzir uzele različite okolnosti. 13. U skladu s člankom 18.a stavkom 2. Direktive o UCITS-ima i člankom 16. stavkom 2.b Direktive AIFMD, pri odabiru LMT-ova iz Priloga II.A Direktivi o UCITS-ima i Priloga V. Direktivi AIFMD upravitelji fondova trebaju procijeniti primjerenost tih alata s obzirom na sve relevantne čimbenike, uključujući barem sljedeće: a) pravnu strukturu fonda i sve posebne značajke povezane s načinom na koji je strukturiran (npr. fondovi čijim se udjelima trguje na burzi, struktura glavnog i napajajućeg fonda); b) investicijsku strategiju i investicijsku politiku fonda; c) uvjete poslovanja fonda, uključujući, između ostalog, minimalni rok za prethodnu obavijest, razdoblje zabrane povlačenja uloga, razdoblje namire, politiku isplate i učestalost trgovanja; d) profil likvidnosti fonda i njegove temeljne imovine, uključujući sve predviđene zahtjeve za likvidnost, uzimajući u obzir isplate ulagatelja i druge potencijalne izvore rizika likvidnosti na strani obveza u bilanci fonda (npr. pozivi na uplatu nadoknade) u uobičajenim i stresnim tržišnim uvjetima te učinak aktivacije LMT- ova na profil likvidnosti fonda; e) rezultate testiranja otpornosti na likvidnosni stres; f) značajke baze ulagatelja fonda; g) politiku raspodjele fonda; h) sve druge relevantne operativne prepreke i složenosti koje mogu utjecati na izvedivost provedbe određenih LMT-ova. 14. Iako se Direktivom o UCITS-ima i Direktivom AIFMD zahtijeva odabir najmanje dvaju odgovarajućih LMT-a s popisa iz Priloga II.A Direktivi o UCITS-ima i Priloga V. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 7 Direktivi AIFMD, upravitelji mogu odabrati više od dva LMT-a i dodatne mjere likvidnosti kako bi se osigurala opća otpornost fonda i njegova sposobnost upravljanja likvidnošću u uobičajenim i stresnim tržišnim uvjetima. Pri odabiru dodatnih LMT-ova ili mjera likvidnosti upravitelji fondova trebaju procijeniti njihovu primjerenost s obzirom na sve relevantne čimbenike, uključujući barem čimbenike iz prethodne točke. 15. Pri odabiru dvaju minimalnih obveznih LMT-a upravitelji fondova trebaju, prema potrebi, razmotriti prednost odabira najmanje jednog kvantitativnog LMT-a (tj. ograničenje isplata, produljenje rokova za prethodnu obavijest) i najmanje jednog ADT-a (tj. naknade za isplatu, zaštitno prilagođavanje cijena, dvostruko određivanje cijena, ADL), uzimajući u obzir strategiju ulaganja, politiku isplata i profil likvidnosti fonda te tržišne uvjete pod kojima bi se LMT mogao aktivirati. U tom kontekstu upravitelji fondova mogu razmotriti treba li odabrati jedan LMT za upotrebu u uobičajenim tržišnim uvjetima i jedan LMT za upotrebu u stresnim tržišnim uvjetima. 16. Pri razmatranju aktivacije LMT-(ov)a upravitelji fondova trebaju procijeniti treba li aktivirati LMT-ove pojedinačno ili u kombinaciji s dodatnim LMT-ovima ili drugim mjerama likvidnosti. 17. Upravitelji fondova trebaju biti u mogućnosti na zahtjev nadležnog tijela dokazati da su aktivacija i kalibracija odabranih LMT-ova u najboljem interesu svih ulagatelja te da su primjerene i djelotvorne s obzirom na tržišne uvjete i relevantne značajke fonda (npr. profil likvidnosti, vrsta temeljne imovine, baza ulagatelja). 18. Upravitelji fondova trebaju osigurati da se razina primljenih naloga za upis i isplatu obrađuje tako da se izbjegava mogućnost da neki ulagatelji iskoriste informacije o vjerojatnosti aktivacije LMT-ova (npr. u slučaju ograničenja isplate mogu se dosegnuti pragovi za aktivaciju). 5.2 Smjernice o kvantitativnim LMT-ovima 5.2.1 Smjernice o obustavi upisa, otkupa i isplata („obustave”) 19. Upravitelji fondova trebaju razmotriti aktiviranje obustava samo u iznimnim okolnostima i ako je to opravdano s obzirom na interese njihovih ulagatelja. Neiscrpan popis iznimnih okolnosti u kojima upravitelj fonda može razmotriti aktiviranje obustava uključuje: poteškoće u vrednovanju imovine; ozbiljne probleme s likvidnošću (npr. zbog poziva na uplatu nadoknade, značajnog povlačenja) u kojima bi izvršenje prodaje temeljne imovine moglo uzrokovati probleme s likvidnošću fonda (npr. velika umanjenja vrijednosti pri prodaji imovine, veliko razvodnjavanje preostalih ulagatelja); kritični kiberincident koji utječe na kapacitet fonda, upravitelja fonda i/ili pružatelja usluga fonda za poslovanje; nepredviđena zatvaranja tržišta, ograničenja trgovanja, ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 8 zatvaranje mjesta trgovanja; ozbiljne financijske i/ili političke krize; utvrđivanje značajne prijevare; prirodnu katastrofu. 20. Obustave mogu obuhvaćati obustavu izračuna NAV-a, posebno u slučaju neizvjesnog vrednovanja i kada nije moguće izračunati NAV fonda (ili fondova). U drugim slučajevima i kad god je to moguće, upravitelj fonda treba nastaviti vrednovati imovinu u fondu i objavljivati NAV kako bi se ulagateljima pružile odgovarajuće informacije, uključujući činjenicu da je fond zatvoren za upise, otkupe i isplate. 21. Iako se obustave u nekim slučajevima mogu aktivirati dok upravitelj fonda odlučuje o likvidaciji fonda, upravitelji fondova trebaju osigurati da se obustave aktiviraju samo privremeno (tj. kako se fond ne bi trajno obustavio, nego kako bi se ponovno otvorio ili likvidirao ili kako bi se, prema potrebi, aktivirali računi za odvajanje nelikvidne imovine u određenom trenutku). 22. Upravitelji fondova trebaju razmotriti relevantne kalibracije za obustave kako bi se njima obuhvatilo sljedeće: a) kriteriji za procjenu i praćenje uvjeta koji su doveli do njihove aktivacije; b) kriteriji za preispitivanje i moguću reviziju odluke o obustavi i promjenu okolnosti koja bi to zahtijevala. 5.2.2 Smjernice o ograničenjima isplata 23. Upravitelji fondova trebaju razmotriti odabir ograničenja isplate za sve fondove jer bi sva imovina mogla imati poteškoća s likvidnošću u stresnim tržišnim uvjetima, a aktivacija ovog LMT-a mogla bi biti korisna kako bi se izbjegla aktivacija obustava. 24. Odabir ograničenja isplata posebno trebaju razmotriti: a) upravitelji fondova s koncentriranom bazom ulagatelja, ako bi velika isplata mogla uzrokovati probleme s likvidnošću fonda i utjecati na ulagatelje, posebno na one koji su preostali; b) upravitelji fondova čija bi imovina mogla biti manje likvidna, inherentno nelikvidna ili bi mogla postati nelikvidna u uvjetima tržišnog stresa i/ili za čiju bi imovinu moglo biti potrebno dulje vremena za prodaju. 25. Upravitelji fondova trebaju razmotriti aktivaciju ograničenja isplate u slučajevima zahtjeva za isplatu kada je prag premašen. Aktivacija ograničenja isplate može biti manje prikladna ako fond ima probleme povezane s vrednovanjem, a tada upravitelj ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 9 može razmotriti upotrebu drugih LMT-ova (npr. obustave zajedno s obustavom NAV- a). 26. Upravitelji fondova trebaju kalibrirati prag aktivacije kako bi se osiguralo da učinkovito funkcionira, tako da se ograničenja isplate mogu aktivirati svaki put kada upravitelj treba ograničiti isplate u najboljem interesu ulagatelja. Pri kalibriranju takvog praga upravitelji trebaju uzeti u obzir sljedeće: a) učestalost izračuna NAV-a; b) cilj ulaganja fonda; c) likvidnost temeljne imovine d) trenutačne tržišne uvjete; e) očekivane novčane tokove. 27. Upravitelji fondova ne bi smjeli ograničavati upotrebu ograničenja isplata u smislu maksimalnog razdoblja tijekom kojeg se mogu upotrebljavati (maksimalno trajanje ograničenja isplata) ili maksimalnog broja slučajeva u kojima se ograničenja isplata mogu aktivirati (maksimalna upotreba ograničenja isplata), sve dok je aktivacija ograničenja privremena. Upravitelj fonda treba o tim pitanjima odlučivati od slučaja do slučaja. 27.a Upravitelji AIF-a bez malih ulagatelja i s ograničenim brojem profesionalnih ulagatelja trebaju razmotriti ograničenja isplata na razini ulagatelja, samostalno ili u kombinaciji s ograničenjima na razini fonda, kako bi se ublažila prednost prvog ulaska. 5.2.3 Smjernice o produljenju rokova za prethodnu obavijest 28. Upravitelji fondova trebaju razmotriti odabir produljenja rokova za prethodnu obavijest za sve fondove, ali s obzirom na to da se tim LMT-om osigurava dodatno vrijeme za likvidaciju temeljne imovine, posebnu pažnju trebalo bi posvetiti tom LMT-u s obzirom na: a) fondove čija je likvidnost posebno podložna pogoršanju u razdobljima tržišnog stresa; b) AIF-e koji ulažu u manje likvidnu imovinu i, posebno, nekretninske fondove i fondove rizičnog kapitala, koji bi već trebali imati odgovarajuću učestalost isplate u skladu s razinom likvidnosti njihove imovine u uobičajenim tržišnim uvjetima. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 10 29. Upravitelji fondova trebaju razmotriti aktivaciju produljenja rokova za prethodnu obavijest u uobičajenim i stresnim tržišnim uvjetima, uzimajući u obzir da bi to moglo biti posebno korisno u određenim okolnostima, na primjer u slučaju pritisaka povezanih s isplatom. 30. Upravitelji fondova trebaju pažljivo ocijeniti je li aktiviranje produljenja rokova za prethodnu obavijest prikladno za UCITS-e u uobičajenim tržišnim uvjetima, uzimajući u obzir likvidnost njihove imovine i najbolji interes ulagatelja. 31. Kako bi izbjegli izazivanje povećanja zahtjeva za isplatu, upravitelji fondova trebaju pažljivo kalibrirati trajanje produljenja rokova za prethodnu obavijest, uzimajući u obzir vrijeme potrebno za urednu likvidaciju odnosnih instrumenata u najboljem interesu ulagatelja. 5.2.4 Smjernice o isplatama u naravi 32. Pri odabiru isplata u naravi upravitelji fondova trebaju uzeti u obzir: a) strukturu fonda; b) koncentraciju ulagatelja; c) vrste imovine i d) primjenjiva ograničenja koja se odnose na upotrebu isplata u naravi samo za profesionalne ulagatelje, u skladu s člankom 18.a stavkom 2. Direktive o UCITS-ima i člankom 16. stavkom 2.b Direktive AIFMD. 5.3 Smjernice o instrumentima za sprječavanje razvodnjavanja (ADT-ovi) 33. Upravitelji fondova trebaju razmotriti odabir ADT-ova za sve vrste fondova kako bi se smanjilo razvodnjavanje značajnih ulagatelja i potencijalna prednost prvog ulaska. 34. Upravitelji fondova trebaju pažljivo procijeniti različite razine aktivacije ADT-ova na razini fonda te unaprijed trebaju utvrditi i redovito preispitivati odgovarajuće i bonitetne pragove za aktivaciju kako bi se izbjegao bilo kakav značajan učinak razvodnjavanja na ulagatelje, u uobičajenim i stresnim tržišnim uvjetima te ovisno o investicijskoj strategiji, imovini pod upravljanjem, veličini i značajkama portfelja, procijenjenom trošku likvidnosti, profilu ulagatelja, profilu likvidnosti svakog fonda te povijesnim tokovima fondova. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 11 35. Upravitelji fondova trebaju uzeti u obzir da aktivacija ADT-ova može biti zahtjevnija u određenim okolnostima, na primjer ako je tržišna likvidnost ograničena i/ili u slučajevima nesigurnosti vrednovanja. U tim slučajevima upravitelji fondova mogu razmotriti upotrebu drugih LMT-ova uz ADT-ove (npr. kvantitativni LMT-ovi). 36. Upravitelji fondova trebaju osigurati da aktivacija ADT-ova ne utječe na dužnost upravitelja fonda da u svakom trenutku pošteno i primjereno vrednuje svu imovinu. 37. Upravitelji fondova trebaju aktivirati ADT-ove u uobičajenim i stresnim tržišnim uvjetima kako bi nametnuli procijenjene troškove likvidnosti ulagateljima koji žele upis i/ili isplatu. Procijenjeni trošak likvidnosti trebao bi: a) obuhvaćati eksplicitne transakcijske troškove upisa, otkupa ili isplate; b) uzimati u obzir implicitne transakcijske troškove, uključujući svaki značajni tržišni učinak kupnje ili prodaje imovine, samo ako je to primjereno investicijskoj strategiji i procijenjeno, koliko je to moguće. Analiza prethodnih transakcija u sličnim tržišnim uvjetima kako bi se usporedila razlika između cijene u trenutku izdavanja naloga i konačne izvršene cijene bila bi korisna za procjenu učinka na tržište; c) temeljiti se, kao početna točka, na troškovima povezanima s transakcijama razmjernog dijela čitave imovine u portfelju (tj. „razmjerni pristup”) osim ako to ne predstavlja pravednu procjenu stvarnog troška likvidnosti. Ako razmjerni pristup ne predstavlja pravednu procjenu troška likvidnosti, procjena se može prilagoditi kako bi točnije odražavala očekivani trošak likvidnosti pri transakcijama u odabranim pojedinačnim udjelima portfelja. Upravitelji mogu razmotriti primjenu razmjernog troška u razdobljima stresa kada je to najrelevantnije za smanjivanje mogućeg učinka razvodnjavanja na preostale ulagatelje. 38. Kako bi se osiguralo da kalibracija ADT-ova učinkovito odražava procijenjene troškove likvidnosti, u skladu s prethodnom točkom, upravitelj fonda treba redovito preispitivati kalibraciju i prilagođavati je prema potrebi. 39. Upravitelji fondova trebaju biti u mogućnosti dokazati, na zahtjev odgovarajućeg nacionalnog nadležnog tijela, da je kalibracija ADT-ova pravedna i razumna i za uobičajene tržišne uvjete i za uvjete tržišnog stresa, uzimajući u obzir najbolje interese ulagatelja. 5.3.1 Smjernice o naknadama za isplatu 40. Upravitelji fondova mogu razmotriti odabir naknada za isplatu za sve vrste fondova, ali naknade za isplatu mogu biti najkorisnije za sljedeće fondove: ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 12 a) fondove koji ulažu u imovinu s fiksnim, transparentnim i/ili predvidivim transakcijskim troškovima, kao što su naknade agencije za nekretnine ili javnobilježničke naknade, i/ili s transakcijskim troškovima s neznatnim varijacijama (npr. fiksni porezi i naknade za transakcije nekretninama); b) fondove koji ulažu u manje likvidnu imovinu, pri čemu bi drugi ADT-ovi, kao što je zaštitno prilagođavanje cijena, mogli biti problematični ili nemogući za provedbu zbog rijetkih i ograničenih izvora za formiranje cijena. 41. Prilikom kalibriranja unaprijed utvrđenog raspona naknada za isplatu, upravitelji fondova trebaju primijeniti metodologiju koja, ako je statična, omogućuje preispitivanje i prilagodbu, kako bi odražavala veći trošak likvidnosti ili stresne tržišne uvjete. 5.3.2 Smjernice o zaštitnom prilagođavanju cijena 42. Upravitelji fondova trebaju razmotriti odabir zaštitnog prilagođavanja cijena za fondove čijom se temeljnom imovinom aktivno trguje, a informacije o troškovima trgovanja (kupovna/prodajna cijena) dostupne su i često se ažuriraju, posebno ako fondovi ulažu uglavnom u imovinu s tržišno uvjetovanim troškovima likvidnosti. Upravitelji fondova trebaju uzeti u obzir činjenicu da zaštitno prilagođavanje cijena može biti manje primjereno ako troškovi trgovanja nisu lako dostupni. 43. Odluku o aktivaciji određenog modela za zaštitno prilagođavanje cijena (tj. potpunog, djelomičnog s jedinstvenim ili višerazinskim faktorom zaštitnog prilagođavanja) i kalibraciju faktora zaštitnog prilagođavanja upravitelji fondova trebaju temeljiti na tržišnim uvjetima, s obzirom na metodologiju koju je odredio upravitelj fonda. 44. Pri kalibraciji zaštitnog prilagođavanja cijena upravitelji fondova trebaju osigurati da je procijenjeni trošak likvidnosti, s obzirom na tržišne uvjete i u skladu s načelima iz točke 37., uključen u faktor zaštitnog prilagođavanja, uključujući, prema potrebi, svaki značajan utjecaj trgovanja na tržište. 45. Upravitelji fondova mogu odrediti maksimalan faktor zaštitnog prilagođavanja. U slučaju da prilagodba primjenom faktora zaštitnog prilagođavanja premašuje maksimalni faktor zaštitnog prilagođavanja, upravitelj fonda treba, ako to zahtijeva nadležno tijelo, na ex post osnovi biti u mogućnosti opravdati primijenjeni faktor zaštitnog prilagođavanja. 46. Upravitelji fondova trebaju osigurati da je odluka o ponovnoj kalibraciji maksimalnog faktora zaštitnog prilagođavanja opravdana i donesena u najboljem interesu ulagatelja. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 13 5.3.3 Smjernice o dvostrukom određivanju cijena 47. Upravitelji fondova trebaju dvostruko određivanje cijena smatrati potencijalno prikladnim odabirom za fondove koji uglavnom ulažu u imovinu čiji se troškovi likvidnosti prvenstveno odražavaju u razlici između kupovne i prodajne cijene. 48. Iako dvostruko određivanje cijena može biti prikladnije za fondove koji ulažu u imovinu čiji se troškovi likvidnosti uglavnom sastoje od razlike između kupovne i prodajne cijene, upravitelji fondova trebaju zasebno obračunati dodatnom prilagodbom NAV-a svaki značajan tržišni učinak ili eksplicitne transakcijske troškove. 5.3.4 Smjernice o naknadi za sprječavanje razvodnjavanja (ADL) 49. Upravitelji fondova trebaju smatrati da je ADL posebno primjeren za fondove: a) s visokom koncentracijom ulagatelja (tj. mali broj ulagatelja) kako bi se odgovorilo na rizik povezan s mogućnošću da jedan ili više ulagatelja zatraže potpunu isplatu svojih udjela u kratkom roku; b) sa znatnim razinama aktivnosti upisa i/ili isplate koje bi mogle negativno utjecati na postojeće ulagatelje u fond (npr. na manje fondove u smislu NAV-a mogao bi više utjecati trošak likvidnosti uzrokovan velikim isplatama); c) koji ulažu u manje likvidnu imovinu (npr. obveznice s visokim prinosom, dionice s malom tržišnom kapitalizacijom); d) za koje su općenito dostupne informacije o troškovima trgovanja (kupovna/prodajna cijena) (npr. fondovi koji ulažu u imovinu s tržišno uvjetovanim troškovima likvidnosti). 50. Upravitelji fondova trebaju imati na umu da se ADL može aktivirati kontinuirano ili dinamički na temelju unaprijed definiranih pokretača i pragova. 51. Iako se primjena ADL-a može dosljedno provoditi u uobičajenim tržišnim uvjetima, upravitelji fondova trebaju preispitati njegovu kalibraciju u odnosu na promjenjive tržišne uvjete kako bi osigurali njegovu učinkovitost u očuvanju likvidnosti fonda. 52. Upravitelji fondova trebaju kalibrirati ADL na temelju istih faktora koji se upotrebljavaju za kalibraciju faktora zaštitnog prilagođavanja, tj. kalibracija ADL-a trebala bi uključivati sve procijenjene eksplicitne i procijenjene implicitne transakcijske troškove, prema potrebi i u skladu s načelima iz točke 37., te bi je trebalo preispitati i, prema potrebi, prilagoditi kako bi se osiguralo da se naknada može redovito mijenjati s obzirom na tržišne uvjete. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 14 5.4 Smjernice o računima za odvajanje nelikvidne imovine 53. Upravitelji fondova trebaju razmotriti aktiviranje računa za odvajanje nelikvidne imovine samo u iznimnim okolnostima i ako je to opravdano s obzirom na interese njihovih ulagatelja. Neiscrpan popis iznimnih okolnosti u kojima upravitelj fonda može razmotriti aktiviranje računa za odvajanja nelikvidne imovine obuhvaća: a) značajnu nesigurnost vrednovanja i/ili nelikvidnost određenog dijela portfelja fonda za koji ne postoji aktivno tržište i/ili za koji je trgovanje zabranjeno (npr. zbog sankcija) i/ili za koji je fer vrednovanje privremeno nedostupno radi njegova odvajanja od ostatka fonda (kako bi taj dio ostao otvoren za ulagatelje); b) prijevaru, financijsku krizu ili rat koji utječu na određeni sektor ili regiju. 54. Pri kalibraciji računa za odvajanje nelikvidne imovine upravitelji trebaju voditi računa o: a) utvrđivanju okolnosti za aktiviranje računa za odvajanje nelikvidne imovine i određivanju trenutka kada takvi uvjeti više ne postoje; b) utvrđivanju kriterija za procjenu i praćenje uvjeta koji su potaknuli upotrebu računa za odvajanje nelikvidne imovine; c) prednosti polaganja dijela gotovine za upravljanje potencijalnim obvezama koje se odnose na račune za odvajanja nelikvidne imovine; d) kriterijima za preispitivanje i moguću reviziju odluke o aktiviranju računa za odvajanje nelikvidne imovine i promjeni okolnosti koja bi to zahtijevala. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Paris Cedex 12 – Francuska – www.esma.europa.eu 15 16