The update establishes supervisory guidance for liquidity management tools used by UCITS and AIFs, which are collective investment undertakings managing pooled assets for investors—a core Investment Services function.
Fixed Income (70%)Fixed Income is secondary because many of the liquidity management tools (redemption restrictions, notice periods, swing pricing) are commonly applied to funds holding illiquid fixed income assets, though the guidance applies broadly across asset classes.
The update establishes supervisory guidance on liquidity management tools and their calibration for collective investment funds, which directly addresses liquidity risk management and regulatory requirements for fund managers.
Prudential Standards (87%)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 Smernice o orodjih za upravljanje likvidnosti KNPVP in AIS odprtega tipa Kazalo 1. Področje uporabe .......................................................................................................... 3 2. Sklicevanje na pravne vire, kratice in opredelitve pojmov ............................................. 4 2.1 Sklicevanje na pravne vire ..................................................................................... 4 2.2 Kratice .................................................................................................................... 4 2.3 Opredelitev pojmov ................................................................................................ 5 3. Namen ........................................................................................................................... 5 4. Obveznosti glede skladnosti in poročanja ..................................................................... 6 4.1. Vloga teh smernic .................................................................................................. 6 4.2. Zahteve glede poročanja ....................................................................................... 6 5. Smernice o orodjih za upravljanje likvidnosti KNPVP in AIS odprtega tipa ................... 7 5.1 Smernice o splošnih načelih .................................................................................. 7 5.2 Smernice o količinskih OUL ................................................................................... 8 5.2.1 Smernice o prekinitvi vpisov, ponovnih odkupov in izplačil (v nadaljnjem besedilu: prekinitve) ...................................................................................................... 8 5.2.2 Smernice o omejitvah izplačil ......................................................................... 9 5.2.3 Smernice o podaljšanju rokov za obvestilo ................................................... 10 5.2.4 Smernice za izplačila v naravi ...................................................................... 11 5.3 Smernice o orodjih za preprečevanje razvodenitve (OPR) .................................. 11 5.3.1 Smernice o provizijah za izplačila ................................................................. 12 5.3.2 Smernice o prilagajanju čiste vrednosti sredstev .......................................... 13 5.3.3 Smernice o sistemu dvojnih cen ................................................................... 13 5.3.4 Smernice o dajatvi proti razvodenitvi (DPR) ................................................. 14 5.4 Smernice o stranskih žepih .................................................................................. 14 ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 2 1. Področje uporabe Kdo? 1. Smernice so namenjene pristojnim organom in upraviteljem skladov. Kaj? 2. Smernice se uporabljajo v zvezi s členom 18a(2) direktive o KNPVP in členom 16(2b) in (2c) direktive o UAIS. Kdaj? 3. Smernice se uporabljajo od dneva začetka uporabe regulativnih tehničnih standardov iz člena 18a(3) direktive o KNPVP in člena 16(2g) direktive o UAIS. 4. Z odstopanjem od prvega pododstavka se v zvezi s skladom, ki je obstajal pred datumom začetka uporabe iz navedenega pododstavka, te smernice uporabljajo po preteku dvanajstih mesecev od navedenega datuma. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 3 2. Sklicevanje na pravne vire, kratice in opredelitve pojmov 2.1 Sklicevanje na pravne vire Direktiva o KNPVP Direktiva 2009/65/ES o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP)1 Direktiva o UAIS Direktiva 2011/61/EU o upraviteljih alternativnih investicijskih skladov in spremembah direktiv 2003/41/ES in 2009/65/ES ter uredb (ES) št. 1060/2009 in (EU) št. 1095/20102 Uredba o organu ESMA Uredba (EU) št. 1095/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/77/ES3 2.2 Kratice KNPVP kolektivni naložbeni podjem za vlaganja v prenosljive vrednostne papirje AIS alternativni investicijski sklad UAIS upravitelj alternativnih investicijskih skladov OUL orodje za upravljanje likvidnosti ČVS čista vrednost sredstev OPR orodje za preprečevanje razvodenitve DPR dajatev proti razvodenitvi 1 UL L 302, 17.11.2009, str. 32. 2 UL L 174, 1.7.2011, str. 1. 3 UL L 331, 15.12.2010, str. 84. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 4 2.3 Opredelitev pojmov upravitelj sklada a) družba za upravljanje, kot je opredeljena v členu 2(1)(b) direktive o KNPVP; b) investicijska družba, ki ni prenesla pooblastil za upravljanje na družbo za upravljanje v skladu z direktivo o KNPVP iz prvega pododstavka člena 30 direktive o KNPVP; c) UAIS, kot je opredeljen v členu 4(1)(b) direktive o UAIS, ki upravlja AIS odprtega tipa OPR provizije za izplačila, prilagajanje čiste vrednosti sredstev („swing pricing“), sistem dvojnih cen, DPR izbrana OUL orodja za upravljanje likvidnosti, ki jih upravitelj sklada izbere izmed orodij iz točk 2 do 8 Priloge IIA k direktivi o KNPVP in točk 2 do 8 Priloge V k direktivi o UAIS, in sicer: omejitev izplačil, podaljšanje rokov za obvestilo, provizija za izplačila, prilagajanje čiste vrednosti sredstev, sistem dvojnih cen, dajatev proti razvodenitvi, izplačilo v naravi izjemne okoliščine nepredvidljivi dogodki, operativno okolje ali regulativno okolje, ki bistveno vplivajo na sposobnost sklada za izvajanje običajnih poslovnih funkcij, kar bi upravitelju sklada začasno preprečilo izpolnjevanje obveznosti financiranja, ki izhajajo iz bilance stanja na strani obveznosti 3. Namen 5. Smernice so objavljene na podlagi pooblastil, določenih v direktivi o spremembi direktive o UAIS in direktive o KNPVP (Direktiva (EU) 2024/927 Evropskega parlamenta in Sveta4). Natančneje, pooblastila iz člena 18a, odstavek 4, direktive o KNPVP in člena 16, odstavek 2h, direktive o UAIS določajo, da organ ESMA pripravi smernice za izbiro in umerjanje orodij za upravljanje likvidnosti s strani KNPVP in 4 Direktiva (EU) 2024/927 Evropskega parlamenta in Sveta z dne 13. marca 2024 o spremembi direktiv 2011/61/EU in 2009/65/ES v zvezi z ureditvami prenosa, upravljanjem likvidnostnega tveganja, nadzorniškim poročanjem, zagotavljanjem storitev depozitarjev in storitev skrbništva ter dajanjem posojil s strani alternativnih investicijskih skladov (UL L, 2024/927, 26.3.2024). ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 5 UAIS za upravljanje likvidnostnega tveganja in za zmanjševanje tveganj za finančno stabilnost. 6. Smernice temeljijo tudi na členu 16(1) uredbe o organu ESMA. 7. Čeprav so za OUL primarno še naprej odgovorni KNPVP in UAIS, je namen teh smernic vzpostaviti dosledne, učinkovite in uspešne nadzorne prakse ter zagotoviti skupno, enotno in usklajeno uporabo prava Unije, zlasti člena 18a(2) direktive o KNPVP ter člena 16(2b) in (2c) direktive o UAIS v zvezi z izbiro, aktivacijo in umerjanjem OUL. 4. Obveznosti glede skladnosti in poročanja 4.1. Vloga teh smernic 8. V skladu s členom 16(3) uredbe o organu ESMA si morajo pristojni organi in udeleženci na finančnem trgu na vsak način prizadevati za upoštevanje teh smernic. 9. Pristojni organi, katerim so te smernice namenjene, jih morajo upoštevati tako, da jih ustrezno vključijo v svoje nacionalne pravne in/ali nadzorne okvire, tudi kadar so posamezne smernice namenjene predvsem udeležencem na finančnem trgu. V tem primeru morajo pristojni organi s svojim nadzorom zagotoviti, da udeleženci na finančnem trgu upoštevajo smernice. 4.2. Zahteve glede poročanja 10. Pristojni organi, za katere veljajo te smernice, morajo organ ESMA obvestiti, ali ravnajo oziroma ali nameravajo ravnati v skladu s temi smernicami, ali pa mu v dveh mesecih od datuma, ko jih ta objavi, sporočiti razloge za neupoštevanje. Če se pristojni organi do tega roka ne odzovejo, se šteje, da ne ravnajo v skladu s smernicami. Obrazec za pošiljanje obvestil je na voljo na spletišču organa ESMA. 11. Udeležencem na finančnem trgu ni treba sporočiti, ali upoštevajo te smernice. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 6 5. Smernice o orodjih za upravljanje likvidnosti KNPVP in AIS odprtega tipa 5.1 Smernice o splošnih načelih 12. Za upravljanje likvidnostnega tveganja ter za izbiro, umerjanje, aktivacijo in deaktivacijo OUL so še naprej primarno odgovorni upravitelji skladov. Upravitelji skladov bi morali pri izbiri ustreznih OUL ustrezno upoštevati, da bodo izbrana orodja omogočila učinkovito upravljanje likvidnostnega tveganja sklada v običajnih in zaostrenih razmerah na trgu ter da je izbira čim bolj celovita za različne okoliščine. 13. V skladu s členom 18a(2) direktive o KNPVP in členom 16(2b) direktive o UAIS bi morali upravitelji skladov pri izbiri OUL iz Priloge IIA k direktivi o KNPVP in Priloge V k direktivi o UAIS oceniti ustreznost teh orodij glede na vse ustrezne dejavnike, ki vključujejo vsaj: a) pravno strukturo sklada in vse posebne značilnosti, povezane z načinom, na katerega je sestavljen (npr. kotirajoči investicijski skladi, centralno-napajalna struktura); b) naložbeno strategijo in naložbeno politiko sklada; c) pogoje poslovanja sklada, ki med drugim vključujejo najkrajše trajanje roka za obvestilo, obdobje vezanosti, obdobje poravnave, politiko izplačil in pogostost trgovanja; d) profil likvidnosti sklada in njegova temeljna sredstva, vključno z morebitnimi pričakovanimi likvidnostnimi zahtevami, ob upoštevanju izplačil vlagateljev in drugih morebitnih virov likvidnostnega tveganja na strani obveznosti v bilanci stanja sklada (npr. pozivi h kritju) v običajnih in zaostrenih razmerah na trgu ter učinka aktivacije OUL na profil likvidnosti sklada; e) rezultate stresnih testiranj likvidnosti; f) značilnosti baze vlagateljev sklada; g) distribucijsko politiko sklada; h) vse druge ustrezne operativne ovire in kompleksnosti, ki bi lahko vplivale na izvedljivost izvajanja nekaterih OUL. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 7 14. Direktiva o KNPVP in direktiva o UAIS zahtevata, da se s seznamov iz Priloge IIA k direktivi o KNPVP in Priloge V k direktivi o UAIS izbereta vsaj dve ustrezni OUL, vendar lahko upravitelji izberejo več kot dve OUL ter dodatne likvidnostne ukrepe za zagotovitev splošne odpornosti sklada in njegove zmožnosti upravljanja likvidnosti v običajnih in zaostrenih razmerah na trgu. Upravitelji skladov bi morali pri izbiri dodatnih OUL ali likvidnostnih ukrepov oceniti njihovo primernost glede na vse ustrezne dejavnike, med drugim vsaj dejavnike iz prejšnjega odstavka. 15. Upravitelji skladov bi morali pri obvezni izbiri najmanj dveh OUL po potrebi razmisliti, ali bi bilo smiselno izbrati vsaj eno količinsko OUL (tj. omejitev izplačil, podaljšanje roka za obvestilo) in vsaj eno OPR (tj. provizije za izplačila, prilagajanje čiste vrednosti sredstev, sistem dvojnih cen, DPR), pri čemer bi morali upoštevati naložbeno strategijo, politiko izplačil in profil likvidnosti sklada ter tržne razmere, v katerih bi se lahko tovrstno OUL aktiviralo. V tem okviru se lahko upravitelji skladov odločijo, ali bodo izbrali eno OUL, ki se bo uporabljalo v običajnih razmerah na trgu, in eno OUL, ki se bo uporabljalo v zaostrenih razmerah na trgu. 16. Pri odločanju o aktivaciji OUL bi morali upravitelji skladov oceniti, ali naj OUL aktivirajo posamezno ali v kombinaciji z dodatnimi OUL ali drugimi likvidnostnimi ukrepi. 17. Upravitelji skladov bi morali biti na zahtevo pristojnega organa sposobni dokazati, da sta aktivacija in umerjanje izbranih OUL v najboljšem interesu vseh vlagateljev ter ustrezna in učinkovita glede na tržne razmere in relevantne značilnosti sklada (npr. profil likvidnosti, vrsta temeljnih sredstev, baza vlagateljev). 18. Upravitelji skladov bi morali zagotoviti, da se višina prejetih naročil za vpis in izplačilo obravnava na način, ki ne omogoča, da bi imeli nekateri vlagatelji koristi od informacij o verjetnosti aktivacije OUL (npr. v primeru omejitve izplačil se lahko dosežejo pragovi za aktivacijo). 5.2 Smernice o količinskih OUL 5.2.1 Smernice o prekinitvi vpisov, ponovnih odkupov in izplačil (v nadaljnjem besedilu: prekinitve) 19. Upravitelji skladov bi se morali o aktivaciji prekinitev odločati le v izjemnih okoliščinah in samo, kadar je to upravičeno glede na interese vlagateljev. Neizčrpen seznam izjemnih okoliščin, v katerih se lahko upravitelj sklada odloči za aktivacijo prekinitve, vključuje: težave pri vrednotenju sredstev, resne težave z likvidnostjo (npr. zaradi pozivov h kritju, znatnih izstopov), kadar bi lahko izvršitev prodaje temeljnih sredstev skladu povzročila težave z likvidnostjo (npr. veliki popusti pri prodaji sredstev, velika razvodenitev naložb preostalih vlagateljev); kritični kibernetski incident, ki vpliva na ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 8 sposobnost delovanja sklada, upravitelja sklada in/ali ponudnika storitev sklada; nepredvidena zaprtja trgov, omejitve trgovanja, zaprtje mest trgovanja; resno finančno in/ali politično krizo; odkritje pomembnih goljufij; naravne nesreče. 20. Prekinitve lahko vključujejo začasno prekinitev izračuna ČVS, zlasti v primeru negotovega vrednotenja in kadar ni mogoče izračunati ČVS sklada. V drugih primerih in kadar je to mogoče, bi moral upravitelj sklada še naprej vrednotiti sredstva sklada in objavljati ČVS, da vlagateljem zagotovi ustrezne informacije, med drugim tudi dejstvo, da je sklad zaprt za vpise, ponovne odkupe in izplačila. 21. V nekaterih primerih lahko upravitelj sklada prekinitev aktivira, medtem ko se odloča o likvidaciji sklada, vendar mora zagotoviti, da je prekinitev le začasna (tj. z namenom, da se delovanje sklada ne ustavi trajno, temveč da se sklad ponovno odpre, likvidira ali da se po potrebi v določenem trenutku aktivirajo stranski žepi). 22. Upravitelji skladov bi morali razmisliti o ustreznem umerjanju pri prekinitvah, ki bi vključevalo: a) merila za ocenjevanje in spremljanje razmer, ki so povzročile aktivacijo prekinitve; b) merila za pregled in morebitno revizijo odločitve o prekinitvi in spremembe okoliščin, ki bi to upravičevale. 5.2.2 Smernice o omejitvah izplačil 23. Upravitelji skladov bi morali razmisliti o izbiri omejitev izplačil za vse sklade, saj bi lahko imela ob zaostrenih razmerah na trgu vsa sredstva likvidnostne težave, aktivacija tega OUL pa bi lahko prispevala k preprečitvi aktivacije prekinitev. 24. O omejitvi izplačil bi morali razmisliti predvsem: a) upravitelji skladov s koncentrirano bazo vlagateljev, pri katerih bi lahko znatno izplačilo povzročilo likvidnostne težave sklada in vplivalo na vlagatelje, zlasti tiste, ki ostanejo v skladu; b) upravitelji skladov, katerih sredstva bi lahko bila manj likvidna, sama po sebi nelikvidna ali bi to lahko postala v zaostrenih razmerah na trgu in/ali če je za prodajo sredstev morda potrebnega več časa. 25. Upravitelji skladov bi morali razmisliti o aktivaciji omejitev izplačil v primeru zahtev za izplačilo, ki povzročijo preseganje praga. Aktivacija omejitev izplačil je lahko manj primerna, če ima sklad težave z vrednotenjem; v tem primeru lahko upravitelj razmisli o uporabi drugih OUL (npr. prekinitev skupaj z začasno prekinitvijo izračuna ČVS). ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 9 26. Upravitelji skladov bi morali umeriti prag za aktivacijo, da bi zagotovili njegovo učinkovito delovanje in da se lahko omejitev izplačil aktivira, kadar mora upravitelj izplačila omejiti v najboljšem interesu vlagateljev. Pri umerjanju tega praga bi morali upravitelji ustrezno upoštevati: a) pogostost izračunavanja ČVS, b) naložbeni cilj sklada, c) likvidnost temeljnih sredstev, d) trenutne razmere na trgu in e) pričakovane denarne tokove. 27. Upravitelji skladov ne bi smeli omejiti uporabe omejitev izplačil v smislu najdaljšega obdobja uporabe (najdaljše trajanje omejitev izplačil) ali največjega števila obdobij, v katerih se omejitve izplačil lahko aktivirajo (največja uporaba omejitev izplačil), pod pogojem, da je aktivacija omejitev izplačil začasna. Upravitelj sklada bi moral te zadeve določiti za vsak primer posebej. 27.a Upravljavci AIS brez malih vlagateljev in z omejenim številom profesionalnih vlagateljev bi morali upoštevati omejitev izplačil na ravni vlagateljev, samostojno ali v kombinaciji z omejitvami izplačil na ravni sklada, da bi zmanjšali prednost prvega na trgu. 5.2.3 Smernice o podaljšanju rokov za obvestilo 28. Upravitelji skladov bi morali razmisliti o izbiri podaljšanja rokov za obvestilo za vse sklade, ker pa to OUL zagotavlja dodaten čas za likvidacijo temeljnih sredstev, bi mu bilo treba nameniti posebno pozornost, kar zadeva: a) sklade, katerih likvidnost je v času zaostrenih razmer na trgu še posebno občutljiva na poslabšanje; b) AIS, ki so vlagali v manj likvidna sredstva in zlasti nepremičninske sklade in sklade zasebnega kapitala, ki bi morali v običajnih razmerah na trgu že imeti ustrezno pogostost izplačil glede na raven likvidnosti njihovih sredstev. 29. Upravitelji skladov bi morali razmisliti o aktivaciji podaljšanja rokov za obvestilo v običajnih in tudi zaostrenih razmerah na trgu, ob upoštevanju, da je to lahko še zlasti koristno v določenih okoliščinah, na primer v primeru pritiskov za izplačilo. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 10 30. Upravitelji skladov bi morali skrbno oceniti, ali je primerno aktivirati podaljšanje rokov za obvestilo za KNPVP v običajnih razmerah na trgu, pri čemer bi morali upoštevati likvidnost sredstev in dejstvo, ali je to v najboljšem interesu vlagateljev. 31. Da bi se izognili povečanju zahtev za izplačilo, bi morali upravitelji skladov skrbno prilagoditi trajanje podaljšanja rokov za obvestilo ob upoštevanju časa, potrebnega za pravilno likvidacijo temeljnih instrumentov v najboljšem interesu vlagateljev. 5.2.4 Smernice za izplačila v naravi 32. Upravitelji skladov bi morali pri izbiri izplačila v naravi upoštevati: a) strukturo sklada, b) koncentracijo vlagateljev, c) vrste sredstev in d) veljavne omejitve, ki se uporabljajo za izplačila v naravi samo za profesionalne vlagatelje, v skladu s členom 18a(2) direktive o KNPVP in členom 16(2b) direktive o UAIS. 5.3 Smernice o orodjih za preprečevanje razvodenitve (OPR) 33. Upravitelji skladov bi morali razmisliti o izbiri OPR za vse vrste skladov, da bi zmanjšali znatno razvodenitev naložb vlagateljev in morebitno prednost prvega na trgu. 34. Upravitelji skladov bi morali skrbno oceniti različne ravni za aktivacijo OPR na ravni sklada ter vnaprej določiti in redno pregledovati ustrezne in preudarne pragove za aktivacijo, da bi preprečili morebitni znaten vpliv razvodenitve na vlagatelje, in sicer v običajnih in zaostrenih razmerah na trgu ter odvisno od naložbene strategije, sredstev v upravljanju, velikosti in značilnosti portfelja, ocenjenih stroškov likvidnosti, profila vlagateljev, profila likvidnosti zadevnega sklada in preteklih tokov sklada. 35. Upravitelji skladov morajo upoštevati, da je aktivacija OPR v nekaterih okoliščinah lahko zahtevnejša, na primer kadar je likvidnost trga omejena in/ali v primerih negotovosti glede vrednotenja. V teh primerih lahko upravitelji skladov razmislijo o uporabi drugih OUL poleg OPR (npr. količinskih OUL). 36. Upravitelji skladov morajo zagotoviti, da aktivacija OPR v nobenem trenutku ne vpliva na njihovo dolžnost poštenega in ustreznega vrednotenja vseh sredstev. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 11 37. Upravitelji skladov morajo OPR aktivirati v običajnih in zaostrenih tržnih razmerah, da se ocenjeni stroški likvidnosti prenesejo na vlagatelje, ki vpisujejo, in/ali vlagatelje, ki zahtevajo izplačilo. Ocenjeni stroški likvidnosti bi morali: a) vključevati eksplicitne transakcijske stroške vpisov, ponovnih odkupov ali izplačil; b) upoštevati implicitne transakcijske stroške, vključno z vsemi znatnimi vplivi nakupa ali prodaje sredstev na trg, le kadar je to primerno za naložbeno strategijo in na podlagi ocene po najboljših močeh. Pri ocenjevanju vpliva na trg bi bilo smiselno upoštevati analizo prejšnjih transakcij v podobnih razmerah na trgu, da bi se primerjala razlika med ceno, ko je bilo naročilo oddano, in končno realizirano ceno; c) v izhodišču temeljiti na stroških, povezanih s transakcijo s sorazmernim deležem vseh sredstev v portfelju (tj. „sorazmerni pristop“), razen če to ne predstavlja poštene ocene dejanskih likvidnostnih stroškov. Kadar sorazmerni pristop ne predstavlja poštene ocene likvidnostnih stroškov, se ocena lahko prilagodi, da bolj natančno odraža pričakovane likvidnostne stroške pri transakcijah z izbranimi posameznimi naložbami v portfelju. Upravitelji lahko razmislijo o uporabi sorazmernih stroškov v zaostrenih razmerah, kadar je to najprimernejše za ublažitev morebitnega vpliva razvodenitve na preostale vlagatelje. 38. Upravitelji skladov morajo redno pregledovati umerjanje OPR in ga po potrebi prilagoditi, da bo učinkovito odražalo ocenjene likvidnostne stroške, kot je navedeno v prejšnjem odstavku. 39. Upravitelji skladov bi morali biti sposobni na zahtevo zadevnega pristojnega nacionalnega organa dokazati, da je umerjanje OPR pravično in razumno v običajnih in zaostrenih razmerah na trgu, ob upoštevanju najboljših interesov vlagateljev. 5.3.1 Smernice o provizijah za izplačila 40. Upravitelji skladov lahko razmislijo o izbiri provizij za izplačila za vse vrste skladov, vendar so lahko te provizije najbolj koristne v zvezi z naslednjimi skladi: a) skladi, ki vlagajo v sredstva s fiksnimi, preglednimi in/ali predvidljivimi transakcijskimi stroški, kot so provizije za nepremičninske agencije ali notarske pristojbine, in/ali sredstva s transakcijskimi stroški z majhnim nihanjem (npr. fiksni davki in dajatve za nepremičninske transakcije); b) skladi, ki vlagajo v manj likvidna sredstva, kjer bi bilo izvajanje drugih OPR, kot je prilagajanje čiste vrednosti sredstev, lahko težavno ali nemogoče zaradi redkih in omejenih virov oblikovanja cen. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 12 41. Upravitelji skladov bi morali pri umerjanju vnaprej določenega razpona provizij za izplačila uporabiti metodologijo, ki – če je statična – omogoča pregled in prilagoditev, da bi se upoštevali višji likvidnostni stroški ali zaostrene razmere na trgu. 5.3.2 Smernice o prilagajanju čiste vrednosti sredstev 42. Upravitelji skladov bi morali razmisliti o izbiri prilagajanja čiste vrednosti sredstev skladov, s sredstvi katerih se aktivno trguje, kadar so informacije o stroških trgovanja (nakup/prodaja) na voljo in se pogosto posodabljajo, zlasti kadar skladi vlagajo predvsem v sredstva z likvidnostnimi stroški, odvisnimi od trga. Upravitelji skladov morajo upoštevati, da je prilagajanje čiste vrednosti sredstev lahko manj primerno, kadar stroški trgovanja niso takoj na voljo. 43. Odločitev upraviteljev skladov o aktivaciji določenega modela prilagajanja čiste vrednosti sredstev, (tj. polno, delno z eno- ali večstopenjskim faktorjem nihanja) in umerjanje faktorja nihanja bi morala temeljiti na tržnih pogojih na podlagi metodologije, ki jo določi upravitelj sklada. 44. Upravitelji skladov bi morali pri umerjanju prilagajanja čiste vrednosti sredstev zagotoviti, da se ocenjeni likvidnostni stroški vključijo v faktor nihanja ob upoštevanju razmer na trgu in v skladu z načeli iz odstavka 37, vključno z morebitnim pomembnim vplivom trgovanja na trg, kadar je to primerno. 45. Upravitelji skladov lahko določijo najvišji faktor nihanja. Če upravitelj sklada faktor nihanja prilagodi na vrednost, ki presega najvišji faktor nihanja, bi moral biti sposoben na zahtevo pristojnega organa naknadno utemeljiti uporabljeni faktor nihanja. 46. Upravitelji skladov bi morali zagotoviti, da je odločitev o ponovnem umerjanju največjega faktorja nihanja utemeljena in sprejeta v najboljšem interesu vlagateljev. 5.3.3 Smernice o sistemu dvojnih cen 47. Upravitelji skladov bi morali izbiro sistema dvojnih cen obravnavati kot potencialno primerno za sklade, ki vlagajo predvsem v sredstva, katerih likvidnostni stroški se odražajo zlasti v razponu med nakupno in prodajno ceno. 48. Sistem dvojnih cen je lahko primernejši za sklade, ki vlagajo v sredstva, katerih likvidnostni stroški so večinoma sestavljeni iz razpona med nakupno in prodajno ceno, vendar bi morali upravitelji skladov morebitni znatni vpliv na trg ali eksplicitne transakcijske stroške obračunati ločeno z dodatno prilagoditvijo ČVS. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 13 5.3.4 Smernice o dajatvi proti razvodenitvi (DPR) 49. Upravitelji skladov bi morali DPR obravnavati kot posebej primerno za sklade: a) z visoko koncentracijo vlagateljev (tj. majhno število vlagateljev) za obravnavanje tveganja, da bi eden ali več vlagateljev v kratkem času zahteval(o) izplačilo vseh svojih delnic; b) z znatno stopnjo vpisov in/ali izplačil, ki bi lahko negativno vplivali na obstoječe vlagatelje sklada (npr., manjše sklade v smislu ČVS bi lahko likvidnostni stroški, ki jih povzročijo velika izplačila, prizadeli bolj); c) ki vlagajo v manj likvidna sredstva (npr.: visoko donosne obveznice, delnice družb z majhno tržno kapitalizacijo); d) kadar so informacije o stroških trgovanja (nakup/prodaja) splošno dostopne (npr.: skladi, ki vlagajo v sredstva z likvidnostnimi stroški, odvisnimi od trga). 50. Upravitelji skladov morajo upoštevati, da se DPR lahko aktivira za stalno ali dinamično na podlagi vnaprej določenih sprožilcev in pragov. 51. Čeprav se lahko DPR dosledno izvaja v običajnih tržnih razmerah, morajo upravitelji skladov proučiti njeno umerjanje glede na spreminjajoče se razmere na trgu, da se zagotovi njena učinkovitost pri ohranjanju likvidnosti sklada. 52. Upravitelji skladov bi morali DPR umerjati na podlagi istih dejavnikov, kot se uporabljajo za umerjanje faktorjev nihanja, tj. umerjanje DPR mora vključevati vse ocenjene eksplicitne in ocenjene implicitne transakcijske stroške, kadar je to primerno in v skladu z načeli iz odstavka 37, ter jo je treba pregledovati in po potrebi prilagoditi, da se redno prilagaja glede na razmere na trgu. 5.4 Smernice o stranskih žepih 53. Upravitelji skladov bi morali razmisliti o aktivaciji stranskih žepov samo v izjemnih okoliščinah in v primerih, kadar je to upravičeno glede na interese vlagateljev. Neizčrpen seznam izjemnih okoliščin, v katerih lahko upravitelj sklada razmisli o aktivaciji stranskih žepov, vključuje: a) znatno negotovost glede vrednotenja in/ali nelikvidnost določenega deleža portfelja sklada, za katerega ni aktivnega trga in/ali s katerim ni dovoljeno trgovati (npr. zaradi sankcij) in/ali za katerega začasno ni na voljo pošteno vrednotenje, z namenom, da se ga loči od preostanka sklada (ki ostane odprt za vlagatelje); ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 14 b) goljufijo, finančno krizo ali vojno, ki vpliva na določen sektor ali regijo. 54. Upravitelji bi morali pri umerjanju stranskih žepov upoštevati: a) določitev okoliščin za aktivacijo stranskega žepa in opredelitev, kdaj takšne okoliščine ne obstajajo več; b) določitev meril za ocenjevanje in spremljanje razmer, ki so povzročile uporabo stranskega žepa; c) ali je smiselno nameniti denarna sredstva za upravljanje morebitnih obveznosti stranskih žepov; d) merila za pregled in morebitno revizijo odločitve o stranskem žepu ter spreminjajoče se okoliščine, ki bi to upravičevale. ESMA – 201-203 rue de Bercy – CS 80910 – 75589 Pariz Cedex 12 – Francija www.esma.europa.eu 15 16