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European Union › Liquidity

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
A&O Shearman

EC adopts Delegated Regulation under MiCAR on liquidity management for ARTs and EMTs

A&O Shearman on

The European Commission has adopted a Delegated Regulation supplementing Regulation (EU) 2023/1114 (Markets in Crypto Assets Regulation) (MiCAR), regarding regulatory technical standards (RTS) specifying the minimum contents...more

Cadwalader, Wickersham & Taft LLP

Europe Proposes Relaxations for Liquidity Buffers Including Securitisation Positions

Cadwalader, Wickersham & Taft LLP on

The European Commission has published a draft Regulation amending Delegated Regulation (EU) 2015/61 on the eligibility conditions for securitisations in the liquidity buffer of credit institutions (the “Draft”)....more

A&O Shearman

EBA updated report on monitoring of LCR and NSFR

A&O Shearman on

The European Banking Authority (EBA) has published an updated report, together with a press release, on the monitoring of the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) in the European Union. This...more

Goodwin

Liquidity Management Under AIFMD2: Near-Final RTS for Open-Ended Funds

Goodwin on

Following our September 2024 Alert “Liquidity Management Under AIFMD2: RTS for Open-Ended Funds,” the European Securities and Markets Authority (ESMA) has now published Final Reports for “Guidelines on LMTs of UCITS and...more

Proskauer - Regulatory & Compliance

AIFMD 2.0 – Draft RTS and Final Guidelines Published on Liquidity Management Tools

Proskauer - Regulatory & Compliance on

On 15 April 2025, the European Securities and Markets Authority (“ESMA”) published draft regulatory technical standards (the “Draft RTS”) and final guidelines (the “Guidelines”) on Liquidity Management Tools (“LMTs”), as...more

White & Case LLP

Eyes on the exit: Selling PE portfolio companies in complex markets

White & Case LLP on

Sluggish M&A and IPO markets have put the brakes on private equity exit activity across Europe, but as pressure builds to clear the backlog of unsold portfolio companies, firms are taking innovative approaches to selling...more

A&O Shearman

Regulatory monitoring - February 2025

A&O Shearman on

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Work programme and strategic priorities for 2025/26 Status: Final - The BCBS has published its work programme and strategic...more

King & Spalding

Open End Credit Funds – ESMA Is Looking for Answers

King & Spalding on

The ESMA Consultation Paper on draft regulatory technical standards on open-ended loan-originating AIFs (OE LO AIFs) under the AIFMD, published on the 12 December 2024, aims to set out the requirements which OE LO AIFs must...more

A&O Shearman

European Central Bank clarifications on ICAAP and ILAAP requirements

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The European Central Bank (ECB) has published a report clarifying the internal capital adequacy assessment process (ICAAP) and the internal liquidity adequacy assessment process (ILAAP), as well as the respective package...more

Skadden, Arps, Slate, Meagher & Flom LLP

Policy Updates From the UK Prudential Regulation Authority

Skadden, Arps, Slate, Meagher & Flom LLP on

The UK Prudential Regulation Authority (PRA) has issued significant policy updates to enhance the regulatory framework for insurers and financial institutions in the UK: - Key among these is the Policy Statement on...more

Cadwalader, Wickersham & Taft LLP

The EU Consults on Operating Conditions for Open-Ended Loan Origination Funds

Cadwalader, Wickersham & Taft LLP on

The EU has issued its consultation on Regulatory Technical Standards for open-ended loan-originating AIFs operating under AIFMD II. As previously flagged, the default position under AIFMD II is that Loan Originating...more

Goodwin

Loan Fund Structures under AIFMD2: ESMA’s Proposals

Goodwin on

In our recent alert Loan Origination Under AIFMD2: A Guide on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more

Walkers

ESMA consultation on open ended loan-originating AIFs under AIFMD II

Walkers on

On 12 December 2024, ESMA published its consultation paper containing draft regulatory technical standards ("RTS") pursuant to Directive (EU) 2024/927 ("AIFMD II") on requirements with which loan-originating AIFs ("LOAIFs")...more

A&O Shearman

European Securities and Markets Authority consults on the draft technical standards on open-ended loan-originating alternative...

A&O Shearman on

The European Securities and Markets Authority has published a consultation paper on draft regulatory technical standards on open-ended loan originating Alternative Investment Funds under the revised Alternative Investment...more

A&O Shearman

EU Responses to Consultation on Macro-Prudential Policies for Non-bank Financial Intermediation

A&O Shearman on

The European Central Bank has published the Eurosystem's response to the European Commission's consultation on macroprudential policies for non-bank financial intermediation. This is on behalf of the ECB and the national...more

A&O Shearman

Consultation on Updated Liquidity Risk Management Recommendations for Collective Investment Schemes

A&O Shearman on

The International Organization of Securities Commissions has published a consultation report on its proposed revised recommendations for liquidity risk management for collective investment schemes. The Liquidity Risk...more

Cadwalader, Wickersham & Taft LLP

In the Lien of Sight November 2024 - Second Lien Loans in Subscription Finance

Cadwalader, Wickersham & Taft LLP on

Although second lien loans in subscription line finance have been discussed with interest over the years, their use has been sporadic and it has only been very recently that we have started to see a real uptake in the use of...more

A&O Shearman

Regulatory monitoring - October 2024

A&O Shearman on

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a...more

Cadwalader, Wickersham & Taft LLP

Business As Usual, October 2024 - The European Union Kicks Off Its Consultation on the Reform of Its Securitisation Framework

Cadwalader, Wickersham & Taft LLP on

The European Commission has produced the first leg of its long awaited consultation on the function of the EU Securitisation Framework ("ESF") in the form of a paper setting out consultation questions....more

Walkers

AIFMD II 101: Part 2 – A new EU Framework for Liquidity Management Tools

Walkers on

This second instalment of our AIFMD II 101 series focuses on the new EU-wide legal framework for liquidity management tools ("LMTs") under AIFMD II. The new rules in relation to the use of LMTs will apply to alternative...more

Goodwin

Liquidity Management Under AIFMD2: RTS for Open-Ended Funds

Goodwin on

In our recent alert Loan Origination Under AIFMD2: A Guide, on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more

Walkers

European Commission adopts Regulatory Technical Standards on the ELTIF Regulation

Walkers on

On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more

Proskauer Rose LLP

Private Credit Explained - Delayed Draw Term Loans

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A typical European leveraged loan will comprise of various tranches of debt, for a variety of purposes, all documented within a single facilities agreement. In a leveraged buyout scenario, the standard structure will be a...more

Goodwin

ELTIF 2.0 RTS: Second Time Lucky and A Positive Step Forward on Liquidity and Redemptions

Goodwin on

In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more

Proskauer - Regulatory & Compliance

ELTIF 2.0 – Final RTS Published

Proskauer - Regulatory & Compliance on

Background - On 19 July 2024, the European Commission published final regulatory technical standards (the “RTS”) in respect of Regulation EU/2023/606 relating to the European long-term investment fund (“ELTIF 2.0”). This...more

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