FR/10/2025集体投资计划流动性风险管理修订建议

Revised Recommendationsfor Liquidity RiskManagement for CollectiveInvestment Schemes The Board of theInternational Organization of Securities Commissions © International Organization of Securities Commissions 2022.All rights reserved. Brief excerpts may be reproduced or translatedprovided the source is stated. Table of Contents Chapter 1 –Executive Summary4 Chapter 2 –Introduction7 2.1.CIS liquidity risk management72.2.Responsibilities of Responsible Entities82.3.Role of Securities Regulators9 Chapter 3 –Overview of changes to IOSCO 2018 Liquidity Recommendations 12 Chapter 4 –Revised Liquidity Recommendations16 4.1.The CIS Design Process Recommendations164.2.Liquidity Management Tools and Measures Recommendations244.3.Day-to-Day Liquidity Management Practices Recommendations294.4.Stress Testing Recommendation334.5.Governance Recommendations354.6.Disclosures to Investors and Authorities Recommendations43 Chapter 1 –Executive Summary The Board of the International Organization of Securities Commissions (IOSCO) is nowpublishing its Final Report on revisions to itsRecommendations for Liquidity Risk Managementfor Collective Investment Schemes1(IOSCO 2018 Liquidity Recommendations), which weresupplemented with a set of related good practices published asOpen-ended Fund Liquidityand Risk Management – Good Practices and Issues for Consideration2(IOSCO 2018 GoodPractices). Simultaneously, IOSCO is publishing the Final Report onGuidance for Open-ended Fundsfor the Effective Implementation of the Recommendations for Liquidity Risk Management3(Implementation Guidance) which sets out guidance on critical technical elements of theRevisedRecommendations.TheRevisedLiquidityRecommendationsandtheImplementation Guidance incorporate the IOSCO ADT Guidance and should be read inconjunction with each other for completeness.4 Background to the updated Revised Recommendations In November 2024, IOSCO published two Consultation Reports.5These reports set outtheRevisedLiquidity RecommendationsandtheImplementationGuidancefortherecommendations. In total, IOSCO received 33 responses to the two reports. Context In December 2023, the FSB published itsRevised Policy Recommendations to AddressStructural Vulnerabilities from Liquidity Mismatch in Open-ended Funds6(Revised FSBRecommendations) and, to support the greater use and greater consistency in the use ofanti-dilution liquidity management tools (LMTs) by OEFs, IOSCO published itsAnti-dilution Liquidity Management Tools – Guidance for Effective Implementation of theRecommendations for Liquidity Risk Management for Collective Investment Schemes7(IOSCO ADT Guidance). By publishing this Final Report, the Board of IOSCO is finalizing revisions to the IOSCO2018 Liquidity Recommendations (the ‘Revised Liquidity Recommendations’) following aperiod of Consultation. The Revised Liquidity Recommendations will operationalise theRevised FSB Recommendations and incorporate other changes to reflect market andpolicydevelopmentssincethepublicationoftheIOSCO2018LiquidityRecommendations. The key revisions to the IOSCO 2018 Liquidity Recommendations can be found underRevised Liquidity Recommendations 3, 6, 7, 13 and 17. These revisions take into accountthe Revised FSB Recommendations as well as the IOSCO ADT Guidance. The Final Report sets out IOSCO’s final positions following a period of Consultation. Asummary of the key positions taken in the Revised Liquidity Recommendations by IOSCOfollowing Consultation are set out below: 1)Minor clarifications to the definitions of common components of open-endedfunds (OEF) structure;2)Maintaining the position that category 2 funds are expected to increasingly useADTs as part of their day-to-day liquidity management, unless such LMTs notbeing used is clearly justified as specified in Recommendation 7;3)Revisionofexplanatorytexttoinclude“softclosures,”and“deferralofredemptions” as additional potential liquidity management tools (LMTs);4)Clarification of IOSCO’s intention not to impose additional responsibilities ondepositaries beyond those set out in existing regulatory frameworks;5)Revision of explanatory text at Recommendations 16 and 17 on disclosures toenhance transparency when responsible entities activate quantity-based LMTs orother liquidity management measures;6)Confirmation that exchange-traded funds (ETFs) and money-market funds (MMFs)are outside the scope of the Final Report. Implementation review IOSCO expects that securities regulators will actively promote the implementation of theRevised Liquidity Recommendations by responsible entities within the context of therelevant collective investment scheme (CIS) in their respective jurisdictions. Hence, theimplementation of the recommendations (as revised) may vary from jurisdiction-to-jurisdiction, depending on local conditions and circumstances. 5IOSCO will review progress by member jurisdictions in implementing the Revised LiquidityRecommendations and the Implementation Guidance. The