Updated 07/09/2024
In force

Version from: 09/01/2024
Amendments (9)
Delegated Regulation 231/2013
Based on: Art. 16(3)
Specifies: Art. 16(2)
Draft RTS on Liquidity Management Tools
Based on: Art. 16(2)(g)
Specifies: Art. 16(2)(g)
ESMA34/39/784
Published: 05/02/2019
Art. 16(1)
ESMA34/39/882
Published: 02/09/2019
Art. 16(1)
ESMA34/39/897
Published: 16/07/2020
Art. 16(1)
ESMA34/45/974
Published: 17/08/2022
Art. 16(1)
ESMA34-1985693317-1097
Published: 08/07/2024
Art. 16(2h)
QA11 - AIFMD
Status: Final
Updated: 25/03/2014
Art. 16
QA55 - AIFMD
Status: Final
Updated: 26/03/2015
Art. 16
QA83 - AIFMD
Status: Final
Updated: 04/12/2019
Art. 16(1)
FAQ - AIFM Directive
Status: Final
Answered: 18/05/2017
Art. 16
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AIFMD ToolAlternative Investment Fund Managers Directive (AIFMD)
Article 16

Article 16 - Liquidity management

Attention! This article was amended after the current consolidated version was issued. The amendments apply since 15/04/2024. Please consult Directive 2024/927 to review the changes made to the article.

Article 16

Liquidity management

1.  
AIFMs shall, for each AIF that they manage which is not an unleveraged closed-ended AIF, employ an appropriate liquidity management system and adopt procedures which enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the investments of the AIF complies with its underlying obligations.

AIFMs shall regularly conduct stress tests, under normal and exceptional liquidity conditions, which enable them to assess the liquidity risk of the AIFs and monitor the liquidity risk of the AIFs accordingly.

2.  
AIFMs shall ensure that, for each AIF that they manage, the investment strategy, the liquidity profile and the redemption policy are consistent.
3.  

The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures specifying:

(a) 

the liquidity management systems and procedures; and

(b) 

the alignment of the investment strategy, liquidity profile and redemption policy set out in paragraph 2.