ES - CNMV technical guide on management and control of liquidity of CIUs

02/05/2022

On 28 January 2022, the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) “CNMV” has published Technical Guide 1/2022 on the management and control of liquidity of Collective Investment Undertakings (CIUs).

The Guide considers which elements should be included in the procedures of CIU Managers to ensure adequate management and control of the liquidity risk of their institutions, with the aim of avoiding the generation of damage and conflicts of interest among investors. In particular the guide details the different tools that may be used for an adequate liquidity management of CIUs. CIUs Managers should ensure their proper implementation and the use of anti-dilutive mechanisms (including the valuation of the portfolio at Bid or Ask prices and swing pricing).

Head of Knowledge Management Strategy and Market Infrastructure - SGSS