FSB and IOSCO publish policies to address vulnerabilities from liquidity mismatch in open-ended funds (OEFs)

The CSSF would like to inform industry participants that the following final reports were published concurrently on 20 December 2023:

a) The Financial Stability Board (FSB) published revised policy recommendations to address structural vulnerabilities from liquidity mismatch in OEFs (Revised FSB Recommendations).

The Revised FSB Recommendations can be found on FSB’s website at:

b) The International Organization of Securities Commissions (IOSCO) issued final guidance on anti-dilution liquidity management tools (LMT Guidance) for the effective implementation of the recommendations for liquidity risk management for collective investment schemes.

The LMT Guidance can be found on IOSCO’s website at:

A related joint FSB and IOSCO press release is available at: