{"id":121966,"date":"2025-11-24T10:45:37","date_gmt":"2025-11-24T09:45:37","guid":{"rendered":"https:\/\/www.afg.asso.fr\/?p=121966"},"modified":"2025-11-24T17:47:53","modified_gmt":"2025-11-24T16:47:53","slug":"outil-liquidite-publication-esma","status":"publish","type":"post","link":"https:\/\/www.afg.asso.fr\/fr\/outil-liquidite-publication-esma\/","title":{"rendered":"Outils de gestion de la liquidit\u00e9 : publication de textes et rappel des \u00e9ch\u00e9ances"},"content":{"rendered":"\n<p>La Commission Europ\u00e9enne a adopt\u00e9 les RTS (actes d\u00e9l\u00e9gu\u00e9s) de l&rsquo;ESMA sur les outils de gestion de la liquidit\u00e9. Pour rappel,\u00a0ces deux textes (un pour les <a href=\"https:\/\/fra01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fec.europa.eu%2Ftransparency%2Fdocuments-register%2Fdetail%3Fref%3DC(2025)7643%26lang%3Den&amp;data=05%7C02%7Cac.dhuart%40afg.asso.fr%7C1fe9df3dffaf4747abe108de28fdfee2%7C18570703cd134c8fa98760408f80fa42%7C1%7C0%7C638993268549163416%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=EF3sjDj2GJm2pXERFTuG%2FvR0vTqSuGEJRRvPhmQWeYs%3D&amp;reserved=0\" target=\"_blank\" rel=\"noreferrer noopener\">FIA<\/a><a href=\"https:\/\/fra01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fec.europa.eu%2Ftransparency%2Fdocuments-register%2Fdetail%3Fref%3DC(2025)7643%26lang%3Den&amp;data=05%7C02%7Cac.dhuart%40afg.asso.fr%7C1fe9df3dffaf4747abe108de28fdfee2%7C18570703cd134c8fa98760408f80fa42%7C1%7C0%7C638993268549199311%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=0t9vtaBqHL0nj2mIFEH9kbfsEVYkGQ2qbfHbSfBIe%2BA%3D&amp;reserved=0\">\u00a0<\/a>et un pour les <a href=\"https:\/\/fra01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fec.europa.eu%2Ftransparency%2Fdocuments-register%2Fdetail%3Fref%3DC(2025)7642%26lang%3Den&amp;data=05%7C02%7Cac.dhuart%40afg.asso.fr%7C1fe9df3dffaf4747abe108de28fdfee2%7C18570703cd134c8fa98760408f80fa42%7C1%7C0%7C638993268549226722%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=6BP83tJN9DmQ9z1wN8Y%2FrLOlaLtbWuN2wSCKpibudBo%3D&amp;reserved=0\" target=\"_blank\" rel=\"noreferrer noopener\">OPCVM<\/a>) d\u00e9finissent les caract\u00e9ristiques de chaque outil disponible.<\/p>\n\n\n\n<p><strong>Le calendrier d&rsquo;application est le suivant :<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Janvier 2026<\/strong>\u00a0: fin de la p\u00e9riode\u00a0d&rsquo;examen (\u00ab\u00a0scrutiny\u00a0\u00bb) par le parlement et les Etats-membres pour d&rsquo;\u00e9ventuelles remarques<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>F\u00e9vrier 2026<\/strong>\u00a0: publication au journal officiel de l&rsquo;Union Europ\u00e9enne<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>16 avril 2026<\/strong>\u00a0: application de ces textes pour les nouveaux fonds lanc\u00e9s \u00e0 partir de cette date<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>16 avril 2027<\/strong>\u00a0: application de ces textes pour les autres fonds, existants avant le 16 avril 2026. Il s&rsquo;agit d&rsquo;une p\u00e9riode de transition pr\u00e9vue pour l&rsquo;adaptation des prospectus (si besoin) et des infrastructures.\u00a0<strong>Attention\u00a0: cette p\u00e9riode de transition ne vaut pas pour la s\u00e9lection et l\u2019insertion des outils de gestion de liquidit\u00e9 dans les prospectus (date limite\u00a0: 16 avril 2026).<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Par ailleurs, les orientations de l&rsquo;ESMA, sur la s\u00e9lection et la calibration des outils, seront prochainement traduites.\u00a0Les dates d&rsquo;application sont identiques, y compris la p\u00e9riode de transition.<\/p>\n\n\n\n<p>Enfin, il est important de rappeler que ces deux textes pr\u00e9cisent les conditions d&rsquo;application des nouvelles directives OPCVM et AIFMD. Celles-ci pr\u00e9voient la s\u00e9lection de deux outils pour chaque fonds ouverts (un seul outil en revanche pour les fonds mon\u00e9taires). <\/p>\n\n\n\n<p><strong>Ces nouvelles directives seront applicables \u00e0 partir du 16 avril 2026, pour tous les fonds, et ne pr\u00e9voient pas de p\u00e9riode de transition pour ceux existants.<\/strong><\/p>\n\n\n\n<p><strong><u>A retenir : la s\u00e9lection des deux outils,<\/u><span style=\"text-decoration: underline;\">\u00a0ainsi que leur insertion dans les prospectus,\u00a0d<u>oiv<\/u><\/span><u>ent \u00eatre effectu\u00e9es\u00a0avant le 16 avril 2026.<\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La Commission Europ\u00e9enne a adopt\u00e9 les RTS (actes d\u00e9l\u00e9gu\u00e9s) de l&rsquo;ESMA sur les outils de gestion de la liquidit\u00e9. Pour&hellip;<\/p>\n","protected":false},"author":4169,"featured_media":14972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"_gspb_post_css":"","wds_primary_category":5,"footnotes":""},"categories":[5],"tags":[],"thematics":[680,681],"top_contenu":[568,44,45],"class_list":["post-121966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee","thematics-gestion-de-la-liquidite","thematics-management-du-risque","top_contenu-top-contenu-commission-club","top_contenu-top-contenu-espace-membre","top_contenu-top-contenu-home-page"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/121966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/users\/4169"}],"replies":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/comments?post=121966"}],"version-history":[{"count":0,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/121966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media\/14972"}],"wp:attachment":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media?parent=121966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/categories?post=121966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/tags?post=121966"},{"taxonomy":"thematics","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/thematics?post=121966"},{"taxonomy":"top_contenu","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/top_contenu?post=121966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}