The Central Bank has published a notice of intention (PDF 224.25KB) in relation to the application of the ESMA Guidelines on Liquidity Management Tools of UCITS and open-ended AIFs. The notice sets out that the Central Bank expects full compliance with the Guidelines from 7 May 2026.

The Central Bank of Ireland has consulted on including a provision in the updated Central Bank UCITS Regulations and AIF Rulebook such that, when selecting LMTs in accordance with Article 18a(2) of the UCITS Directive and Article 16(2b) of the AIFMD respectively, fund managers should consider selecting

• at least one quantitative-based liquidity management tool from Annex IIA of the UCITS Directive and Annex V of the AIFMD, namely, redemption gates, extension of notice period or, redemption in kind, and
• at least one anti-dilution based liquidity management tool from Annex IIA of the UCITS Directive and Annex V of the AIFMD, namely, redemption fees, swing pricing, dual pricing or, anti-dilution levy.

This requirement is subject to the derogation in Article 18a(2) of the UCITS Directive and Article 16(2b) of the AIFMD for UCITS and AIFs that are authorised as a money market fund under Regulation (EU) 2017/1131 (the Money Market Funds Regulation).