The Autorité des Marchés Financiers (AMF) has published a new instruction covering liquidity management procedures at OPCIs and evergreen FCPRs

The Autorité des Marchés Financiers (AMF) has published a new instruction and amended its instructions relating to OPCIs and FCPRs to specify the liquidity management systems required at OPCIs and open-ended FCPRs (evergreen FCPRs), when they are not authorised under Regulation (EU) 2015/760 (the ‘ELTIF Regulation’).

Until now, in order to authorise an OPCI or an evergreen FCPR, the AMF required, in terms of liquidity management, that the investment management company have liquid assets in the fund representing 30 to 40% of its net assets and that it transmit stress tests to it demonstrating the fund's ability to honour redemption requests from shareholders or unit holders.

In the context of the revision of the ELTIF Regulation by Regulation (EU) 2023/606, which established a new European reference framework for managing the liquidity of AIFs open to redemptions, the AMF has adapted and is disseminating, in a new Instruction DOC-2026-05, its requirements for the liquid assets of OPCIs and evergreen FCPRs not authorised under the ELTIF Regulation. In this new instruction, the AMF is also publishing its expectations in relation to the liquidity stress tests that must be communicated to it as part of applications for the authorisation of such funds.

The requirements set out in Instruction DOC-2026-05 are without prejudice to the additional legislative and regulatory provisions relating to liquidity management tools which will result from the transposition into French law of Directive (EU) 2024/927 of the European Parliament and of the Council amending Directives 2011/61/EU (AIFM) and 2009/65/EC (UCITS).

Instruction DOC-2026-05 provides for a permanent liquid assets cushion being put in place at OPCIs and evergreen FCPRs that are not authorised under the ELTIF Regulation, meaning that redemption requests from shareholders or unit holders can be met.