On 30.01.2020 ESMA announced a Common Supervisory Action (CSA) to be conducted in 2020 in relation to liquidity risk management in UCITS management companies (see: https://www.esma.europa.eu/press-news/esma-news/esma-launches-common-supervisory-action-ncas-ucits-liquidity-risk-management). A CSA is an EU-wide coordinated inspection by national competent authorities.
The CSA’s objective is to ensure compliance with legal regulations in UCITS liquidity risk management in the EU. In a first step, the national supervisory authorities in the Members States will collect information using standardised questionnaires from all UCITS management companies about liquidity risk management as well as reporting date-based information about the UCITS. Subsequently the national supervisory authorities will conduct detailed supervisory analysis in individual UCITS management companies.