Selection of liquidity management tools; Authorisation to issue statutory instruments

(1) A capital management company must select at least two suitable liquidity management tools for each open-ended investment fund it manages. For UCITS, the selection must be made from the list in Annex IIA, points 2 to 8, of Directive 2009/65/EC, and for AIFs, the selection must be made from the list in Annex V, points 2 to 8, of Directive 2011/61/EU. For UCITS, the selection may not be limited exclusively to the tools in points 5 and 6 of Annex IIA of Directive 2009/65/EC. For AIFs, the selection may not be limited exclusively to the tools in points 5 and 6 of Annex V of Directive 2011/61/EU.
(2) Before making the selection under subsection (1), a capital management company must assess suitability having regard to the investment strategy pursued, the liquidity profile, and the redemption policy of the investment fund. The capital management company must implement detailed policies and procedures for the activation and deactivation of the selected liquidity management tools, and operational and administrative arrangements for the use of such tools. The capital management company must include the liquidity management tools selected under subsection (1) in the investment conditions or the articles of association of the investment fund, insofar as they are liquidity management tools from the list in Annex IIA, points 2 to 8, of Directive 2009/65/EC, or from the list in Annex V, points 2 to 8, of Directive 2011/61/EU.
(3) By way of derogation from subsection (1), a capital management company may decide to select, for money market funds within the meaning of Regulation (EU) 2017/1131, only one suitable liquidity management tool from the list in Annex IIA, points 2 to 8, of Directive 2009/65/EC, or from the list in Annex V, points 2 to 8, of Directive 2011/61/EU.
(4) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, additional provisions for capital management companies regarding the selection and use of liquidity management tools. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Federal Institute.