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New liquidity stress testing guidelines12 August 2020 / UK & EuropeFrom 30 September 2020, new ESMA guidelines on liquidity stress testing for UCITS and AIFs come into effect. The guidelines provide broad guidance on the form and frequency of liquidity stress testing and require firms to adopt a liquidity stress testing policy. The guidelines apply to all UCITS and alternative investment funds with the exception of unleveraged closed-ended AIFs.