Are boards getting all the information they need from managers to determine if their fund has passed its liquidity stress test? Some may not and it is their responsibility if something then goes wrong.

These tests, incidentally, are almost certainly going to be required to be done more frequently and will become more comprehensive.

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There was surprisingly little coverage in the press, back in 2018, of the EU Commission’s proposals for a much more comprehensive degree of financial regulation and market integration in Europe post Brexit. The Commission published a lengthy paper on this topic in September 2018.

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