ESMA launches risk management CSA for UCITS and AIFMs

On 3 July 2026, ESMA launched a Common Supervisory Action (CSA), in which it will work with national competent authorities (NCAs) to assess the risk management function of UCITS ManCos and AIFMs across the EU.

The review will run 2026 and 2027 and will look at how firms comply with key risk management requirements under the UCITS Directive and AIFMD.

The review will focus, in particular, on the effectiveness, independence and expertise of the risk management function in three areas:

• the governance and organisation of the risk management function;
• risk identification, measurement and monitoring; and
• reporting to senior management and governing bodies.

ESMA expects to publish a final report with its findings in 2028.