{"id":19016,"date":"2026-03-17T05:30:09","date_gmt":"2026-03-17T05:30:09","guid":{"rendered":"https:\/\/sff-camara.com\/?p=19016"},"modified":"2026-03-17T08:52:50","modified_gmt":"2026-03-17T08:52:50","slug":"nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/","title":{"rendered":"Nuevas normas que regulan las herramientas de gesti\u00f3n de liquidez en fondos UCITS y AIF abiertos"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19016\" class=\"elementor elementor-19016 elementor-19015\">\n\t\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-f377bdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f377bdd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26c6730c \" data-id=\"26c6730c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba72526 elementor-widget elementor-widget-heading\" data-id=\"7ba72526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Nuevas normas que regulan las herramientas de gesti\u00f3n de liquidez en fondos UCITS y AIF abiertos<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22afa2a4 elementor-widget elementor-widget-spacer\" data-id=\"22afa2a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1fdaa8 elementor-widget elementor-widget-text-editor\" data-id=\"4f1fdaa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-marzo-2026\/\" rel=\"tag\">SFF Magazine Marzo 2026<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31767f27 elementor-widget elementor-widget-spacer\" data-id=\"31767f27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4070c3d elementor-widget elementor-widget-image\" data-id=\"4070c3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.simmons-simmons.com\/en\/offices\/luxembourg\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"95\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2023\/01\/simmonssimmons-e1717360928990-300x95.png\" class=\"attachment-medium size-medium wp-image-4300\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8676ac4 elementor-widget elementor-widget-spacer\" data-id=\"8676ac4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eef0661 elementor-widget elementor-widget-text-editor\" data-id=\"3eef0661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTem\u00e1ticas: <a href=\"https:\/\/sff-camara.com\/es\/temticas\/distribucion-de-fondos\/\" rel=\"tag\">Distribuci\u00f3n de fondos<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-9043538 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9043538\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-90a932e \" data-id=\"90a932e\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8eb7608 elementor-widget elementor-widget-text-editor\" data-id=\"8eb7608\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><p style=\"font-weight: 400;\">La Directiva modificada de gestores de fondos de inversi\u00f3n alternativos (AIFMD II) y la Directiva UCITS (UCITSD) introducen nuevas normas que regulan las herramientas de gesti\u00f3n de liquidez (\u201cLiquidity Management Tools\u201d o \u201cLMTs\u201d) aplicables a los AIFM y a las sociedades gestoras luxemburguesas a partir del <strong>16 de abril <\/strong>de 2026, con algunas excepciones parciales en determinados casos.<\/p><p style=\"font-weight: 400;\">Estas nuevas normas se establecen en:<\/p><ul><li style=\"font-weight: 400;\">el art\u00edculo 16 y el <strong>Anexo V de AIFMD II,<\/strong> y<\/li><li style=\"font-weight: 400;\"><strong>los art\u00edculos 18a y 84(2) y el Anexo IIA de la UCITSD.<\/strong><\/li><\/ul><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7d3efa elementor-widget elementor-widget-text-editor\" data-id=\"b7d3efa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">El <strong>17 de noviembre de 2025,<\/strong> la Comisi\u00f3n Europea adopt\u00f3 dos Reglamentos Delegados de la Comisi\u00f3n (los \u00abReglamentos\u00bb) en los que se especifican las caracter\u00edsticas de las LMT en virtud de la Directiva AIFMD II y la Directiva UCITSD. En particular, los Reglamentos normalizan el funcionamiento, los umbrales de activaci\u00f3n y las metodolog\u00edas de c\u00e1lculo de las principales herramientas de gesti\u00f3n de la liquidez en toda la UE, e introducen expectativas comunes en materia de gobernanza y divulgaci\u00f3n. <\/p><p style=\"font-weight: 400;\">Los Reglamentos se basan en las normas t\u00e9cnicas de regulaci\u00f3n (RTS) elaboradas por la AEVM y su entrada en vigor est\u00e1 prevista para el <strong>16 de abril de 2026<\/strong>. Actualmente est\u00e1n sujetos a un per\u00edodo de examen de tres meses por parte del Parlamento Europeo y el Consejo, y se espera que se publiquen en el Diario Oficial de la Uni\u00f3n Europea en el primer trimestre de 2026. Si no hay objeciones, entrar\u00e1n en vigor 20 d\u00edas despu\u00e9s de su publicaci\u00f3n y se aplicar\u00e1n a partir del <strong>16 de abril de 2026<\/strong>.  <\/p><p style=\"font-weight: 400;\">A continuaci\u00f3n se resumen los principales puntos de inter\u00e9s.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-3bc994b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3bc994b\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e9d8a64 \" data-id=\"e9d8a64\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-85c41ac elementor-widget elementor-widget-text-editor\" data-id=\"85c41ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"font-weight: 400;\"><strong>Selecci\u00f3n obligatoria de herramientas de gesti\u00f3n de la liquidez<\/strong><\/h5><p style=\"font-weight: 400;\">Se deben seleccionar al menos <strong>dos herramientas de gesti\u00f3n de la liquidez adecuadas<\/strong> de entre las enumeradas en los puntos 2 a 8 del anexo correspondiente, a saber:<\/p><ul style=\"font-weight: 400;\"><li>restricciones de reembolso;<\/li><li>ampliaci\u00f3n de los plazos de preaviso;<\/li><li>comisiones de reembolso;<\/li><li>precios variables;<\/li><li>precios duales;<\/li><li>grav\u00e1menes antidiluci\u00f3n; y<\/li><li>reembolso en especie.<\/li><\/ul><p style=\"font-weight: 400;\">Los fondos del mercado monetario sujetos al Reglamento (UE) 2017\/1131 <strong>solo pueden seleccionar una herramienta <\/strong>de gesti\u00f3n de la liquidez.<\/p><p style=\"font-weight: 400;\">La Directiva AIFMD II no aborda expresamente la situaci\u00f3n de los ELTIF. Sin embargo, existen argumentos que respaldan la opini\u00f3n de que no se deber\u00eda exigir a los ELTIF que seleccionen al menos dos LMT cuando el Reglamento sobre los ELTIF solo exige la selecci\u00f3n de una LMT, bas\u00e1ndose en el principio l<strong>ex specialis derogat legi generali<\/strong>. No obstante, este punto deber\u00e1 evaluarse a la luz de la estructura espec\u00edfica del fondo.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-a9acc1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9acc1d\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-405a970 \" data-id=\"405a970\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a0f690e elementor-widget elementor-widget-text-editor\" data-id=\"a0f690e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"font-weight: 400;\"><strong>Uso ordinario frente a uso excepcional de los LMT<\/strong><\/h5><p style=\"font-weight: 400;\">Los LMT enumerados en los puntos 2 a 8 de cada anexo pueden utilizarse en <strong>el curso ordinario de las actividades del fondo.<\/strong><\/p><p style=\"font-weight: 400;\">Por el contrario, las LMT enumeradas en:<\/p><ul style=\"font-weight: 400;\"><li>el punto 1 (suspensi\u00f3n de suscripciones, recompras y reembolsos), y<\/li><li>el punto 9 (side pockets),<\/li><\/ul><p style=\"font-weight: 400;\">solo podr\u00e1n utilizarse en <strong>circunstancias excepcionales,<\/strong> cuando se justifique teniendo en cuenta los intereses de los inversores del fondo.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6ae8fc9 \" data-id=\"6ae8fc9\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4eb568b elementor-widget elementor-widget-image\" data-id=\"4eb568b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"578\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-1024x578.jpeg\" class=\"attachment-large size-large wp-image-19026\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-1024x578.jpeg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-768x434.jpeg 768w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-780x440.jpeg 780w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-bfbf7f8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bfbf7f8\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3bad820 \" data-id=\"3bad820\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-134a227 elementor-widget elementor-widget-text-editor\" data-id=\"134a227\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"font-weight: 400;\"><strong>Orientaciones de la ESMA sobre la combinaci\u00f3n de herramientas<\/strong><\/h5><p style=\"font-weight: 400;\">La ESMA distingue entre:<\/p><ul style=\"font-weight: 400;\"><li>LMT \u00abcuantitativas\u00bb (como las restricciones de reembolso y las ampliaciones de los plazos de preaviso), y<\/li><li>herramientas antidiluci\u00f3n (\u00abADT\u00bb) (como las comisiones de reembolso, el swing pricing, el doble precio y los grav\u00e1menes antidiluci\u00f3n).<\/li><\/ul><p style=\"font-weight: 400;\">Aunque no es un requisito legal, la ESMA recomienda <strong>seleccionar al menos una LMT cuantitativa y una ADT.<\/strong> En la pr\u00e1ctica, esta distinci\u00f3n es relevante a la hora de evaluar si las herramientas seleccionadas abordan adecuadamente tanto las consideraciones de estr\u00e9s de liquidez como las de protecci\u00f3n de los inversores. <\/p><h5 style=\"font-weight: 400;\"><strong>Divulgaci\u00f3n de la documentaci\u00f3n del fondo<\/strong><\/h5><p style=\"font-weight: 400;\">Las LMT seleccionadas deben figurar en el <strong>documento constitutivo<\/strong> del fondo AIF o UCITS (es decir, los estatutos, el reglamento de gesti\u00f3n o el contrato de sociedad limitada).<\/p><p style=\"font-weight: 400;\">No es necesario que el documento constitutivo establezca todas las condiciones detalladas que rigen la aplicaci\u00f3n de las LMT seleccionadas y puede remitirse al documento de emisi\u00f3n (folleto o memorando de oferta) para obtener m\u00e1s detalles. Sin embargo, no se permite la divulgaci\u00f3n de las LMT seleccionadas <strong>exclusivamente<\/strong> en el documento de emisi\u00f3n. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-fb5b004 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb5b004\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-58bd024 \" data-id=\"58bd024\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-87bc119 elementor-widget elementor-widget-text-editor\" data-id=\"87bc119\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"font-weight: 400;\"><strong>Normas, procedimientos y comunicaci\u00f3n con las autoridades supervisoras<\/strong><\/h5><p style=\"font-weight: 400;\">Aparte de los requisitos de divulgaci\u00f3n, la AIFM o la sociedad gestora deber\u00e1:<\/p><ul style=\"font-weight: 400;\"><li>aplicar normas y procedimientos detallados que regulen la activaci\u00f3n y desactivaci\u00f3n de las LMT seleccionadas; y<\/li><li>comunicar dichas normas y procedimientos a su autoridad supervisora nacional.<\/li><\/ul><p style=\"font-weight: 400;\">Esto implica prestar mayor atenci\u00f3n a la gobernanza interna, los procesos de toma de decisiones y la documentaci\u00f3n relativa al uso de las LMT.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d80ab1b \" data-id=\"d80ab1b\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-326ad5a elementor-widget elementor-widget-text-editor\" data-id=\"326ad5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5>\u00abDebe prestarse especial atenci\u00f3n a las definiciones de los LMT establecidas en cada anexo. A modo de ejemplo, un mecanismo de comisi\u00f3n de reembolso puede no cumplir la definici\u00f3n aplicable si la comisi\u00f3n se reduce al 0 % tras un determinado periodo, ya que esto puede dejar de reflejar el coste de la liquidez con vistas a garantizar que los inversores restantes no se vean injustamente perjudicados.\u00bb<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-46615f2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46615f2\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d20a87 \" data-id=\"7d20a87\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2590ba1 elementor-widget elementor-widget-text-editor\" data-id=\"2590ba1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"font-weight: 400;\"><strong>Importancia de las definiciones y la calibraci\u00f3n de las RTS<\/strong><\/h5><p style=\"font-weight: 400;\">Debe prestarse especial atenci\u00f3n a las definiciones de los LMT establecidas en cada anexo. A modo de ejemplo, un mecanismo de comisi\u00f3n de reembolso puede no cumplir la definici\u00f3n aplicable si la comisi\u00f3n se reduce al 0 % tras un determinado periodo, ya que esto puede dejar de reflejar el coste de la liquidez con vistas a garantizar que los inversores restantes no se vean injustamente perjudicados. <\/p><p style=\"font-weight: 400;\">En este contexto, deben analizarse cuidadosamente las RTS establecidas en los Reglamentos (que, en la fecha de la presente nota, siguen siendo borradores). Su objetivo es armonizar las caracter\u00edsticas de los LMT en toda la UE para los AIF y los UCITS de tipo abierto, con el fin de mejorar la protecci\u00f3n de los inversores y la estabilidad financiera. <\/p><h5 style=\"font-weight: 400;\"><strong>Entrada en vigor y cl\u00e1usula de exenci\u00f3n<\/strong><\/h5><p style=\"font-weight: 400;\">Las nuevas normas se aplicar\u00e1n a partir del <strong>16 de abril de 2026.<\/strong><\/p><p style=\"font-weight: 400;\">Los fondos OICVM y los FIA abiertos constituidos antes de esa fecha se <strong>beneficiar\u00e1n de un per\u00edodo de exenci\u00f3n hasta el 16 de abril de 2027 en relaci\u00f3n con el cumplimiento del Reglamento,<\/strong> tras el cual se exigir\u00e1 el pleno cumplimiento.<\/p><h5 style=\"font-weight: 400;\"><strong>Lo que deben hacer ahora los gestores<\/strong><\/h5><p style=\"font-weight: 400;\">A medida que se acercan los plazos de implementaci\u00f3n, los gestores deben considerar un plan de preparaci\u00f3n por fases:<\/p><ol style=\"font-weight: 400;\"><li><strong>Evaluaci\u00f3n fondo por fondo<\/strong> de los perfiles de liquidez y los LMT existentes.<\/li><li><strong>Selecci\u00f3n de LMT que cumplan con la normativa<\/strong>, se ajusten a la estrategia del fondo y a la base de inversores, y sean conformes con el Reglamento.<\/li><li><strong>Actualizaci\u00f3n de la documentaci\u00f3n,<\/strong> dando prioridad a las modificaciones constitucionales cuando sea necesario.<\/li><li><strong>Comunicaci\u00f3n<\/strong> a la CSSF de los LMT seleccionados, junto con las pol\u00edticas y procedimientos para la activaci\u00f3n y desactivaci\u00f3n de los LMT.<\/li><li><strong>Pruebas operativas <\/strong>con administradores, depositarios y distribuidores.<\/li><li><strong>Preparaci\u00f3n del consejo de administraci\u00f3n y del gobierno corporativo<\/strong>, incluidos los procesos de aprobaci\u00f3n y la formaci\u00f3n.<\/li><li><strong>Notificaci\u00f3n<\/strong> a los inversores existentes cuando sea necesario.<\/li><\/ol><p style=\"font-weight: 400;\">Comenzar temprano permitir\u00e1 a los gestores abordar estos cambios de manera ordenada y evitar modificaciones de \u00faltima hora antes de la fecha l\u00edmite del 16 de abril de 2027 aplicable a los fondos acogidos a la cl\u00e1usula de exenci\u00f3n (teniendo en cuenta que dicha exenci\u00f3n solo se aplicar\u00e1 en relaci\u00f3n con los reglamentos que establecen las normas t\u00e9cnicas reglamentarias que especifican las caracter\u00edsticas de los LMT, mientras que el requisito de especificar al menos dos LMT en el documento constitutivo del fondo correspondiente deber\u00e1 cumplirse en cualquier caso antes del 16 de abril de 2026). Los nuevos fondos OICVM y los FIA abiertos que se constituyan a partir del 16 de abril de 2026 deber\u00e1n cumplir todas las nuevas normas aplicables a los LMT. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5ebeebf7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ebeebf7\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e2df2c4 \" data-id=\"7e2df2c4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75bd40ac elementor-widget elementor-widget-spacer\" data-id=\"75bd40ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ba6f86d elementor-widget elementor-widget-heading\" data-id=\"7ba6f86d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Autores<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5d40e061 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d40e061\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-11dca03c \" data-id=\"11dca03c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5365a5a elementor-widget elementor-widget-image\" data-id=\"5365a5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Henrion-EF-Main-1024x1024.jpg\" class=\"attachment-large size-large wp-image-19040\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Henrion-EF-Main-1024x1024.jpg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Henrion-EF-Main-768x769.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd2ad97 elementor-widget elementor-widget-spacer\" data-id=\"dd2ad97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13f6f24 elementor-widget elementor-widget-heading\" data-id=\"13f6f24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Emmanuel-Fr\u00e9d\u00e9ric Henrion<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1a3ada elementor-widget elementor-widget-spacer\" data-id=\"a1a3ada\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81458cf elementor-widget elementor-widget-heading\" data-id=\"81458cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Partner \u2013 Investment Funds, Luxembourg<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5d7a5 elementor-widget elementor-widget-heading\" data-id=\"cf5d7a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Simmons &amp; Simmons Luxembourg<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4aa7816 elementor-hidden-tablet elementor-hidden-mobile \" data-id=\"4aa7816\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-09b5dd0 elementor-widget elementor-widget-spacer\" data-id=\"09b5dd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-b4c65d7 elementor-hidden-tablet elementor-hidden-mobile \" data-id=\"b4c65d7\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ff95b6 elementor-widget elementor-widget-spacer\" data-id=\"5ff95b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-25165ff4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25165ff4\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-40958f15 \" data-id=\"40958f15\" 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{\n\t\t\tdelete dropdown.dataset.lastkey;\n\t\t}\n\t}\n\tfunction onClick() {\n\t\tdelete dropdown.dataset.lastkey;\n\t}\n\tdropdown.addEventListener( 'keyup', onKeyUp );\n\tdropdown.addEventListener( 'click', onClick );\n\tdropdown.addEventListener( 'change', onSelectChange );\n})( \"cat\" );\n\n\/\/# sourceURL=WP_Widget_Categories%3A%3Awidget\n<\/script>\n<\/nav><nav id=\"search-3\" class=\"widget widget_search\"><h3 class=\"widget-title\">Buscar publicaciones<\/h3>\r\n\t<div class=\"search-wrapper  hs-start light-style\">\r\n\t\t\r\n\t\t\t\t<form action=\"https:\/\/sff-camara.com\/es\/\/\" method=\"get\" class=\"input-wrapper\">\r\n\t\t\t<input type=\"hidden\" name=\"post_type\" value=\"post\"\/>\r\n\r\n\t\t\t<input type=\"search\" aria-label=\"Search\" class=\"form-control\" name=\"s\" placeholder=\"\" required=\"\" autocomplete=\"off\">\r\n\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t<button class=\"btn btn-search\" aria-label=\"Search Button\" type=\"submit\">\r\n\t\t\t\t<i 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elementor-element-5831fc58 elementor-widget elementor-widget-text-editor\" data-id=\"5831fc58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-marzo-2026\/\" rel=\"tag\">SFF Magazine Marzo 2026<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79ec54f3 elementor-widget elementor-widget-spacer\" data-id=\"79ec54f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46b169be elementor-widget elementor-widget-udesign_widget_posts elementor-widget-theme-post-content\" data-id=\"46b169be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"udesign_widget_posts.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"posts  row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3 slider-wrapper posts row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3\" data-slider-options=\"{&quot;spaceBetween&quot;:30,&quot;loop&quot;:true,&quot;autoplay&quot;:{&quot;delay&quot;:5000,&quot;disableOnInteraction&quot;:false},&quot;effect&quot;:&quot;slide&quot;,&quot;slidesPerView&quot;:3,&quot;breakpoints&quot;:{&quot;2401&quot;:{&quot;slidesPerView&quot;:3},&quot;1440&quot;:{&quot;slidesPerView&quot;:3},&quot;1200&quot;:{&quot;slidesPerView&quot;:3},&quot;992&quot;:{&quot;slidesPerView&quot;:3},&quot;768&quot;:{&quot;slidesPerView&quot;:2},&quot;576&quot;:{&quot;slidesPerView&quot;:2},&quot;0&quot;:{&quot;slidesPerView&quot;:1}},&quot;statusClass&quot;:&quot;slider-dots-default&quot;}\" data-post-type=\"modern\">\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18830 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-consejero-independiente tag-gobernanza post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\">\r\n\t\tRedefiniendo la supervisi\u00f3n: el consejero independiente como ventaja estrat\u00e9gica de Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18859 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-seguros tag-tax-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\">\r\n\t\tMEET THE TEAM &#8211; CERTA Insurance\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18901 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-alternative-investment-es tag-real-estate post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tModel house on digital graph, representing real estate market analysis.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\">\r\n\t\tFondos inmobiliarios en 2026: navegando un mercado entre la recuperaci\u00f3n y la complejidad\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18934 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-600x420.jpg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-600x420.jpg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-400x280.jpg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-570x400.jpg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\">\r\n\t\tCecabank impulsa su presencia en Luxemburgo con la suma de nuevos clientes estrat\u00e9gicos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18958 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-consejero-independiente tag-gobernanza post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tFinancial growth chart for stock market investment trading.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\">\r\n\t\tConsejeros independientes: un pilar de la gobernanza en los fondos de inversi\u00f3n en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18976 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-real-estate tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\">\r\n\t\tEstructuras Double LuxCo en operaciones de financiaci\u00f3n espa\u00f1olas: un viejo conocido vuelve a cobrar protagonismo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19016 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\">\r\n\t\tNuevas normas que regulan las herramientas de gesti\u00f3n de liquidez en fondos UCITS y AIF abiertos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19047 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-asset-management-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\">\r\n\t\tEntrevista con H\u00e9ctor Esteban, Director de Expansi\u00f3n Internacional de Mutuactivos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19183 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tStable Coin. Stablecoins Cryptocurrencies Stable Market Price Value Coin Currency.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\">\r\n\t\tEvaluaci\u00f3n de las stablecoins: metodolog\u00edas, riesgos e implicaciones para la industria europea de fondos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19213 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-diversidad post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\">\r\n\t\tWomen who inspire: Finance &#8211; Daniela Abreu\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19227 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\">\r\n\t\tConozca a los nuevos miembros del Spanish Financial Forum \u2013 Marzo 2026\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19296 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-tax-es tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\">\r\n\t\tLuxemburgo y la carrera por el talento: carried interest e impatriates\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1457a4cf elementor-widget elementor-widget-spacer\" data-id=\"1457a4cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>La Directiva modificada de gestores de fondos de inversi\u00f3n alternativos (AIFMD II) y la Directiva UCITS (UCITSD) introducen nuevas normas que regulan las herramientas de gesti\u00f3n de liquidez (\u201cLiquidity Management [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[336],"tags":[173],"class_list":["post-19016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sff-magazine-marzo-2026","tag-distribucion-de-fondos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 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