Jessica started her career in London in 2004 as an analyst at State Street Bank & Trust, then at Schroders Investment Managers where she worked on fund valuation. In 2008, she joined the wealth management teams at UBS Wealth Management as an Associate Director, and then at Morgan Stanley Wealth Management in Sydney. Returning to London in 2014, Jessica joined the Financial Conduct Authority as a Senior Inspector of large asset managers. She joined the AMF in 2020 as a Senior Policy Advisor for the Asset Management Regulation Division within the Regulatory Policy and International Affairs Directorate. In particular, she represents the AMF on ESMA's Investment Management Standing Committee and contributes to the work on the review of the Alternative Investment Fund Managers Directive (AIFMD), the regulatory technical standards of the European Long Term Investment Funds Regulation (ELTIF) and the different discussions regarding the Sustainable Finance Disclosure Regulation (SFDR). At international level, Jessica co-chaired the work of the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) on liquidity management by open-ended funds during the March 2020 crisis. Currently, she is a member of the FSB's technical expert group on open-ended funds and leads the IOSCO project regarding the Guidance for the use of Anti-dilution Liquidity Management Tools. Jessica Reyes has a degree in Business Administration and Management from the Universidad de Las Palmas de Gran Canaria. She also holds a master's degree in finance from AFI Escuela de Finanzas in Madrid.
The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) each issued global consultation reports in July 2023 for response by 4 September 2023. The policymakers' perspective is that open-ended funds can collectively generate systemic risk to financial stability via liquidity mismatch. Recommendations include liquidity bucketing and greater inclusion and more consistent use of liquidity management tools (LMT) in both normal and stressed market conditions. This panel will consider how we have arrived at the present position and what impacts could follow for global fund regulation and business practice going forward.
Managing Director
Chief Counsel, Investment Management.
Head of Division
Head of Asset Management Policy