Standards aimed at preventing the excessive accumulation of risk ex ante, such as minimum maturity-matching rules, are more effective in this sense than those meant to manage a fund’s crisis ex-post, such as gates, which may even have counterproductive signalling effects.
The former set of standards should in my view include mandatory rules to ensure that funds investing in illiquid assets beyond a certain share of their portfolios may not operate as open-ended funds. Finally, the adoption of a macroprudential approach to the risks arising from asset management could require the adjustment of the institutional framework for financial supervision.