24. LST should be documented in an LST policy within the UCITS and AIF RMP, which should require the manager to periodically review and adapt, if necessary, the LST as appropriate. The LST policy should at least include the following:
a. a clear definition of the role of senior management in the process, including the governing body (e.g. Board of Directors or Trustees);
b. its internal ownership and which management function(s) is/are responsible for its performance;
c. its interaction with other liquidity risk management procedures, including the manager's contingency plans and the portfolio management function;
d. a requirement for regular internal reporting of LST results specifying the frequency and recipients of the report;
e. periodic review, documentation of the results and a procedure for amending the policy where required by the review;
f. the circumstances requiring escalation, including when liquidity limits/thresholds are breached;
g. the funds subject to LST;
h. initial v
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