GDF has worked with its members in the MiCA Working Group to respond to the ESMA Call for Evidence on UCITS Eligible Assets.
Key takeaways from GDF’s response include:
- Support for ESMA Enabling the Inclusion of Crypto and Digital Assets Within UCITS Eligible Assets – GDF strongly encourages ESMA in the UCITS EAD to clarify crypto-asset eligibility within UCITS. GDF members feel that providing such clarity would be in support of ESMA’s goals of improving investor protection, clarity, and supervisory convergence.
- Encouragement of Further ESMA Level Guidance, Especially for Unique Asset Classes Such as Digital Assets for Consistent NCA Implementation- Specifically, GDF would support ESMA defining clear and further detailed criteria for index eligibility, including acceptable levels of leverage, transparency requirements, and sector exposures.
- Further Standardisation of the Definition of ‘Liquidity’ within UCITS Guidance Encouraged – GDF would support ESMA in developing a clear, standardized definition of “liquidity” and “liquid financial assets” that is applicable for consistent implementation across EU member states.