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GDF Responds to Call for Evidence on the review of the Undertakings for the Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive

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:

  1. 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.
  2. 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.
  3. 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.
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