Moreover, Directive 2014/91/EU (UCITS V Directive) and its implementing measures recently introduced asset segregation requirements under the UCITS framework which are broadly aligned to the AIFMD. Therefore, the asset segregation issues became in the meantime a horizontal matter relevant to both AIF and UCITS.
Against this background, and before determining any of its policy orientations, ESMA decided to carry out a further consultation aimed at:
gathering further evidence on the arguments set out by the majority of stakeholders in their responses to the CP and
broadening the scope of this workstream to cover also the asset segregation rules under the UCITS Directive, as well as any residual uncertainty on how the depositary delegation rules should apply to CSDs.
Call for evidence identifies a number of areas on which further stakeholder input is needed. These are as follows:
mapping of asset segregation models;
understanding how investor protection in the event of insolvency would be ensured under the various models;
understanding the issues linked to complexity and operational costs that arise from the current legislative framework;
understanding the issues linked to collateral management/prime brokerage;
understanding the issues linked to the T2S system;
understanding the impact of segregation requirements on 3rd countries;
gathering views on the optimal asset segregation regime for achieving a strong level of investor protection without imposing unnecessary requirements; and
gathering views on any uncertainties that could remain on how the depositary delegation rules should apply to CSDs.
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