On 7 May 2024, the European Securities and Markets Authority (ESMA) issued a call for evidence on the review of the UCITS Eligible Assets Directive (UCITS EAD). The purpose of the call is to gather information to assess the possible risks and benefits of UCITS gaining exposure to various asset classes.

ESMA has been mandated by the European Commission to assess the implementation of the UCITS EAD in Member States and to analyse whether any divergences have arisen and provide recommendations as to how the UCITS EAD should be revised to keep it in line with market developments.

The call for evidence is divided into separate sections which seek to collect evidence on the following:

  • Convergence issues and clarity of key concept and definitions.
  • Direct and indirect UCITS exposures to certain asset classes and related data collection/analysis.

Respondents are invited to substantiate and share as much evidence as possible.

The deadline for responding to the call for evidence is 7 August 2024.