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Response to the ESMA Call for Evidence on Asset Segregation and Custody Services

28 September 2016

Irish Funds has responded to ESMA’s ‘Call for Evidence Asset Segregation and Custody Services’, which closed on 23 September. This follows ESMA’s previous consultation on ‘Guidelines on Asset Segregation under the AIFMD’. The majority of respondents to ESMA’s initial consultation, including Irish Funds, strongly objected to ESMA’s proposed approach. In response ESMA issued a further consultation seeking more detail and incorporating UCITS into the consultation post UCITS V. Irish Funds has provided feedback in relation to a number of areas, including:

  • -a detailed description of prevalent asset segregation models;
  • -an explanation of the operation of omnibus accounts and the safeguards and oversight practices in relation to these accounts;
  • -an explanation of how assets of the UCITS/AIF are protected against insolvency of parties in the custody chain and considerations in relation to the speed of return of assets in the event of an insolvency;
  • -a description of how books and records and effective reconciliation ensures investor protection; and
  • -consideration of the treatment of central securities depositaries (CSDs) in respect of services that they provide.

The Irish Funds response is available here.

The Irish Funds response to the initial ESMA consultation is available here. 

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