Since the European Securities and Markets Authority (ESMA) published its technical advice to the European Commission (EC) on the UCITS Eligible Assets Directive (EAD) and what that could mean for catastrophe bonds in UCITS funds, the Authority has been notably silent on the matter.
As we reported at the time, ESMA gave a conceptual view that some alternative assets such as catastrophe bonds may sit better under a different framework than UCITS.
We’d reached out when the advice was published and have done again since, but have not managed to elicit a response to-date. ESMA isn’t exactly known for being vocal on topics such as this, so that’s perhaps unsurprising.
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