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By Dr. Sebastiaan Niels HOOGHIEMSTRA, Loyens Loeff Luxembourg *
Seventeen years after the adoption of the UCITS Eligible Assets Directive (“EAD”), the ESMA published its final report on 26 June 2025 (“Final Report”), providing technical advice to the European Commission (“EC”) on the EAD’s review. This comprehensive reassessment is driven by both market innovation and evolving regulatory standards. This contribution examines the implications of ESMA’s Final report, with a particular focus on the role that fund managers in Luxembourg, and the UCITS they manage, may play.
Background: Reviewing the UCITS Eligible Assets Directive in a Changing Market
The initial aim of the EAD was to ensure a uniform...
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