The European Association of Co-operative Banks (EACB) has taken note of the ESMA Call for Evidence- Asset Segregation and Custody Services as many co-operative banks offer custody services and/or fund administration services while some might have depository banks and/or asset management in the group structures. We understand that there has been a lot of uncertainty regarding segregation which is damaging to the European Market. The outcome of this Call for evidence should ensure market participants have legal certainty as to their relevant obligations.
The EACB has not provided individual responses to the questions as we believe that other industry associations and market participants are better placed to address the detailed questions raised in the Call for evidence. However, we would like to share with you some key observations of the EACB member on this issue, all available in the PDF to download on the left.