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On the negotiability of transferable securities they pointed out that this requirement appeared to preclude investment in e.g. private placements. CESR therefore deleted the reference to 'freely' and to 'on the capital markets'.
On the eligibility of money market instruments, some respondents were concerned that the wording of CESR’s advice could rule out certain types of money market instruments e.g. certificates of deposit. The final advice makes a distinction between different types of issuers, and the information requirements have been relaxed.
On the eligibility of derivative instruments on financial indices, the asset management industry expressed a strong interest in allowing derivatives on financial indices based on non-eligible assets. Given the complexities of hedge fund indices and the fact that they are still developing, CESR cannot recommend, at this stage, allowing hedge fund indices to be considered as financial indices for the eligibility of UCITS.
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