Published earlier this year, ESMA’s Advice on the Eligible Assets Directive seeks to tackle long-standing divergences across EU member states on what UCITS can and cannot invest in. In this episode of On Reg, host Angelo Lercara is joined by Dechert’s Doireann O'Daly and Mark Dillon to discuss whether the proposal has been successful in clarifying the two foundational concepts of the UCITS regime – what qualifies as a transferable security and what counts as liquid.