EFAMA welcomes ESMA’s Call for Evidence on asset segregation and custody services as a precious occasion to confirm our previous key messages - as per our response to the previous consultation around Guidelines on asset segregation under the AIFMD of December 2014 – and to clarify our position on new aspects of ESMA’s work. We refer in particular to the practicality of the initial two options envisaged by ESMA in its 2014 consultation in meeting the desired policy goals, as well as to the treatment of certain CSDs as third-party delegates subject to UCITS/AIFM Directive rules on liability.