In its response to the UCITS VI consultation, IMA argues that differences in national application of existing asset eligibility rules require ESMA intervention to ensure consistency, rather than the deep review suggested for UCITS VI. It says a more fundamental change would limit the investment strategies available for retail investors to achieve their long-term aspirations. On the other hand, IMA welcomes the proposal to introduce an EU passport for non-UCITS retail funds, which invest in long-term, less liquid, unlisted or non-UCITS-eligible assets, but which would still be carved out from AIFMD. (Source: IMA Response to UCITS VI Consultation)