Jupiter cancels Ripple XRP ETP investment after self-compliance inspection: FT
London-headquartered asset manager Jupiter Asset Management canceled its investment in an
XRP +0.88%
exchange-traded product due to compliance issues, the Financial Times reported Friday.Jupiter’s Ireland-based Gold & Silver fund purchased $2.57 million in 21Shares’ Ripple XRP ETP in the first half of 2023, according to the news report . The investment was then detected by the company’s routine “oversight process,” after which the compliance team ordered the fund to withdraw its holdings. This resulted in a loss of $834, which Jupiter reportedly stated was fully recovered.
The company reportedly canceled the ETP investment as Irish authorities do not allow crypto exposure in funds governed under UCITS, which stands for Undertakings for the Collective Investment in Transferable Securities. UCITS is a regulatory framework that established rules for selling mutual funds across European Union member states.
UCITS funds can hold up to 10% of their portfolio in illiquid assets. However, European regulators have differing rules on whether those funds can invest in products that contain cryptocurrencies. Jupiter’s Gold & Silver fund had previously held crypto before the Irish government had announced its stance against investments, the FT reported.
Read More: https://www.theblock.co/post/277791/jupiter-ripple-xrp-etp-investment
London-headquartered asset manager Jupiter Asset Management canceled its investment in an
XRP +0.88%
exchange-traded product due to compliance issues, the Financial Times reported Friday.Jupiter’s Ireland-based Gold & Silver fund purchased $2.57 million in 21Shares’ Ripple XRP ETP in the first half of 2023, according to the news report . The investment was then detected by the company’s routine “oversight process,” after which the compliance team ordered the fund to withdraw its holdings. This resulted in a loss of $834, which Jupiter reportedly stated was fully recovered.
The company reportedly canceled the ETP investment as Irish authorities do not allow crypto exposure in funds governed under UCITS, which stands for Undertakings for the Collective Investment in Transferable Securities. UCITS is a regulatory framework that established rules for selling mutual funds across European Union member states.
UCITS funds can hold up to 10% of their portfolio in illiquid assets. However, European regulators have differing rules on whether those funds can invest in products that contain cryptocurrencies. Jupiter’s Gold & Silver fund had previously held crypto before the Irish government had announced its stance against investments, the FT reported.
Read More: https://www.theblock.co/post/277791/jupiter-ripple-xrp-etp-investment
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