Naïm Abou-Jaoudé, EFAMA President, comments:
Naïm Abou-Jaoudé, EFAMA President, comments:
Investors, asset managers and civil society organisations call for the prompt implementation of the reform on corporate sustainability reporting and EU standards
The Joint Associations1 welcome clarification from ESMA that national competent authorities are expected not to prioritise supervisory actions in relation to the application of the CSDR buy-in regime.2
The investment industry and policymakers must co-ordinate efforts to promote funded retirement savings and improve financial literacy to ensure that billions of people can live comfortably in their later years and, in the process, ease the fiscal pressure on governments. Financially-literate individuals are more likely to make better-informed financial decisions and to understand the benefits of long-term investments.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for October 2021, at European level and by country of fund domiciliation.
The main developments in October 2021 can be summarised as follows:
With 2021 drawing to a close, we wish you a safe and peaceful festive season. Join us in welcoming 2022 with hope and optimism.
On 1 February, Tanguy van de Werve, EFAMA's Director General has been invited to speak at the ESAs high-level conference on financial education and literacy. He will participate in the panel in a panel on 'Financial education and Capital Market Union' together with: Tatyana Panova, Head of Unit, Capital Market Union unit, European Commission (DG FISMA); Jean-Paul Servais, Chairman of the Belgian Financial Services and Markets Authority (FSMA) and vice chair of the IOSCO Board, and Aleksandra Mączyńska, Executive Director, Better Finance.
EFAMA supports every efforts made to enhance financial markets regulation which reinforces the stability and the transparency of the financial system.
In that perspective, EFAMA welcomes the opportunity to comment on the ESMA consultation paper on the Draft RTS and ITS under SFTR and amendments to related EMIR RTS.
Prior to replying to the consultation, we wish to make the following general remarks
EFAMA, welcomes the opportunity to comment on the ESMA Discussion Paper (“DP”) on the trading obligation for derivatives under MiFIR.
As a principle, EFAMA supports every effort made to enhance financial market regulation which reinforces the stability of the financial system, of which MiFIR is an important part.
Prior to replying to the consultation, we wish to make the following general remarks.
EFAMA welcomes the opportunity to respond to the European Commission’s consultation envisaging the review of the EU macro-prudential policy framework. The consultation paper emphasises the review of the existing prudential framework built around the systemic nature of credit institutions and at the cornerstone of which lies the CRD/CRR, accompanied by the ESRB Regulation and the foundation of a Single Supervisory Mechanism (SSM) for a Banking Union, in turn revolving around the ECB.
EFAMA welcomes the opportunity to provide its comments on the Good Practices to be adopted by IOSCO for the Termination of Investment Funds. We agree that the decision to terminate a fund can have significant impact on investors in terms of the costs associated with such an action, or the ability for investors to redeem their holdings during the termination process. In this regard, even in the context of a fund’s voluntary termination, asset managers must abide by their fiduciary obligation to act in the best interest of their investors.
Better Finance and EFAMA have always been strong supporters of the “PRIIPs1 ” Key Information Document (“KID”), seeing it as a powerful instrument for retail investors to enable sound investment choices by allowing easier comparisons within a wide range of investment products. In order for this to happen, the rules defining the detailed contents of the PRIIPs KID must be correctly calibrated so that investors are given meaningful, comprehensible and comparable information.
Investors, originators issuers and other market participants represented by the above signatories are committed to supporting a safe and sustainable securitisation market that serves the real economy in Europe.
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Our members enjoy significant benefits including the opportunity to shape the industry positions, get first-hand access to regulatory and political intelligence, engage with industry peers and policymakers, and take part in EFAMA events.
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Trends in European investment funds (EFAMA Fact Book 2024 release on 18 JUN 2024)