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 wholeheartedly supports ESMA’s objective of ensuring a consistent and harmonised application of the MiFID II product governance requirements. In our response to their consultation on the topic, we raised the following points:
EFAMA welcomes the European Securities and Market Authority’s continuous commitment to creating a single market for investment funds, confirmed by the draft regulatory standards currently under consideration. These RTS/ITS would further harmonise information that asset managers should provide to their national competent authorities before marketing or managing an investment fund on a cross-border basis, thus facilitating intra-EU product distribution.
EFAMA welcomes the OECD's work on Schedule C: Exclusion of Revenues and profits from Regulated Financial Services from the scope of Pillar One, in particular the amendments to the definition of “Asset Manager", licensing asset management as a business, the level of regulaton and the activities list.
EFAMA shares the urgent need to improve the consistency and comparability of sustainability reporting at a global level. Therefore, we welcome the opportunity to respond to the ISSB consultation on the Exposure Drafts on “General Requirements for Disclosure of Sustainability Related Financial Information” (IFRS S1) and on “Climate-Related Disclosures” (IFRS S2).
EFAMA strongly supports the initiative carried out by EFRAG with the publication of the Exposure Drafts on the European Sustainability Reporting Standards (ESRS). The Exposure Drafts provide key elements framing the architecture of reporting requirements and clarifying the content and key concepts of CSRD. The resulting data will be of crucial importance for investors and for achieving the EU objective to transition towards a zero emissions economy by 2050.
EFAMA supports the Commission’s efforts to encourage more companies to finance their investment through equity contributions rather than debt financing.
The Commission decided to follow a policy option that will enable the deductibility of an allowance on equity financing costs complemented by a rule to limit the deductibility of interest on debt financing instruments.
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Trends in European investment funds (EFAMA Fact Book 2024 release on 18 JUN 2024)