The European Fund and Asset Management Association (EFAMA) has published today its response to the European Commissions consultation document proposal for an initiative on sustainable corporate governance.
The European Fund and Asset Management Association (EFAMA) has published today its response to the European Commissions consultation document proposal for an initiative on sustainable corporate governance.
The European Fund and Asset Management Association (EFAMA) has published today its response to the European Commissions public consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD).
The European Fund and Asset Management Association (EFAMA) today shared its recommendations to the European Commission on measures to be taken to improve the European Long-Term Investment Fund (ELTIF) regime.
The European Fund and Asset Management Association (EFAMA) has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data of UCITS and AIFs for November 2020*.
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The European Fund and Asset Management Association (EFAMA) regrets that the European Commission has decided to endorse EIOPAs proposal to include the initial cost of advice under the 1% fee cap for the Basic PEPP (pan-European Personal Pension Product).
The PEPP has the potential to play an important role in delivering retirement savings to millions of European savers, while at the same time contributing to the success of the CMU through the creation of new pools of long-term capital that can help finance the European economy.
The European Fund and Asset Management Association (EFAMA) has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data of UCITS and AIFs for October 2020*.
Bernard Delbecque, Senior Director for Economics and Research commented: "Net sales of UCITS equity funds, although remaining positive, fell to a very low level in October against the backdrop of increases in Covid-19 cases and new lockdown measures."
The main developments in October 2020 can be summarized as follows:
As the voice of the European asset management industry, EFAMA strongly welcomes the development of the EU Taxonomy and its proposed technical screening criteria in the Delegated Acts. EFAMA sees the Taxonomy as a critical tool to unleash the potential of sustainable finance in Europe by assisting issuers, project promoters, companies, investors, and other financial market participants in identifying truly sustainable economic activities. |
EFAMA welcomes the opportunity to respond to the EBA on its proposal for a new prudential regime for investment firms. As the EBA is aware, the activity of portfolio management on behalf of thirdparty clients broadly falls under three separate EU legal regimes:
i. Individual discretionary portfolio management performed by investment firms on a client-byclient basis, authorised under and complying with the Markets in Financial Instruments Directive, as per Annex I Section A, point 4 (as recently amended by MiFID II);
EFAMA welcomes ESMA’s Consultation Paper on product governance requirements and specifically on the target market assessment and supports that the details of these requirements are laid out in the form of guidelines rather than Q&A. We agree with ESMA that drafting target market guidelines is an important aspect “for ensuring the common, uniform and consistent application” of the MIFID II product governance requirements, in particular since these rules have the potential to significantly alter the European distribution landscape.
EFAMA is closely monitoring the recent regulatory developments in the field of anti-money laundering and counter-terrorist financing, in particular the due diligence duties of the asset management sector. EFAMA is embracing the objective of enhancing transparency and accessibility to the beneficial ownership information and also fully acknowledges the importance of obtaining accurate identification and verification data of natural and legal persons for fighting money laundering and terrorist financing.
EFAMA is the representative association for the European investment management industry. EFAMA represents through its 28 member associations and 62 corporate members EUR 21 trillion in assets under management of which EUR 12.6 trillion managed by 56,000 investment funds at end 2015. Just over 30,000 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) funds, with the remaining 25,900 funds composed of AIFs (Alternative Investment Funds). Our industry provides significant and stable flows of finance to the European economy.
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 RTS specifying the scope of the consolidated tape for non-equity financial instruments. We consider that a consolidate tape (“CT”) is a key positive factor for price formation and transparency.
Prior to replying to the consultation, we wish to make the following general remarks
EFAMA welcomes the opportunity to provide comments to the ESMA Consultation Paper on the draft technical standards under the Benchmark Regulation. EFAMA also welcomes a number of clarifications that ESMA is providing in this Consultation since its previous Discussion Paper.
Discover the 6 reasons why your organisation should become a member of EFAMA.
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.
Our three membership categories cater to the wide range of organisations that make up and support the investment management industry in Europe.
Trends in European investment funds (EFAMA Fact Book 2024 release on 18 JUN 2024)