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.

This position paper sets the views of the European investment management industry with regards to the impact of the proposed Financial Transaction Tax on this industry.

EFAMA is highly concerned about the introduction of a Financial Transaction Tax (“FTT”) under the enhanced cooperation and has always expressed its deep concerns and serious objections to the FTT.