EFAMA offers a detailed view on the active accounts proposal in this paper. Costs to the end investor are broken down into two main buckets i) operational build-out and ii) in nominal terms the much larger impact of loss of netting efficiencies. Potential impacts on financial stability are also examined, with a focus on the widening basis which will result from large volumes of one-directional flows onto an EU-CCP. The impact on margins and procyclicality are also studied. The analysis points to increased liquidity risk for
Publication
16 June 2023
EFAMA Annual Review 2023
EFAMA's Annual Review highlights our key achievements over the past 12 months and provides a useful overview of the main topics we cover.
Press Release
Statistics
14 June 2023
Strong rebound in net sales of funds in Q1 2023
EFAMA has today published its International Quarterly Statistical Release regarding the developments in the worldwide investment fund industry during the first quarter of 2023.
Press Release
Sustainable Finance
13 June 2023
Bringing ESG ratings and data providers within the regulatory perimeter
Today, the European Commission has released their proposal for a regulation on ESG ratings and data providers.
Publication
Statistics
13 June 2023
EFAMA's latest Fact Book shows sustainable funds and ETFs bucked the outflow trend in 2022
EFAMA has today published its 2023 industry Fact Book, which provides an in-depth analysis of trends in the European fund industry, with an emphasis on what happened in 2022.
Press Release
Statistics
09 June 2023
January sales boost otherwise muted first quarter results
EFAMA has today published its European Quarterly Statistical Release for Q1 of 2023.
Press Release
Retail Investment
06 June 2023
Joint Industry Statement on the EU Retail Investment Strategy
On 24 May 2023, the European Commission unveiled the most extensive reform of the EU legislative framework for retail investment to-date. As representatives of the European financial and insurance sector, we (AMICE, EACB, EAPB, EBF, EFAMA, ESBG, EUSIPA, Insurance Europe) are still assessing the full range of impacts and changes put forward in the Retail Investment Strategy (RIS) across multiple pieces of regulation: MiFID II, the Insurance Distribution Directive, the UCITS Directive, the Alternative Investment Fund Managers Directive, the PRIIPs Regulation and the Solvency II Directive.
Press Release
Statistics
31 May 2023
Strong net inflows in MMFs in March 2023
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for March 2023, at European level and by country of fund domiciliation.
Policy Position
Pensions
26 May 2023
Response to EIOPA on technical advice for the review of the IORP II Directive
EFAMA believes that IORPs should be able to invest in financial instruments traded in all third country markets where the latter meet certain conditions, regardless of the adoption of an equivalence decision by the Commission (...).
Press Release
Retail Investment
24 May 2023
European Commission’s Retail Investment Strategy includes positive elements, however the impact of some initiatives remains unclear
The publication of the European Commission’s long-awaited EU Retail Investment Strategy is an important moment, as creating the necessary conditions to grow retail investor participation in capital markets is key for the future of both the European economy and EU citizens. Within the strategy, we see positive elements which the fund industry has long encouraged, such as digital-by-default disclosures, the preservation of both fee- and commission-based distribution models, and comparable rules for all types of investment products.
Press Release
Capital Markets
MIFID
Capital Markets Union
03 May 2023
Policymakers threaten to backtrack on pre-trade data for EU consolidated tape
European asset managers continue to urge policymakers to support the European Parliament’s proposal for an Equities/ETFs consolidated tape which includes 5 layers of real-time pre-trade data. Market participants, including the European buy and sell-sides have consistently maintained that a post-trade only equities/ETFs consolidated tape will not meet with the market demand required to make the tape commercially viable. Tanguy van de Werve, Director General of EFAMA, stated: “This would be a legislative se
Policy Position
EU Fund regulation
Money Market Funds
02 May 2023
ESMA’S consultation paper on the review of the methodology included in the guidelines on stress test scenarios under the MMF regulation (MMFR)
In our response to ESMA on its review of the guidelines on stress-testing parameters for Money Market Funds (MMFs), EFAMA cautions against using overly simplistic assumptions.
