Investors would benefit from an EU legal framework with due diligence guidelines and reporting requirements for companies in the real economy. This framework should be consistent with the reporting requirements in the revised NFRD and the disclosures in the Sustainability-Related Disclosures regulation (SFDR). At the same time, any framework for supply chain due diligence should not impose a competitive disadvantage for EU companies.

EFAMA supports the main objectives of CSDR to increase the safety and efficiency of securities settlement, including: 

- Shorter settlement periods,
- Prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement,  
- The imposition of a penalty regime under CSDR as an important step towards improving settlement efficiency in European capital markets. 

A flawed review process not tackling the heart of the issue

EFAMA has always made it clear that a revision of the PRIIPs Regulatory Technical Standard (RTS) falls short of conducting a proper Level 1 review. A review that is explicitly required by the Level 1 Regulation and is overdue for more than one year. 

The AIFMD is one of the pillars of EU regulation for investment funds, which will be crucial to the development of the Capital Markets Union (CMU) and the post Covid-19 economic recovery in the European Union.