EFAMA replied to a specific question on moving to stage 3 for the determination of the liquidity assessment of bonds.
MiFID
The Markets in Financial Instruments Directive governs how funds (and other financial instruments) can be sold and distributed to investors throughout the EU. It does this by balancing investor protection (governing under what rules and conditions investment advice and portfolio management can be given) with providing the right amount of information about products and services (information about the products’ objectives and costs). In most cases, this type of financial advice, which connects funds with end investors, is provided not by fund managers, but by other financial players, such as banks or financial advisers.
Against this backdrop, EFAMA wants to ensure that these rules are balanced and the information provided to investors is meaningful. While more protection is necessary for retail investors, MiFID should allow other, more professional investors, more freedom in defining what information is necessary to conduct their day-to-day business. Also, MiFID must not make it impossible for ordinary EU citizens to access financial advice to save for their future and retirement.
MiFID: EFAMA replies to ESMA consultation on RTS 2 Annual Review
ESMA consults on guidelines of the MIFID II appropriateness and execution-only requirements
EFAMA agrees in principle with many of ESMA’s suggested approaches in their consultation on guidelines on certain aspects of the MIFID II appropriateness and execution-only requirements. However, certain, essential elements still require further considerations before finalising these Guidelines.
EFAMA responds to IOSCO Consultation on Market Data in Secondary Equity Market
EFAMA supports the initiatives launched by IOSCO and other regulators (e.g. ESMA, FCA, SEC) to analyse and address the significant issues concerning market data in the secondary equity market.
EFAMA – the urgency behind a consolidated tape for Europe | A buy-side view on consolidated tape and market structure reforms
The European Fund and Asset Management Association (EFAMA) has today published its position paper on the European Commission’s proposed Markets in Financial Instruments Regulation review which establishes a blueprint for a consolidated tape (CT) across Europe’s capital markets.
Joint Statement on EU Commission proposal for revised Market in Financial Instrument Regulation (MiFIR)
We see great value in the creation of a consolidated tape to support Europe’s capital markets. However, we qualify that statement with a reminder that the framework for a successful consolidated tape should
i) address the known market failure around market data costs,
EFAMA welcomes proposal on affordable consolidated tape - The association continues to urge action on market data costs
EFAMA is pleased to read today the details of a robust MiFIR proposal from the European Commission addressing key areas of reform around the creation of a consolidated tape (CT), along with adjustments to transparency requirements on trading.