Andreas Stepnitzka, EFAMA Deputy Director, Regulatory Policy, comments:
Distribution & Client Disclosures
EFAMA monitors issues surrounding fund distribution and disclosures to investors. These include investor protection and disclosure issues arising from the evolving PRIIPs and MiFID frameworks, the shift towards digital distribution tools, and the continued integration of ESG considerations into fund products.
Related policy positions
Press Release
Distribution ＆ Client Disclosures
PRIIPs
22 October 2021
EFAMA Statement on the ECON Committee’s draft report amending the UCITS directive for PRIIPs
Policy Position
Distribution ＆ Client Disclosures
Management Companies
29 September 2021
Distance marketing of consumer financial services – Review of EU rules
EFAMA provided high-level comments to the Commission’s consultation on the potential review of the Directive on Distance Marketing of Consumer Financial Services.
We agree with the Commission’s interpretation that the Directive is seen as a “safety net” for financial services not already subject to product-specific legislation. Fund and asset managers are already subject to various, more stringent and detailed sectoral legislations, such as (but not limited to) UCITS, AIFMD and MiFID as well as the (more recent) Cross-Border Fund Distribution Directives.
Policy position
Distribution ＆ Client Disclosures
PRIIPs
09 September 2021
Joint industry response to the EC Better Regulation consultation on the UCITS ‘quick fixes'
The European Commission recently adopted amendments to the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. However, in contrast to earlier plans, the adoption of the revised Regulatory Technical Standards (RTS) amending Commission Delegated Regulation (EU) 2017/653 has been postponed.
Related news
Publication
MIFID
Distribution ＆ Client Disclosures
PRIIPs
Management Companies
AIFMD
03 June 2020
Investment Funds Distributor Due Diligence Questionnaire
Funds face unique challenges in performing intermediary oversight, and especially so because of MiFID II requirements, changing regulatory landscapes, and the absence of an industry agreed-upon standard between funds and their distribution channels. To help address these challenges, a dedicated working group developed a uniform due diligence questionnaire (DDQ) that will serve as the standard for investment funds (UCITS and AIFs) in performing onboarding and ongoing oversight of distribution channels.
Press Release
Capital Markets
MIFID
Distribution ＆ Client Disclosures
22 May 2020
EFAMA calls for changes to investor protection rules in MIFID II / MIFIR Review
EFAMA has submitted its 
response to the European Commission's consultations on the review of the MIFID II / MIFIR regulatory framework, where it has outlined its recommendations on investor protection and capital markets and infrastructure.
EFAMA's Director General Tanguy van de Werve commented:
Press Release
Distribution ＆ Client Disclosures
PRIIPs
EU Fund regulation
UCITS
Management Companies
AIFMD
Supervision
17 April 2019
EFAMA welcomes final agreement on legislation facilitating cross-border distribution of funds
We welcome yesterday's vote by the European Parliament plenary, formally adopting the trilogue agreement on the Commission's initiative to remove cross-border barriers to the distribution of investment funds.
This marks a decisive recognition of the need to postpone the application of the PRIIPs disclosure regime for UCITS by two years, in light of the regime's documented shortcomings. It also allows the European Commission more time to conduct a thorough review of the same within one year.
Related publications
Publication
Competitiveness
Data
Distribution ＆ Client Disclosures
EU Fund regulation
Management Companies
Statistics
Sustainable Finance
15 December 2021
Asset Management Report 2021
This is our 13th edition of the Asset Management in Europe report, which provides an in-depth analysis of recent trends in the European asset management industry, focussing on where investment funds and discretionary mandates are managed in Europe.
Publication
Capital Markets Union
Competitiveness
Distribution ＆ Client Disclosures
EU Fund regulation
International agenda
Investor Education
Management Companies
Pensions
Stewardship
Sustainable Finance
10 June 2021
EFAMA Annual Review 2020-2021
It gives me great pleasure to provide you with an overview of our activities since our Ordinary General Meeting of last year.
Publication
Distribution ＆ Client Disclosures
PRIIPs
28 April 2021
Infographic | The challenges of replacing UCITS KIIDs with PRIIP KIDs
In support of our call for additional time to implement the PRIIPs rules, we have produced an infographic that summarises the challenges our members face replacing UCITS KIIDS with PRIIP KIDs. The infographic shows the many entities involved in the process and the steps required to prepare a PRIIP KID. Feel free to make use of this infographic.
Contact
Regulatory Policy Advisor
