ESMA’s Call for Evidence on the UCITS Eligible Assets Directive is a welcome opportunity to take stock of the existing UCITS framework.
UCITS
UCITS (Undertakings for Collective Investment in Transferable Securities) refers to the EU framework for harmonising the creation, management and marketing of collective investment schemes in the EU (and EEA) Member States. It places a strong focus on investors’ protection and product regulation. Owing to this harmonised framework, once UCITS funds are registered in one Member State, they can be freely marketed across the European Union. Initially adopted in 1985, the UCITS Directive has since been modified repeatedly, to take into account developments in financial markets.
EFAMA is adamant to protect the competitiveness and international appeal of UCITS.
Related policy positions
Policy Position
EU Fund regulation
UCITS
AIFMD
12 September 2022
High-level response to ESMA consultation on notifications for cross-border marketing and management of AIFs and UCITS
EFAMA welcomes the European Securities and Market Authority’s continuous commitment to creating a single market for investment funds, confirmed by the draft regulatory standards currently under consideration. These RTS/ITS would further harmonise information that asset managers should provide to their national competent authorities before marketing or managing an investment fund on a cross-border basis, thus facilitating intra-EU product distribution.
Policy position
Capital Markets
MIFID
EU Fund regulation
UCITS
Management Companies
AIFMD
09 February 2021
EFAMA reply to ESMA CP on marketing communications guidelines
EFAMA believes that ESMA’s draft ‘marketing communication’ Guidelines still require important clarifications to ensure full alignment between them and MiFID II’s Commission Delegated Regulation Article 44. This alignment is essential to ensure coherent rules for fund management companies and distributors. Unfortunately, parts of the proposed Guidelines are overly prescriptive and may unintentionally make some marketing materials vaguer or even inconsistent with local MiFID requirements for distributors.
Related news
Press Release
UCITS
AIFMD
Statistics
23 June 2021
Monthly Statistics April 2021 | Net Inflows into long-term UCITS funds remain at a historically high level in April
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides data on UCITS, and AIFs sold in April 2021, at European level and by country of fund domiciliation.
Press Release
UCITS
AIFMD
Statistics
16 June 2021
International Statistics Q1 2021 | Exceptionally strong net sales pushed net assets of worldwide investment funds to almost EUR 60 trillion
Today EFAMA published its latest quarterly international statistics, tracking and analysing trends in worldwide regulated open-ended fund assets and flows for Q1 2021.
The main developments through the quarter are as follows:
Press Release
EU Fund regulation
UCITS
Management Companies
AIFMD
Statistics
02 June 2021
European Statistics Q1 2021 | European Investment Fund Industry 2021 Trends - Equity funds reach all-time high
EFAMA has today published its Investment Fund Industry Fact Sheet for the first quarter of 2021, including information on owners of investment funds in Europe and their net purchases of funds during the fourth quarter of 2020.
The main developments through the quarter are as follows:
Related publications
Publication
EU Fund regulation
UCITS
Statistics
16 September 2021
Fund managers retain only 41% of the total cost paid by retail investors | Market Insights | Issue #6
EFAMA has released its latest Market Insights report titled “Perspective on the costs of UCITS”. The full report breaks down the costs of UCITS, focusing on the fees charged for the different services provided along the investment fund value chain and distinguishing between the product cost for which fund managers are directly responsible, and the
Publication
Capital Markets Union
UCITS
20 July 2021
Market Insights | Issue #5 | Perspective on the net performance of UCITS
Equity UCITS delivered a total net return of 108% in real terms in 2010-2019, whereas bank deposits lost 10% in net value
Publication
Capital Markets Union
Competitiveness
Data
EU Fund regulation
UCITS
International agenda
27 May 2020
EFAMA Market Insights | Issue #1 | Net outflows from UCITS in March 2020 - Industry weathers Covid-19 crisis
The Covid-19 pandemic significantly impacted financial markets. Stock markets across the world suffered a steep decline driven by lower economic growth and corporate profits. As anticipated, the crisis caused substantial net outflows from UCITS in March (EUR 313 billion). However, as a percentage of net assets, these outflows were no higher than in October 2008, at the height of the global financial crisis (2.9%).
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Deputy Director, Regulatory Policy
