EU Fund regulation
The EU fund product landscape is deep, diverse and dynamic. Since the birth of the UCITS framework in 1985, European institutions have progressively refined it into a global “gold standard”, one that successfully balances strict regulatory requirements with the flexibility required by manager to meet evolving client demands. The successful evolution of UCITS was followed by the creation of alternative investment funds (AIFs) under the 2011 AIFM Directive, adding a second important pillar to EU fund/manager regulation. Building on this second pillar are further ambitious EU fund products, such as EUSEFs, EUVECAs and ELTIFs. EFAMA has helped guide all of these key regulatory developments, informing policymakers and regulators on their main merits and drawbacks, while also keeping a close eye on their respective review initiatives.
EFAMA strongly supports a fundamental review to the ELTIF regime, in view of broadening its eligible investment universe and adapting it to better meet retail investor needs. We are also closely monitoring the review of the AIFM Directive from a product regulation standpoint, including possible spillover effects on the UCITS Directive requirements. Further work involves keeping pace with relevant ESMA initiatives, such as the work around the Common Supervisory Action on costs and fees for UCITS.
EFAMA's response to ESMA's CP on Implementing technical Standards under Regulation (EU) 2019/1156
Counterparty and liquidity risks in ETFs - EFAMA response to ECB
Our comment paper confutes the ECB study’s main findings by focusing on its two core areas, namely
liquidity and counterparty risks inherent to the structure and functioning of ETFs. A final section
considers the merits of further regulatory action addressed at the European ETF industry.
EFAMA’s comments on ESMA’s CP on Draft regulatory technical standards under Article 25 of ELTIF Regulation
European Money Market Funds navigated the Covid 19 crisis successfully
The European Fund and Asset Management Association (EFAMA) has published its second Market Insights highlighting the major trends shaping the European Money Market Fund (MMF) landscape since the entry into force of the Money Market Fund Regulation (MMFR).
Monthly Statistics July 2020 | Investors remained confident in investment outlook in July
The European Fund and Asset Management Association (EFAMA) has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data of UCITS and AIFs for July 2020*.
International Statistics Q2 2020 | Solid growth of worldwide fund assets in second quarter as global financial markets post strong recovery
The European Fund and Asset Management Association (EFAMA), has today published its latest International Statistical Release describing the trends in worldwide investment fund industry in the second quarter of 2020*.
Worldwide regulated open-ended fund assets increased by 9.8 percent to EUR 51.7 trillion in the second quarter of 2020. Worldwide net cash flow to all funds amounted to EUR 818 billion, compared to EUR 617 billion in the first quarter of 2020.
Annual Report 2015
Managing fund liquidity risk in Europe: An AMIC-EFAMA Report
EFAMA Survey: What can the industry do to encourage long-term savings
Raising awareness of the benefits of long-term savings to retail investors will help to rebuild confidence in the European asset management industry, according to EFAMA’s member survey.