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 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:
Pre-order your copy of the 2021 Fact Book!
EFAMA’s 2021 Fact Book, “Trends in European Investment Funds”, will be published at the end of June.
As in previous years, this year’s Fact Book provides an extensive analysis of key developments in the investment fund industry, inside and outside Europe.
Monthly Statistics February 2021| Demand for long-term UCITS remained strong in February
The European Fund and Asset Management Association (EFAMA) has today published its latest monthly Investment Fund Industry Fact Sheet, which provides data on UCITS and AIFs sold in February 2021, at European level and by country of fund domiciliation.
3 questions to Sheila Nicoll and Alexander Schindler on the Capital Markets Union High Level Forum
Q #1 What is the difference of the High-Level Forum report to previous initiatives on the Capital Markets Union? What is different this time around?
Global Memo on Market Data Costs
In a report released today, the International Council of Securities Associations (ICSA), the European Fund and Asset Management Association (EFAMA), and the Managed Funds Association (MFA) call for the implementation of internationally recognized principles to address excessively high market data fees and unfair licensing provisions.
Annual Review June 2019-June 2020
"It gives me great pleasure to provide you with an overview of our activities since our Annual General Meeting in Paris last year. While we were very much looking forward to hosting you all in Brussels this week, the current crisis and associated travel restrictions has forced us to improvise and turn our meeting into a virtual AGM.