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.
Joint letter on use of UCITS KIIDS for MOPS
EFAMA Response to the EBA Consultation on draft Guidelines on outsourcing arrangements
EFAMA Response to the IOSCO Consultation on CIS Liquidity Risk Management Recommendations (CR04/2017)
EFAMA Annual Asset Management Report the industry bellwether
The European Fund and Asset Management Association (EFAMA) has published today the 12th edition of its Asset Management Report*. The report aims to provide a unique and comprehensive set of facts and figures on the state of the industry at the end of 2018 but also to highlight the fundamental role of asset managers in the financial system and wider economy.
EFAMA report invalidates notion that central bank interventions 'bailed out' MMFs
EFAMA published a report entitled European MMFs in the Covid-19 market turmoil: Evidence, experience and tentative considerations around eventual future reforms. The report covers all three Money Market Fund categories and suggest that MMFs in Europe have fared well under the March 2020 stress test.
Monthly Statistics September 2020 | Steady inflows into UCITS equity funds in September
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 September 2020*.
Bernard Delbecque, Senior Director for Economics and Research commented: Net inflows into UCITS equity funds remained steady in September despite concerns about rising Covid-19 infection rates and the potential impact of new lockdown measures.
The main developments in September 2020 can be summarised as follows:
The costs of UCITS and US mutual funds | Market Insights | Issue #8
It is often argued that European citizens are not able to fully benefit from the single market for investment funds, on the basis that the cost of UCITS is higher than the cost of mutual funds in the United States (US). In this Market Insights, we analyse this question by carrying out a detailed comparison of the cost of UCITS and US mutual funds, taking into account the various ways of calculating costs as well as the differences between Europe and the US in the way investment funds are distributed.
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.
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