EFAMA firstly wishes to commend the FSB’s change of focus in the course of 2015, from a proposed assessment methodology intended to identify non-bank, non-insurance globally systemically important financial institutions (NBNI G-SIFIs) to a revised and more objective focus on asset management activities. Although we understand the former framework may be revisited by the FSB once its Recommendations are finalised, we appreciate that certain key characteristics of the asset management industry have been recognised and well reflected in the present consultative document.
International Agenda
Whereas EFAMA’s primary focus is on EU financial services legislation, we also actively engage at a global level with international standard-setting bodies, such as IOSCO (of which EFAMA is an affiliate member), the Financial Stability Board (FSB) or the OECD, to name but a few. In this context, EFAMA strongly supports the development of mutually agreed international regulatory standards to reduce market fragmentation and facilitate cross-border business.
We also keep a close watch on regulatory developments in jurisdictions outside the European Union that are likely to significantly impact our members’ activities. For example, in recent years EFAMA actively engaged with foreign authorities on regulations limiting the distribution of European funds abroad. Examples include filings to the UAE Securities and Commodities Authority (SCA), the Indian SEBI, the U.S. SEC and the OECD.
Related policy positions
Policy position
International agenda
Management Companies
Financial stability
21 September 2016
EFAMA reply to FSB consultation on proposed policy recommendations to address structural vulnerabilities from asset management activities
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10 November 2021
Thank you to the Investment Management Forum sponsors | Register now!
Register now for our Investment Management Forum next week! High-calibre panels and keynote speakers promise rich, informative and thought-provoking exchanges between European policymakers, investment managers and regulators on
- the Competitiveness of our industry
- the EU retail investment strategy
- the latest in global standards for sustainability reporting
- challenges and opportunities of alternative investment regulations
- the impact of digitalisation on asset management
- and more...
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EU Fund regulation
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19 August 2021
FSB consultation on policy proposals to enhance Money Market Funds' resilience
While cognisant of the FSB’s strict timelines in view of upcoming G20 summits, these should not come at the expense of a necessary and more informed debate on the causes at the root of last year’s stresses in global short-term funding markets (STFMs) and on ways to remedy these in the future. In fact, the options presented in the consultation report appear hurried and dismissive of critical facts, calling therefore for a deeper engagement with the global financial and investing community at large.
Policy Position
International agenda
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Sustainability-related Disclosures (SFDR)
12 August 2021
EFAMA responds to IOSCO's recommendations on sustainability-related practices policies, procedures and disclosures in asset management
EFAMA welcomes IOSCO's enhanced attention to transparency efforts supporting informed and qualified investment decisions in sustainability-related products. We support the adoption of such recommendations at the international level and believe IOSCO should leverage the experience with SFDR and Taxonomy in Europe to help establish consistent international standards, definitions and best practices.
In this response, we would like to highlight three pressing challenges deserving greater attention in the report from asset managers' perspective.
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Better Pensions, Better Lives: How investment funds can help individuals save for retirement and reduce fiscal pressures on governments
The investment industry and policymakers must co-ordinate efforts to promote funded retirement saving and improve financial literacy to ensure that billions of people can live comfortably in their later years and, in the process, ease the fiscal pressure on governments. Financially-literate individuals are more likely to make better-informed financial decisions and to understand the benefits of long-term investments.
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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.
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09 June 2021
Global Memo: Benchmark Data Costs
A key purpose of the financial system is to allocate capital and risk in a manner that supports sustainable economic development and growth, including through the provision of financing, investment and hedging products. Financial benchmarks/indices are fundamental to the functioning of financial markets and are widely used in both retail and wholesale markets. In particular, benchmarks are a valuable tool helping market participants to set prices, measure performances, or work out amounts payable under financial contracts or instruments.
Contact
Deputy Director, Regulatory Policy
Regulatory Policy Advisor
