In light of the current COVID-19 circumstances and the already existing ambitious time table for the implementation, EFAMA calls for the EBA to carefully consider these circumstances and request the EC to postpone the date for the application of the IFD/IFR framework (26 June 2021) and the time table of the level 2 measures (such as the deadline of 26 December 2020 for providing drafted RTS and ITS).
Management Companies
EFAMA has been looking at legislative proposals with a direct impact on asset management companies and services, and closely follows any regulatory developments of critical importance to the sector. In addition to issues related to risk management and financial stability, high up on the agenda of EFAMA members is the framework for a prudential regime for Investment Firms (IFD/R), and related implementing measures directly descending from such framework.
EFAMA is focused on minimising the impact of the rules on asset management companies, in particular those holding a limited MiFID license. Key to the sector is the need for proportionality, especially firms that are not authorised to hold client money/securities, or to deal on their own account.
Related policy positions
Policy position
Management Companies
04 September 2020
EFAMA responds to EBA CPs on implementation measures of new regulatory framework for Investment Firms
Policy position
Management Companies
Anti-Money Laundering
26 August 2020
EFAMA Reply to consultation for an EC Action Plan to prevent money laundering and terrorist financing
As highlighted in President’s von der Leyen guidelines for the new Commission, the complexity and sophistication of the Union’s financial system has opened the door to new risks of money laundering and terrorist financing. The European Union needs to step up its regulatory framework and preventive architecture to ensure that no loopholes or weak links in the internal market allow criminals to use the EU to launder the proceeds of their illicit activities.
Policy position
Distribution ＆ Client Disclosures
Management Companies
Sustainable Finance
27 July 2020
Associations Letter: Integration of sustainability factors and risks into MiFID II IDD and Solvency II
Related news
Press Release
EU Fund regulation
Management Companies
Financial stability
25 July 2019
EFAMA reacts to IOSCO statement on liquidity risk management for investment funds
EFAMA welcomes the recent statement by Ashley Alder, IOSCO Board Chair, on liquidity risk management for investment funds.
Press Release
EU Fund regulation
Exchange-traded Funds
Management Companies
Financial stability
15 July 2019
Liquidity and counterparty risks in ETFs
EFAMA recently finalised a 
Comment Paper in response to the ECBs November 2018 findings around liquidity and counterparty risks in ETFs, included in the ECBs semi-annual Financial Stability Review.
Press Release
Distribution ＆ Client Disclosures
PRIIPs
EU Fund regulation
UCITS
Management Companies
AIFMD
Supervision
17 April 2019
EFAMA welcomes final agreement on legislation facilitating cross-border distribution of funds
We welcome yesterday's vote by the European Parliament plenary, formally adopting the trilogue agreement on the Commission's initiative to remove cross-border barriers to the distribution of investment funds.
This marks a decisive recognition of the need to postpone the application of the PRIIPs disclosure regime for UCITS by two years, in light of the regime's documented shortcomings. It also allows the European Commission more time to conduct a thorough review of the same within one year.
Related publications
Publication
Capital Markets
Capital Markets Union
Distribution ＆ Client Disclosures
EU Fund regulation
Management Companies
23 June 2017
Annual Report 2016
Publication
Capital Markets
Capital Markets Union
Competitiveness
EU Fund regulation
International agenda
Management Companies
AIFMD
Tax ＆ Accounting
24 May 2017
Asset Management Report 2017
Publication
Capital Markets
Benchmarks
Management Companies
Supervision
26 July 2016
Closet Index Funds
EFAMA has reviewed ESMA’s statement “Supervisory work on potential index tracking”, which sets out research to determine whether any indication of closet indexing could be found at EU level. To contribute to the debate on this matter, EFAMA has prepared a paper, which highlights the limits of identifying closet index funds through a statistical analysis, drawing on recently published research papers.
Related events
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Regulatory Policy Advisor
