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.
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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
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EU Fund regulation
Management Companies
AIFMD
29 January 2021
European Alternative Fund Managers Directive stands the test of time
The European Fund and Asset Management Association (EFAMA) has published today its response to the European Commissions public consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD).
Press Release
Capital Markets Union
Competitiveness
EU Fund regulation
UCITS
Management Companies
AIFMD
Statistics
21 January 2021
Monthly Statistics November 2020 | News of vaccines drove record net sales of UCITS equity funds
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 November 2020*.
Press Release
Competitiveness
EU Fund regulation
UCITS
Management Companies
AIFMD
Statistics
22 December 2020
Monthly Statistics October 2020 | Inflows in bond funds drive positive UCITS net sales in October
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 October 2020*.
Bernard Delbecque, Senior Director for Economics and Research commented: "Net sales of UCITS equity funds, although remaining positive, fell to a very low level in October against the backdrop of increases in Covid-19 cases and new lockdown measures."
The main developments in October 2020 can be summarized as follows:
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Capital Markets
Capital Markets Union
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Data
Distribution ＆ Client Disclosures
EU Fund regulation
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Tax ＆ Accounting
11 June 2020
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.
Publication
MIFID
Distribution ＆ Client Disclosures
PRIIPs
Management Companies
AIFMD
03 June 2020
Investment Funds Distributor Due Diligence Questionnaire
Funds face unique challenges in performing intermediary oversight, and especially so because of MiFID II requirements, changing regulatory landscapes, and the absence of an industry agreed-upon standard between funds and their distribution channels. To help address these challenges, a dedicated working group developed a uniform due diligence questionnaire (DDQ) that will serve as the standard for investment funds (UCITS and AIFs) in performing onboarding and ongoing oversight of distribution channels.
Publication
EU Fund regulation
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AIFMD
Financial stability
22 January 2020
AMIC EFAMA Report - Managing fund liquidity risk in Europe - 2020
In 2019, AMIC and EFAMA decided to update their 2016 report “Managing Fund Liquidity Risk in Europe” following important policy and regulatory developments at EU and international levels. The purpose of this updated report is to outline the practical liquidity risk management processes which fund management companies put in place when setting up a fund and implement throughout the life of the fund. Also, the report describes the existing European and international regulatory frameworks in the area of fund liquidity risk management.
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