EFAMA welcomes the OECD's work on Schedule C: Exclusion of Revenues and profits from Regulated Financial Services from the scope of Pillar One, in particular the amendments to the definition of “Asset Manager", licensing asset management as a business, the level of regulaton and the activities list. 

The OECD/G20 Inclusive Framework strengthens the fundamentals of its earlier work with an agreement on high-level and principles-based exclusion rules that will work in practice with no adverse impact on the industry or the end-investor.