As the US moves to a T+1 settlement cycle from May 2024, the settlement mismatch between the US and EU will raise operational challenges as well as, we suspect, market structure changes. But another direct consequence of the mismatch will be in the enforcement of current EU regulation. In this paper, we identify those scenarios where EU rules will be tested, suggest the scope of that impact and ask policymakers to explore how the regulatory impacts of US T+1 can be mitigated.
Press Release
UCITS
AIFMD
03 November 2023
Newly agreed AIFMD & UCITS rules will improve the EU funds market
As the EU Member States conclude technical discussions around the AIFMD & UCITS review, EFAMA would like to congratulate the European Commission and the co-legislators for keeping the key elements of both Directives intact during their review. These frameworks lie at the core of a well-functioning and resilient funds market and this agreement is a welcome step forward for the funds industry, investors and the Capital Markets Union project.
Press Release
Statistics
31 October 2023
Strong net inflows into money market funds in August
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for August 2023, at European level and by country of fund domiciliation.
Press Release
Stewardship
26 October 2023
New rules on multiple voting shares must strike the right balance between issuer and investor needs
The EU’s Listing Act is a key legislative initiative aimed at enhancing the appeal of EU public markets and facilitating capital access for small-medium enterprises (SMEs). That includes a new proposal by the European Commission for a Multiple Voting Shares Directive (MVSD). EFAMA believes it is of key importance to the European economy to ensure that EU capital markets remain attractive and competitive globally, therefore getting these types of initiatives right is crucial.
Policy Position
Stewardship
26 October 2023
Multiple Voting Shares Directive
EFAMA appreciates the European Commission's efforts to bolster the Capital Markets Union and increase the appeal and competitiveness of public capital markets. However, the investment industry wishes to highlight some concerns concerning this Directive. Against this backdrop, it is important to note that the European Union has recently enhanced its corporate governance and shareholders’ engagement practices to fortify financial market stability, uphold capital market integrity and safeguard investors’ interests.
Press Release
Anti-Money Laundering
12 October 2023
New AML package needs clear rules that help identify beneficial owners
The European Parliament and Council are currently finalising their views on the European Commission’s anti-money laundering (AML) package proposal. In addition to the much publicized debate around the location of the new AML Authority, there are even more important elements being discussed which aim to curb money laundering and counter the financing of terrorism (CFT).
Press Release
Statistics
26 September 2023
Turnaround in net sales of equity funds in July
EFAMA has published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for July 2023, at European level and by country of fund domiciliation.
Press Release
Statistics
19 September 2023
Robust net sales of bond funds across the globe
EFAMA has today published its International Quarterly Statistical Release regarding the developments in the worldwide investment fund industry during the second quarter of 2023.
Press Release
Operational resilience
12 September 2023
Proposed changes to DORA require more proportionality and simplicity
EFAMA has responded to the public consultations launched by the European Supervisory Authorities’ (ESAs) on draft regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the Digital Operational Resilience Act (DORA). Their purpose is to establish further details on the core elements of this regulation harmonising how information and communication technology (ICT) risks are to be addressed in the financial sector.
Policy Position
Operational resilience
12 September 2023
ESAs consultation paper on draft RTS on specifying the criteria for the classification of ICT related incidents, materiality thresholds for major incidents and significant cyber threats under regulation (EU) 2022/2554
Policy Position
Operational resilience
12 September 2023
ESAs consultation paper on draft ITS to establish templates composing the register of information in relation to all contractual arrangements on the use of ICT services provided by ICT third-party service providers as mandated by regulation (EU) 2022/2554
Policy Position
Operational resilience
12 September 2023
