Our corporate members are both subsidiaries of an EEA parent that is a credit institution as per Article 4(1)(1) of the CRR, or stand-alone investment firms as per Article 4(1)(2) of the CRR. Both types of entities risk becoming subject to the Maximum Ratio Rule as asset management companies licensed under either a UCITS or AIFM management company license, or licensed as investment firms under the MiFID regime to provide discretionary portfolio management services on a client-by-client basis.

EFAMA welcomes the opportunity to provide comments on ESMA’s Consultation Paper on draft guidelines for the assessment of knowledge and competence.

EFAMA comments to the Committee on Direct Taxes in relation to the application of Minimum Alternate Tax to FIIs and FPIs for financial years before 1st April 2015