Capital markets

Investment managers, acting on behalf of their retail and institutional clients, are among the largest investors in financial markets. They represent a key component of the market’s “buy-side” segment.

In representing the interests of its members on wholesale capital market issues, EFAMA advocates for fair, deep, liquid, and transparent capital markets, supported by properly regulated and supervised market infrastructure.

Related policy positions

Policy position

Capital Markets

MIFID

Distribution ＆ Client Disclosures

11 June 2021

MiFID: EFAMA replies to ESMA consultation on RTS 2 Annual Review

EFAMA replied to a specific question on moving to stage 3 for the determination of the liquidity assessment of bonds.

Policy position

Capital Markets

MIFID

Distribution ＆ Client Disclosures

29 April 2021

ESMA consults on guidelines of the MIFID II appropriateness and execution-only requirements

EFAMA agrees in principle with many of ESMA’s suggested approaches in their consultation on guidelines on certain aspects of the MIFID II appropriateness and execution-only requirements. However, certain, essential elements still require further considerations before finalising these Guidelines.

Policy Position

Capital Markets

CSDR

12 March 2021

Joint trade association letter regarding Implementation of CSDR SDR

On 11 March 2021, EFAMA and 14 trade associations representing a wide range of stakeholders in the European and global financial markets wrote to the European Commission and ESMA raising concerns about the implementation of the mandatory buy-in requirement under the EU’s CSDR Settlement Discipline Regime.

EFAMA statement on European exchanges’ bid to run a consolidated equities tape

EFAMA welcomes the recent proposal by European exchanges to build a consolidated tape. This affirms the buy-side’s long standing view that a European consolidated tape is key to completing the objectives of the Capital Markets Union and ensuring that European capital markets remain globally competitive. We have identified important use-cases for institutional and retail investors alike, not least in the ability to receive best execution on trades.

Press Release

Capital Markets

03 June 2022

EFAMA, ICSA & MFA welcome IOSCO Feedback Statement on “Market Data in the Secondary Equity Market”

3 June 2022 - EFAMA, ICSA and MFA (the Associations) have read IOSCO’s Feedback Statement on “Market Data in the Secondary Equity Market” following the IOSCO consultation in 2021, and warmly welcome its conclusions.

The Associations would like to draw attention towards the executive summary in particular, where a number of valuable insights and recommendations are presented. For example, we fully support the statement below, though we would suggest an important addition:

Press Release

EU flag full mast on the Berlaymont background

Capital Markets

MIFID

30 May 2022

Cross-Industry Consensus on EU Equity Consolidated Tape

EFAMA, AFME, BVI and Cboe Europe Agree Cross-Industry Consensus on EU Equity Consolidated Tape

Monday 30 May, 2022 - AFME, BVI, Cboe Europe and EFAMA have today jointly published a position paper which provides a set of key principles needed to ensure the successful creation of an EU Equity Consolidated Tape (CT).

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Related publications

Publication

Capital Markets

CSDR

05 March 2021

3 questions to Agathi Pafili on CSDR

Q #1 What is the CSDR’s Settlement Discipline Regime (SDR) and what does it seek to achieve?

Publication

Capital Markets

Data

EU Fund regulation

Management Companies

AIFMD

Tax ＆ Accounting

26 November 2020

Asset Management in Europe - An Overview of the Asset Management Industry - November 2020

The report aims to provide a unique and comprehensive set of facts and figures on the state of the industry at the end of 2018 but also to highlight the fundamental role of asset managers in the financial system and wider economy.

Publication

Capital Markets

Capital Markets Union

Competitiveness

Data

Distribution ＆ Client Disclosures

EU Fund regulation

International agenda

Management Companies

Pensions

Stewardship

Supervision

Sustainable Finance

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.