EU Fund regulation
The EU fund product landscape is deep, diverse and dynamic. Since the birth of the UCITS framework in 1985, European institutions have progressively refined it into a global “gold standard”, one that successfully balances strict regulatory requirements with the flexibility required by manager to meet evolving client demands. The successful evolution of UCITS was followed by the creation of alternative investment funds (AIFs) under the 2011 AIFM Directive, adding a second important pillar to EU fund/manager regulation. Building on this second pillar are further ambitious EU fund products, such as EUSEFs, EUVECAs and ELTIFs. EFAMA has helped guide all of these key regulatory developments, informing policymakers and regulators on their main merits and drawbacks, while also keeping a close eye on their respective review initiatives.
EFAMA strongly supports a fundamental review to the ELTIF regime, in view of broadening its eligible investment universe and adapting it to better meet retail investor needs. We are also closely monitoring the review of the AIFM Directive from a product regulation standpoint, including possible spillover effects on the UCITS Directive requirements. Further work involves keeping pace with relevant ESMA initiatives, such as the work around the Common Supervisory Action on costs and fees for UCITS.
Joint letter on use of UCITS KIIDS for MOPS
EFAMA Response to the EBA Consultation on draft Guidelines on outsourcing arrangements
EFAMA Response to the IOSCO Consultation on CIS Liquidity Risk Management Recommendations (CR04/2017)
EC Targeted consultation on the functioning of the EU securitisation framework
The EU Securitisation Regulation, which aimed to enhance transparency and strengthen trust, is undergoing a very timely review. EFAMA supports the European Commission’s initiative to engage stakeholders in shaping key improvements to this critical framework.
ESMA’S consultation paper on the review of the methodology included in the guidelines on stress test scenarios under the MMF regulation (MMFR)
In our response to ESMA on its review of the guidelines on stress-testing parameters for Money Market Funds (MMFs), EFAMA cautions against using overly simplistic assumptions.
High-level response to ESMA consultation on notifications for cross-border marketing and management of AIFs and UCITS
EFAMA welcomes the European Securities and Market Authority’s continuous commitment to creating a single market for investment funds, confirmed by the draft regulatory standards currently under consideration. These RTS/ITS would further harmonise information that asset managers should provide to their national competent authorities before marketing or managing an investment fund on a cross-border basis, thus facilitating intra-EU product distribution.
EFAMA Market Insights | Issue #2 | MMFs in Europe | State of Play
The growth in MMF net assets occurred against the backdrop of resolute actions by governments and monetary authorities
across the world to mitigate the impact of the Covid-19 crisis.
Household Participation in Capital Markets - Country Statistical Profiles
The European Fund Classification - EFC Categories Report, 2nd ed.
The European Fund Classification (EFC) is a pan-European classification system of investment funds, which is maintained by a Task Force of EFAMA.