International Agenda

Whereas EFAMA’s primary focus is on EU financial services legislation, we also actively engage at a global level with international standard-setting bodies, such as IOSCO (of which EFAMA is an affiliate member), the Financial Stability Board (FSB) or the OECD, to name but a few. In this context, EFAMA strongly supports the development of mutually agreed international regulatory standards to reduce market fragmentation and facilitate cross-border business.

We also keep a close watch on regulatory developments in jurisdictions outside the European Union that are likely to significantly impact our members’ activities. For example, in recent years EFAMA actively engaged with foreign authorities on regulations limiting the distribution of European funds abroad. Examples include filings to the UAE Securities and Commodities Authority (SCA), the Indian SEBI, the U.S. SEC and the OECD.

Related policy positions

Policy Position

International agenda

Financial stability

04 September 2023

IOSCO Consultation Report on anti-dilution liquidity management tools

EFAMA welcomes the IOSCO Consultation report which we believe is a good starting point for further engagement with our industry on dilution in Open-Ended Funds (OEFs). We believe that dilution may indeed trigger investor protection concerns for certain funds and welcome, in this respect, IOSCO’s commitment to protect end-investors from material dilution. This being said, we however do not support the consultation report’s significant emphasis on financial stability considerations.

Policy Position

laptop and hands on keyboard in a virtual decor

International agenda

Financial stability

04 September 2023

FSB Consultation Report on addressing vulnerabilities from liquidity mismatch in open-ended funds

EFAMA welcomes the opportunity of this consultation report to share views on how regulators could foster greater consistency in the management of liquidity risks in the Open-Ended Funds (OEFs) sector and on how the FSB should proceed in the future to evaluate any potential build-up of systemic risks in capital markets.

Policy position

International agenda

Tax ＆ Accounting

Accounting

10 March 2023

IASB ED on IAS 12 – Pillar Two Model Rules

EFAMA commented on IASB’s ED on IAS 12 (Pillar Two Model Rules). As the model rules drafted by the OECD establish that investment funds and investment entities should be carved out / excluded from Pillar Two, at first glance we expect them would not have a significant impact on our industry (at least on the strict product/funds side). While it is still to be confirmed what will be required from asset management firms and investors investing in funds to comply with the new rules, it is clear the analysis is highly complex.

IOSCO Consultation Report on anti-dilution liquidity management tools

Policy Position

International agenda

Financial stability

04 September 2023

FSB Consultation Report on addressing vulnerabilities from liquidity mismatch in open-ended funds

Policy Position

International agenda

Tax ＆ Accounting

23 May 2022

EFAMA replied to the OECD Pillar One – Amount A: Regulated Financial Services Exclusion public consultation

EFAMA replied to the OECD Pillar One – Amount A: Regulated Financial Services Exclusion public consultation. Aiming to change the views of those members of the OECD/IF that still maintain that asset managers should not be excluded from Amount A.

In this comment paper, EFAMA is taking the opportunity to: