Taxation & Accounting

EFAMA discusses all relevant tax topics with importance to the European asset management industry, such as Tax transparency packages or EU FTT, OECD topics including several actions inserted in the Base Erosion and Profit Shifting (BEPS) project, and all kinds of national developments in case they have an impact on regulated EU investment funds. The focus lays on mainstream funds but we may discuss alternative investment fund tax-related issues, if they are of broad relevance.

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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.

Policy Position

People with their hands on a table each holding a piece of a puzzle

Tax ＆ Accounting

19 August 2022

OECD Progress Report "Amount A of Pillar One"

EFAMA welcomes the OECD's work on Schedule C: Exclusion of Revenues and profits from Regulated Financial Services from the scope of Pillar One, in particular the amendments to the definition of “Asset Manager", licensing asset management as a business, the level of regulaton and the activities list.

Policy Position

hands typing on a laptop on a backdrop of the words Tax and Dollar sign

Tax ＆ Accounting

29 July 2022

EFAMA Comments Debt-Equity Bias Reduction Allowance (DEBRA)

EFAMA supports the Commission’s efforts to encourage more companies to finance their investment through equity contributions rather than debt financing.

The Commission decided to follow a policy option that will enable the deductibility of an allowance on equity financing costs complemented by a rule to limit the deductibility of interest on debt financing instruments.

EFAMA's reply to IASB's Request for Information on the Post-implementation Review (PIR) of IFRS 10, 11 and 12

EFAMA replied to IASB’s Request for Information on the Post-Implementation Review of IFRS 10, 11 and 12. We are delighted to see an investment entity within the funds industry being acknowledged and catered for in IFRS. The development of the consolidation standards was a very welcomed development in the asset management world.

Press Release

Capital Markets Union

Competitiveness

EU Fund regulation

Management Companies

Statistics

Sustainable Finance

Tax ＆ Accounting

01 March 2021

European Statistics Q4 2020 | 2020 Trends | Inflows into UCITS and AIFs bring European fund assets to an all-time high

The European Fund and Asset Management Association (EFAMA) has today published its Investment Fund Industry Fact Sheet for Q4 of 2020, together with an overview of the full year.

The main developments through the quarter are as follows:

Press Release

Capital Markets Union

Competitiveness

Data

EU Fund regulation

Statistics

Stewardship

Sustainable Finance

Tax ＆ Accounting

22 February 2021

Monthly Statistics December 2020 | UCITS and AIF ended 2020 with record net sales in December

The European Fund and Asset Management Association (EFAMA) has published its Investment Fund Industry Fact Sheet for December together with an overview of the net sales data for UCITS and AIFs in 2020.

Thomas Tilley, Senior Economist, commented on the December figures: “Net sales of UCITS and AIFs surged to an absolute record in December 2020, as investor confidence in a successful exit from the Covid-19 crisis continued to strengthen.”

The main developments in December are as follows:

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Related publications

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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