This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
It has now been three years since the European Commission launched a consultation on the Open Finance framework, with the idea of creating a similar solution to PSD2 for a broader range of financial data. This initiative took the shape of the Financial Data Access Regulation (FiDA)1, with the proposal being published in June 2023.
M&G Investments Europe’s CEO, Micaela Forelli, to become Vice-President
The Annual Review highlights EFAMA’s key achievements over the past 12 months and provides a useful overview of the main topics we cover.
EFAMA publishes Buyside Practitioner’s Guide to Tokenisation
Today, EFAMA has published its latest International Quarterly Statistical Release for Q1 2025.
This article was first published in Delano on 11 June 2025.
As investment strategies adapt to meet new fund naming rules and evolving expectations around sustainability, product clarity is more essential than ever, writes Anyve Arakelijan in this guest contribution.
In a joint letter, EFAMA, together with the European Banking Federation (EBF), Insurance Europe, European Savings and Retail Banking Group (ESBG), Alternative Investment Management Association (AIMA), Association for Financial Markets in Europe (AFME), and the European Association of Cooperative Banks, have released a joint letter asking the European Commission to better coordinate the publication of new rules for the Sustainable Finance Disclosure Regulation (SFDR).
The proposal by the European Commission to amend the Benchmarks Regulation represents an overall welcome development in this field, seeking to introduce greater proportionality in the regulation of index providers. While we support the spirit of the proposal, EFAMA advocates retaining certain minimum safeguards applicable to non-significant benchmarks for the protection of users and end investors.
The Sustainable Finance Disclosure Regulation (SFDR) has promoted transparency in sustainable finance, however its use by market participants as a de facto ESG labelling regime has stretched it beyond its original intentions and not always been helpful. The current European Commission review needs to address how SFDR can provide clearer, more meaningful information for retail investors, promote transition finance, and align well with other relevant legislation.
EFAMA is pleased to share its response to the ESMA Call for Evidence on shortening the settlement cycle. In light of the imminent US move to T1, EFAMA supports a timely transition to T1 for Europe, while calling for a dynamic roadmap which can be adapted and modified as lessons from the US migration become known.
As the US moves to a T+1 settlement cycle from May 2024, the settlement mismatch between the US and EU will raise operational challenges as well as, we suspect, market structure changes. But another direct consequence of the mismatch will be in the enforcement of current EU regulation. In this paper, we identify those scenarios where EU rules will be tested, suggest the scope of that impact and ask policymakers to explore how the regulatory impacts of US T+1 can be mitigated.
EFAMA appreciates the European Commission's efforts to bolster the Capital Markets Union and increase the appeal and competitiveness of public capital markets. However, the investment industry wishes to highlight some concerns concerning this Directive. Against this backdrop, it is important to note that the European Union has recently enhanced its corporate governance and shareholders’ engagement practices to fortify financial market stability, uphold capital market integrity and safeguard investors’ interests.
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