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.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
Given the emphasis on costs and value for money for European investors, we have examined whether lower fees consistently translate into better net performance. Our analysis shows that this is not always the case; less-expensive funds do not necessarily deliver the highest returns, and in some instances, higher-cost funds outperform.
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
EFAMA welcomes the opportunity to respond to the European Commission’s Call for Evidence on the ‘Review of the scope and third-country regime of the Benchmark Regulation.’
Following the EFAMA's partial response to the European Commission's targeted consultation on the regime applicable to the use of benchmarks administered in a third country, we would like to make additional comments on the ongoing review of the regime.
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.
In a letter to policymakers, 18 European buy-side firms state that only an Equities/ETFs tape that delivers data in real-time and that includes pre-trade data in the form of 5 layers of best bid and offer, will meet with the necessary market demand to make the Equities/ETFs Consolidated Tape commercially viable. A reasonably priced tape is also a precondition for success, they argue.
EFAMA comments the European Commission's ViDA Proposal and welcomes the consistency of the proposal and the fact that VAT-exempt services will not be covered by the new DDR. With this solution, the proposal should allow tax authorities to focus on the real risk of tax fraud cases and should not create new burdensome procedures/compliance obligations that would represent new costs that in the end would be imposed on clients/consumers (e.g. end investors) for no reason.
EFAMA appreciates the opportunity to comment on the EMIR 3.0 proposal reforming the clearing framework in the EU. We share the objectives of this review which seek to ensure financial stability in the EU, and the well-functioning of the existing central clearing framework. We understand the objective to reduce excessive exposure to substantially systemic CCPs over time, though we maintain that any regulatory measures should be proportionate to the regulatory rationale, and should not unduly harm market participants.

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