This article has been published on the EFAMA blog.
This article has been published on the EFAMA blog.
Buy-in from Member States will be essential
The Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) have today published a statement calling for policy makers to focus on scaling up EU equity markets by promoting competition and innovation, rather than seeking to rebalance volumes towards incumbent exchanges at the expense of investors.
The European Fund and Asset Management Association (EFAMA) welcomes the Digital Fitness Check and the European Commission’s initiative to review the EU Digital Rulebook and assess how it can be improved to better support innovation and help position Europe as a global leader in critical technologies.
EFAMA welcomes the Digital Omnibus legislative proposals, and in particular the targeted amendments introduced to the GDPR and the AI Act. The proposed amendments aim to reduce unnecessary administrative burdens and provide legal clarity within the existing regulatory framework while preserving its core objectives.
The European Fund and Asset Management Association (EFAMA) has released today a new issue of its Market Insights series titled “Fund redemptions amid periods of shock: evidence f
The European Fund and Asset Management Association (EFAMA) has today published its European Quarterly Statistical Release for the fourth quarter of 2025, together with updated figures for the full year 2025.
The European Commission’s proposal to amend the Sustainable Finance Disclosure Regulation (SFDR 2.0) is an important step towards simplifying the framework while improving clarity for investors.
EFAMA welcomes the decision of the European Commission to adopt a targeted approach in its review of the Alternative Investment Fund Management Directive (AIFMD), along with key harmonising provisions within the Undertakings for Collective Investment in Transferrable Securities Directive (UCITSD). This focus on targeted improvements recognises the role this framework has played in encouraging the growth in the European Alternative Investment Fund (AIF) market over the past decade and its resilience even throughout recent market stresses.
EFAMA strongly supports the Commission's draft proposal amending the ELTIF Regulation where it addresses some of the major obstacles that have undermined the attractiveness of the ELTIF product since inception. The revised legal framework has the potential to transform ELTIF into a product of choice for a larger (retail) investor audience, all while serving the purposes of the Capital Markets Union (CMU). However, some important adjustments remain to be made for the ELTIF regime to reach its full potential as a competitive long-term investment option.
The European Commission’s proposal on MiFIR establishes the blueprint for a consolidated tape (CT) for Europe’s capital markets. It also significantly alters the competitive market structure brought about by MiFID II by introducing greater transparency requirements. Finally, it addresses important issues around market data costs.
EFAMA replied to IASB’s request for information on the Post-Implementation Review (PIR) of IFRS 9 – Classification and measurement. Our paper recaps EFAMA’s key concerns and recommendations to the IASB. The key concerns of the industry are the removal of recycling (in particular for institutional investors) and the classification of investment entities and investment funds as debt instruments.
We commend the work that IOSCO has undertaken to date on this topic including the survey work and the summary findings in the form of the report currently under review. It is fair to say that the conclusions of the report and areas for further work gave rise to detailed discussions within our industry, yielding ultimately firm views on the priority areas that we support and see value in, and areas we felt were not reflected in the study and thereby building risk into margining models in future crisis scenarios. These areas are fur
For asset managers the main issue continues to be the reclassification of ETDs as OTCs as a result of the non-equivalence of UK regulated markets. While we understand that a review is legally mandated at this point in time, we do not see value in recalibrating the various thresholds or making changes to the calculation methodologies unless these are in the two areas we define below. Our main concern revolves around the fact that changes would carry significant compliance costs while making little impact on the population of counterparties and notional captured by the thresholds.

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