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.
Supervisory convergence is a core element of the Single Market and integral to removing barriers to cross-border provision of financial services. It is not enough to have a common rule book, but also the reading of those rules by supervisors and supervisory practices should converge to ensure the Single Market is not hampered by diverging interpretations and gold-plating of EU rules.
• EFAMA reiterates the European asset management industry’s strong support for the CMU project in all its dimensions. We welcome the range of initiatives, from the overarching aim of rebuilding confidence in financial markets by putting investors’ interests at the heart of the project, to the promotion of market-based financing of the economy, the development of a PEPP or the development of a comprehensive strategy on sustainable finance.
EFAMA is grateful for the opportunity to comment on the new OECD Public Discussion Draft on BEPS Action 6 and the treaty entitlement of non-CIV funds Discussion Draft on non-CIV examples. In addition EFAMA would like to make positive use of this opportunity and comment as well on the general situation of CIVs as well as of Non-CIVs against the background of the BEPS Action 6 implementation.
EFAMA welcomes the opportunity to respond to the EBA on its proposal for a new prudential regime for investment firms. As the EBA is aware, the activity of portfolio management on behalf of thirdparty clients broadly falls under three separate EU legal regimes:
i. Individual discretionary portfolio management performed by investment firms on a client-byclient basis, authorised under and complying with the Markets in Financial Instruments Directive, as per Annex I Section A, point 4 (as recently amended by MiFID II);
EFAMA welcomes ESMA’s Consultation Paper on product governance requirements and specifically on the target market assessment and supports that the details of these requirements are laid out in the form of guidelines rather than Q&A. We agree with ESMA that drafting target market guidelines is an important aspect “for ensuring the common, uniform and consistent application” of the MIFID II product governance requirements, in particular since these rules have the potential to significantly alter the European distribution landscape.

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