A significant step forward taken to remove tax barriers to the CMU
The European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA), and the Federation of European Securities Exchanges (FESE) have released a joint report on the development of European capital markets and recommendations to enhance their competitiveness.
The European Capital Markets Report is a joint initiative authored by Oliver Wyman and co-developed by EFAMA, the European Banking Federation (EBF) and the Federation of European Securities Exchanges (FESE). This report reviews progress made towards the CMU and provides recommendations on how to improve the competitiveness of European capital markets.
Today, EFAMA has published our latest Monthly Statistical Release for February 2024.
Latest EFAMA research shows banks hold a 57% market share in EU fund distribution
Today, the European Fund and Asset Management Association (EFAMA) published the latest edition of its Market Insights series, titled “Investment fund distribution channels in Europe”.
The European Parliament today formalised its position on the Retail Investment Strategy, which significantly improves on the original European Commission proposal.
Former Italian prime minister Enrico Letta has released today his report on the future of the Single Market. Together with the recent statement of the Eurogroup in inclusive format on the future of CMU, and the upcoming report of Mario Draghi, there is increasing emphasis on EU competitiveness and the need to make urgent progress towards achieving a well-functioning Capital Markets Union to finance Europe’s necessary transitions.
The FCA’s recent report on the wholesale data market is an important and high-quality study which echoes many long-standing buy-side concerns. It finds evidence of unequal market power in terms of market concentration, highly profitable margins, opaque pricing practices, excessive charging, bundling practices and complex licensing agreements, all of which negatively impact data users. Much of this data is indispensable for users to stay in business and fulfil regulatory obligations.
EFAMA replied to a specific question on moving to stage 3 for the determination of the liquidity assessment of bonds.
EFAMA responds to the opportunity to provide feedback to the Article 8 Taxonomy Regulation (EU) 2020/852 (‘taxonomy’) draft delegated act, which the European Commission published for consultation on 7 May. We highlight that the provisions on investee companies in this delegated act will serve as the primary source of input for asset managers´ own disclosures on taxonomy compliance at both product and entity levels.
EFAMA has published its response to the European Commission’s targeted consultation on the supervisory convergence and the Single Rule Book, focusing on three areas for improvement.
The European Find and Asset Management Association appreciates the opportunity to submit its views to the European Supervisory Authorities (ESAs) on the Joint Consultation Paper (CP) regarding draft regulatory technical standards (RTS) for taxonomy-related sustainability disclosures pursuant to Article 8(4), 9(6) and 11(5) of Regulation (EU) 2019/2088 (Taxonomy Regulation or TR).
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.
EFAMA commented on the current VAT rules for financial services and their functioning, as well as on possible changes to these rules, in a public consultation of the European Commission.
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