EFAMA offers a detailed view on the active accounts proposal in this paper. Costs to the end investor are broken down into two main buckets i) operational build-out and ii) in nominal terms the much larger impact of loss of netting efficiencies. Potential impacts on financial stability are also examined, with a focus on the widening basis which will result from large volumes of one-directional flows onto an EU-CCP. The impact on margins and procyclicality are also studied. The analysis points to increased liquidity risk for
Fact Book 2025
EFAMA has published its 2025 industry Fact Book.
This year’s edition includes an in-depth analysis of trends in the European investment fund industry (for 2024 and over the longer term) and an extensive overview of regulatory developments across 29 European countries. It also contains a series of info-boxes addressing some important regulatory topics EFAMA is actively working on, including Retail Investment, Sustainability Reporting, Securitisation, Financial Data Access, DEBRA, AI and Tokenisation.
