Naïm Abou-Jaoudé, EFAMA President, comments:
The Fact Book is our flagship publication. It provides in-depth analysis of trends in the European investment fund industry, including extensive statistics and information about products, asset classes and distribution across all markets. It also includes a complete overview of regulatory developments across 28 European countries.
For the first time, a digital version of the Fact Book is made freely available on the EFAMA website. An Excel-based statistical package, containing more than 50 tables with historical time series on net assets, net sales and number of UCITS and AIFs at the country level, is available for purchase.
Financial literacy is essential for making sound decisions when managing savings. If European citizens do not understand financial concepts such as risk diversification, compound interest and real rate of return, they won’t know where to start or what to ask should they wish to invest their savings. A lack of sufficient financial literacy in most European countries helps explain why the vast majority of households don’t directly invest any of their savings in the capital markets.
EFAMA's Investor Education Platform has now produced an animated brochure titled ‘Investing for a better future – 5 tips to do more with your savings’ to help get people started with investing. It has been translated into several European languages.
With European government no longer able to provide financial security to support citizens in later years, saving for retirement is key. Individuals need to save enough for retirement to ensure adequate income in old age.
EFAMA helps by raising awareness of the importance of saving for retirement and encouraging European authorities to further modernise relevant EU legislation. This includes strengthening competition in the occupational and personal pension markets, and fostering cross-border activities of pension providers and asset managers. Such legislation should seek to create economies of scale, to benefit savers.
EFAMA is a co-initiator of the European Retirement Week.
Building a Capital Markets Union (CMU) serving the needs of European citizens and businesses is as ambitious as it is essential: the effort will enable pensioners and savers to share in the upside of Europe’s economic recovery. In the process, European capital markets also become more efficient and better integrated. This long-term vision is key to financing European innovation and to supporting the transition towards a more sustainable economy.
Increasing retail investors’ participation in capital markets is an essential component for building an effective CMU. EFAMA relentlessly advocates for effective disclosure rules and consumer empowerment.
Asset managers unleash the vast potential of sustainable finance by channelling capital into ESG investments and engaging with investee companies to improve their sustainability profile and foster long-term prosperity.
To strengthen the asset managers' role in financing the green transition, EFAMA contributes to the development and implementation of the EU Sustainable Finance agenda. This includes initiatives to fight greenwashing, increase transparency, improve the flow of ESG data and integrate sustainability in corporate governance.
To remain competitive and at the forefront of innovation, Europe must be open to cross-border flows of knowledge, ideas, capital and investment. The benefit in doing so ultimately accrues to European citizens and businesses.
While Europe rightly strives for high regulatory standards, rules need to be well calibrated, so Europe can partake in global competition on a level playing field. EFAMA's policy work consistently advocates for a dynamic regulatory environment, which enables European financial markets to remain globally competitive.
Naïm Abou-Jaoudé, EFAMA President, comments:
Investors, asset managers and civil society organisations call for the prompt implementation of the reform on corporate sustainability reporting and EU standards
EFAMA is recruiting a regulatory policy adviser in distribution of financial products, investor protection and/or client disclosures, as well as a regulatory policy adviser with relevant experience in sustainable finance and/or stewardship.
Please visit EuroBrussels for full details of the position and how to apply.
The Joint Associations1 welcome clarification from ESMA that national competent authorities are expected not to prioritise supervisory actions in relation to the application of the CSDR buy-in regime.2
The investment industry and policymakers must co-ordinate efforts to promote funded retirement savings and improve financial literacy to ensure that billions of people can live comfortably in their later years and, in the process, ease the fiscal pressure on governments. Financially-literate individuals are more likely to make better-informed financial decisions and to understand the benefits of long-term investments.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for October 2021, at European level and by country of fund domiciliation.
The main developments in October 2021 can be summarised as follows:
On 1 February, Tanguy van de Werve, EFAMA's Director General has been invited to speak at the ESAs high-level conference on financial education and literacy. He will participate in the panel in a panel on 'Financial education and Capital Market Union' together with: Tatyana Panova, Head of Unit, Capital Market Union unit, European Commission (DG FISMA); Jean-Paul Servais, Chairman of the Belgian Financial Services and Markets Authority (FSMA) and vice chair of the IOSCO Board, and Aleksandra Mączyńska, Executive Director, Better Finance.
After having looked extensively at the Level-2 work done by the ESAs, EFAMA1 comes to the unfortunate conclusion that, due to the very technical nature of the underlying methodologies and calculations, there will not be enough time for market participants to fully implement the PRIIP KID by 31 December 2016.
Our corporate members are both subsidiaries of an EEA parent that is a credit institution as per Article 4(1)(1) of the CRR, or stand-alone investment firms as per Article 4(1)(2) of the CRR. Both types of entities risk becoming subject to the Maximum Ratio Rule as asset management companies licensed under either a UCITS or AIFM management company license, or licensed as investment firms under the MiFID regime to provide discretionary portfolio management services on a client-by-client basis.
EFAMA welcomes the opportunity to provide comments on ESMA’s Consultation Paper on draft guidelines for the assessment of knowledge and competence.
EFAMA comments to the Committee on Direct Taxes in relation to the application of Minimum Alternate Tax to FIIs and FPIs for financial years before 1st April 2015
EFAMA and its Members appreciate the opportunity to comment on the second FSB/IOSCO consultative document in the context of the current global debate around the alleged “systemic” nature of the asset management industry. EFAMA is the representative association for the European investment management industry. We represent through our 26 national association members, 63 corporate members and 25 associate members about EUR 17 trillion in assets under management, of which EUR 11.3 trillion managed by 55,600 investment funds at end‐December 2014.
Discover the 6 reasons why your organisation should become a member of EFAMA.
Our members enjoy significant benefits including the opportunity to shape the industry positions, get first-hand access to regulatory and political intelligence, engage with industry peers and policymakers, and take part in EFAMA events.
Our three membership categories cater to the wide range of organisations that make up and support the investment management industry in Europe.
Keynote speech by European Commissioner Mairead McGuinness at the 27th Investment Management Forum on 18 November 2021.