This article has been published on ESG Investor
This article has been published on ESG Investor
EFAMA has published its latest Monthly Statistical Release for June 2024.
Thomas Tilley, Senior Economist at EFAMA, commented: “The ECB rate cut of early June resulted in strong net inflows into bond UCITS throughout the month.”
The main developments in June can be summarised as follows:
62,000+ new fund share classes have been added, including new categories
ESMA technical standards move one step closer to consolidated tape launch.
ESMA recently closed the consultation for regulatory technical standards that will define the competitive selection process for the consolidated tape, as well as the technical abilities that applicants will be assessed on. In its response for the buy-side, EFAMA stressed that a robust governance framework for the operators of the tapes is critical.
EFAMA supports achieving greater transparency through reform of the bond deferral regime. We would like to offer some feedback that suggests a different calibration on both liquidity thresholds, and the determination of trade size buckets.
We appreciate the analysis carried out by ESMA, which offers a solid basis for the review of the bond deferral regime. Nevertheless, we would like to provide some feedback on the proposed approach, which we believe can be further finetuned:
ESMA’s Call for Evidence on the UCITS Eligible Assets Directive is a welcome opportunity to take stock of the existing UCITS framework.
EFAMA welcomes the launch of this public consultation to evaluate and assess the effectiveness, efficiency and continued relevance of the DAC and its amendments (DAC2 to DAC6), as well as its coherence with other policy initiatives, priorities and the EU added value.
This is a timely and necessary review to which we hope to contribute in a constructive manner. As already recognised in the consultation paper and in the MiFID Quick Fix proposal, RTS 27 and RTS 28 currently fall short of the objective of providing valuable and comparable datasets for investment managers and the investing public. We appreciate the present effort to revise reporting requirements to produce more meaningful reports.
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
EFAMA welcomes ESMA’s Call for Evidence to assess the rapidly shifting investment landscape and ensure that the current regulatory environment, its underlying market structure, and the existing industry practices safeguard retail investors’ interests. It is our strong belief that improving retail investor empowerment in Europe is key to further develop and deepen its capital markets.
We see great value in the creation of a consolidated tape to support Europe’s capital markets. However, we qualify that statement with a reminder that the framework for a successful consolidated tape should
i) address the known market failure around market data costs,
EFAMA continues to support the overarching aim of the PRIIP KID as a single pre-disclosure document for all types of investment products.
EFAMA believes that the ESAs Joint Call for Evidence on PRIIPs and any subsequent proposals for revision of the PRIIPs Regulation should come after assessing in practice the revised PRIIPs RTS to be implemented from 31 December 2022, both to retail AIFs and UCITS.
EFAMA welcomes the work of the FATF in reviewing and reinforcing its existing recommendations to ensure that these remain fit for purpose in tackling global financial crime.

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.