EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for August 2023, at European level and by country of fund domiciliation.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for August 2023, at European level and by country of fund domiciliation.
The EU’s Listing Act is a key legislative initiative aimed at enhancing the appeal of EU public markets and facilitating capital access for small-medium enterprises (SMEs). That includes a new proposal by the European Commission for a Multiple Voting Shares Directive (MVSD). EFAMA believes it is of key importance to the European economy to ensure that EU capital markets remain attractive and competitive globally, therefore getting these types of initiatives right is crucial.
EFAMA appreciates the European Commission's efforts to bolster the Capital Markets Union and increase the appeal and competitiveness of public capital markets. However, the investment industry wishes to highlight some concerns concerning this Directive. Against this backdrop, it is important to note that the European Union has recently enhanced its corporate governance and shareholders’ engagement practices to fortify financial market stability, uphold capital market integrity and safeguard investors’ interests.
The European Parliament and Council are currently finalising their views on the European Commission’s anti-money laundering (AML) package proposal. In addition to the much publicized debate around the location of the new AML Authority, there are even more important elements being discussed which aim to curb money laundering and counter the financing of terrorism (CFT).
EFAMA has published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for July 2023, at European level and by country of fund domiciliation.
EFAMA has today published its International Quarterly Statistical Release regarding the developments in the worldwide investment fund industry during the second quarter of 2023.
EFAMA has responded to the public consultations launched by the European Supervisory Authorities’ (ESAs) on draft regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the Digital Operational Resilience Act (DORA). Their purpose is to establish further details on the core elements of this regulation harmonising how information and communication technology (ICT) risks are to be addressed in the financial sector.
EFAMA welcomes the opportunity to provide the views of the asset management industry to this challenging exercise of assessing the impacts of recent regulatory reforms in the area of financial services.
There are a number of general remarks that we would like to make by way of introduction.
Need for consistency and coordination
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

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