EFAMA has today published its European Quarterly Statistical Release for Q1 of 2023.
EFAMA has today published its European Quarterly Statistical Release for Q1 of 2023.
On 24 May 2023, the European Commission unveiled the most extensive reform of the EU legislative framework for retail investment to-date. As representatives of the European financial and insurance sector, we (AMICE, EACB, EAPB, EBF, EFAMA, ESBG, EUSIPA, Insurance Europe) are still assessing the full range of impacts and changes put forward in the Retail Investment Strategy (RIS) across multiple pieces of regulation: MiFID II, the Insurance Distribution Directive, the UCITS Directive, the Alternative Investment Fund Managers Directive, the PRIIPs Regulation and the Solvency II Directive.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for March 2023, at European level and by country of fund domiciliation.
EFAMA believes that IORPs should be able to invest in financial instruments traded in all third country markets where the latter meet certain conditions, regardless of the adoption of an equivalence decision by the Commission (...).
The publication of the European Commission’s long-awaited EU Retail Investment Strategy is an important moment, as creating the necessary conditions to grow retail investor participation in capital markets is key for the future of both the European economy and EU citizens. Within the strategy, we see positive elements which the fund industry has long encouraged, such as digital-by-default disclosures, the preservation of both fee- and commission-based distribution models, and comparable rules for all types of investment products.
European asset managers continue to urge policymakers to support the European Parliament’s proposal for an Equities/ETFs consolidated tape which includes 5 layers of real-time pre-trade data. Market participants, including the European buy and sell-sides have consistently maintained that a post-trade only equities/ETFs consolidated tape will not meet with the market demand required to make the tape commercially viable. Tanguy van de Werve, Director General of EFAMA, stated: “This would be a legislative se
In our response to ESMA on its review of the guidelines on stress-testing parameters for Money Market Funds (MMFs), EFAMA cautions against using overly simplistic assumptions.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for February 2023, at European level and by country of fund domiciliation.
EU asset managers, banks and brokers are today urging policy makers not to concede to pressure which will lead to suboptimal outcomes in the review of the Markets in Financial Instruments Directive (MiFID/R).
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
EFAMA believes that IORPs should be able to invest in financial instruments traded in all third country markets where the latter meet certain conditions, regardless of the adoption of an equivalence decision by the Commission (...).
EFAMA welcomes the opportunity to respond to the European Commission’s Call for Evidence on the ‘Review of the scope and third-country regime of the Benchmark Regulation.’
Following the EFAMA's partial response to the European Commission's targeted consultation on the regime applicable to the use of benchmarks administered in a third country, we would like to make additional comments on the ongoing review of the regime.
In our response to ESMA on its review of the guidelines on stress-testing parameters for Money Market Funds (MMFs), EFAMA cautions against using overly simplistic assumptions.

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