The European Fund and Asset Management Association (EFAMA) has published its response to the European Commission’s targeted consultation on the functioning of the EU Money Market Fund Regulation (MMFR).
The European Fund and Asset Management Association (EFAMA) has published its response to the European Commission’s targeted consultation on the functioning of the EU Money Market Fund Regulation (MMFR).
Net sales of long-term UCITS fell to low levels in February 2022
The European Fund and Asset Management Association (EFAMA) has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for February 2022, at European level and by country of fund domiciliation.
We welcome this opportunity to comment on a review of the TV perimeter, and support ESMA’s objective of clarifying when systems and facilities qualify as multilateral.
EFAMA places huge importance on this revision of ESMA’s suitability guidelines, as they spell out in detail how investors can invest in sustainable investment products. If they are well designed, the guidelines have the potential to significantly boost capital flows towards sustainable investments; a goal that the European fund industry strongly supports.
The European Fund and Asset Management Association (EFAMA) welcomes the opportunity to respond to this important review of RTS 153/2013 and accompanying guidelines, in light of the procyclicality witnessed during the peak volatility of the Covid crisis. European CCPs already have standard anti-procyclicality tools in their rulebooks and this did lead to less volatile moves in margin in Europe versus other jurisdictions.
With the release of this proposal, the Commission is replicating the OECD / BEPS Inclusive Framework (OECD) Pillar Two Global Anti-Base Erosion (GloBE) Model Rules that came live in December 2021 and addresses how Member States will implement them in a coherent and consistent way across the EU. The work of the Commission and the alignment with the work of the OECD / BEPS Inclusive Framework are to be welcomed.
EFAMA fully supports the Commission’s initiatives to fight tax avoidance and aggressive tax planning. The work of the technical teams that acknowledged our industry’s special requirements and the proposal of carve-out rules to protect investment structures and end-investors are, to a certain extent, to be welcomed.
UCITS equity funds remained in high demand in January, contrary to bond funds
The AIFMD is one of the pillars of EU regulation for asset managers and investment funds, which have a crucial role to play in the development of the Capital Markets Union (CMU) and the post Covid-19 economic recovery in the EU.
We fully support the ambitions of the new CMU Action Plan. Properly executed, it has the potential to boost the fortunes of Europe’s pensioners and savers by creating opportunities for them to share in the upside of Europe’s economic recovery and to create more efficient and better integrated European capital markets, which is key to finance European innovation as well as the transition towards a more sustainable and digital economy.
The European investment management industry is helping savers achieve their financial goals and build up retirement savings. Investment management is a vital part of the European economy, providing funding for companies and infrastructure projects and contributing to economic growth and job creation across all Member States.
As the voice of European asset management industry, EFAMA strongly welcomes the development of
the EU Taxonomy and its technical screening criteria. We see the Taxonomy as a critical tool to
unleashing the potential of sustainable finance in Europe by assisting issuers, project promoters,
companies, investors, and other financial market participants in identifying truly sustainable economic
activities. We wish to put forward recommendations that aim to improve the usability and integrity of this
framework.
The fund and asset management industry is a highly regulated industry operating under significant and specific legal, regulatory, transfer pricing and tax frameworks.
Pillar 1: Investment funds are structured as tax neutral investment pooling vehicles as a matter of
public policy.
Pillar 2: The role that investment funds play in providing investors with a diversified portfolio and global market access is essential.

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.