EFAMA warns against the negative impact of large-scale changes to the Shareholder Rights Directive
EFAMA warns against the negative impact of large-scale changes to the Shareholder Rights Directive
Following yesterday’s vote by the European Parliament’s ECON Committee on the EU Securitisation Regulation (SECR) review, EFAMA expresses concern that aspects of the current text lack sufficient ambition to truly prioritise European investors and support Savings and Investment Union (SIU) objectives.
Today, EFAMA has published its latest Monthly Statistical Release for February 2026.
This article was originally published in French in Revue Banque, © La Revue Banque.
Read the English translation below:
The Commission’s initiative to simplify EU law in direct taxation, with its focus on reducing administrative burdens, eliminating outdated/overlapping rules, and improving consistency and application across Member States, is urgently needed to ensure the EU's competitiveness.
EFAMA has published its response to the UK FCA’s consultation paper (CP23/28) on updating its regime for Money Market Funds (MMFs). While fundamentally agreeing on the need to definitely remove the existing link between liquidity breaches and the potential activation of LMTs for stable NAV MMFs, we express significant reservations with the proposed enhancements to the existing liquidity ratios across all types of MMF structures.
The UK regulator (FCA) has taken a pragmatic approach in developing its Overseas Fund Regime (OFR) specifying the process that European retail funds would have to follow to gain, and keep, access to the UK market. This regime, which will replace the Temporary Marketing Permission Regime (TMPR), offers a streamlined access to the UK market in comparison to the current and time-consuming recognition process which is open to all overseas funds (...)

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