Q #1 How was Euribor impacted by the adoption of the Benchmark Regulation (BMR) and what are the relevant features of the reformed Euribor for investment managers?
Following the publication of the European Commission report confirming the settlement discipline regime will be reviewed, Susan Yavari, Regulatory Affairs Adviser at EFAMA, commented:
EFAMA has released its 2021 industry Fact Book.
The 2021 Fact Book provides an in-depth analysis of trends in the European fund industry, an extensive overview of the regulatory developments across 29 European countries and a wealth of data.
The European Fund and Asset Management Association (EFAMA) has today published its response to the ESMA consultation on the legislative review of the EU Money Market Fund Regulation (MMFR).
The London Interbank Offered Rate, also known as LIBOR®, is a widely-used index for short-term interest rates that is commonly found in
EFAMA is looking for a Regulatory Policy Advisor to reinforce its regulatory team.
Role: Regulatory Policy Advisor (Distribution, Investor Protection and Client Disclosures)
Place of work: Brussels
Basis: full-time, unlimited period
Starting date: as soon as possible
Deadline for sending applications: 23 July 2021
For full description of the role and application details, please refer to attached file.
The mission at the heart of our work on the European Fund Classification scheme is to help investors, and the wider European funds industry, to find and compare similar fund peer groups in a meaningful way. This mission is particularly relevant in an era of rising cross-border fund sales because the EFC enables investors and their advisers to compare funds across different European jurisdictions consistently.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides data on UCITS, and AIFs sold in April 2021, at European level and by country of fund domiciliation.
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.
In a letter to policymakers, 18 European buy-side firms state that only an Equities/ETFs tape that delivers data in real-time and that includes pre-trade data in the form of 5 layers of best bid and offer, will meet with the necessary market demand to make the Equities/ETFs Consolidated Tape commercially viable. A reasonably priced tape is also a precondition for success, they argue.
EFAMA comments the European Commission's ViDA Proposal and welcomes the consistency of the proposal and the fact that VAT-exempt services will not be covered by the new DDR. With this solution, the proposal should allow tax authorities to focus on the real risk of tax fraud cases and should not create new burdensome procedures/compliance obligations that would represent new costs that in the end would be imposed on clients/consumers (e.g. end investors) for no reason.
EFAMA appreciates the opportunity to comment on the EMIR 3.0 proposal reforming the clearing framework in the EU. We share the objectives of this review which seek to ensure financial stability in the EU, and the well-functioning of the existing central clearing framework. We understand the objective to reduce excessive exposure to substantially systemic CCPs over time, though we maintain that any regulatory measures should be proportionate to the regulatory rationale, and should not unduly harm market participants.
EFAMA commented on IASB’s ED on IAS 12 (Pillar Two Model Rules). As the model rules drafted by the OECD establish that investment funds and investment entities should be carved out / excluded from Pillar Two, at first glance we expect them would not have a significant impact on our industry (at least on the strict product/funds side). While it is still to be confirmed what will be required from asset management firms and investors investing in funds to comply with the new rules, it is clear the analysis is highly complex.
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.
Trends in European investment funds (EFAMA Fact Book 2024 release on 18 JUN 2024)