EFAMA Statement

Brussels, 4 December 2018 - For immediate release

EFAMA welcomes the vote of the European Parliament’s Economic and Monetary Affairs committee last night amending the proposal on cross-border distribution of funds.

The Committee’s vote confirmed important amendments to the Commission’s original proposal, i.e. extending the “premarketing” definition to established EU AIFs and removing the numerical thresholds conditioning the de-notification of funds from host jurisdictions.

The Parliament has also approved an extension of the UCITS exemption in the PRIIPs Regulation of two years. It constitutes an acknowledgement that PRIIPs KID (Key Information Document) currently presents flaws that need to be corrected in an appropriate manner. Consumers will continue to benefit   from the well-functioning UCITS KIID until the PRIIPs KID rules are appropriately designed to give accurate and clear information so and allow investors to make informed investment decisions.

Ahead of the trilogue discussions, EFAMA trusts that the Council and the Commission will agree this is the best outcome for the protection of the investors.

EFAMA joins the European Parliament’s call on the European Commission to review the PRIIPs regulation as soon as possible and solve all outstanding problems, including the methodology for calculating transaction costs.

EFAMA stands ready to provide further assistance in that respect.