A significant step forward taken to remove tax barriers to the CMU
The European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA), and the Federation of European Securities Exchanges (FESE) have released a joint report on the development of European capital markets and recommendations to enhance their competitiveness.
The European Capital Markets Report is a joint initiative authored by Oliver Wyman and co-developed by EFAMA, the European Banking Federation (EBF) and the Federation of European Securities Exchanges (FESE). This report reviews progress made towards the CMU and provides recommendations on how to improve the competitiveness of European capital markets.
Today, EFAMA has published our latest Monthly Statistical Release for February 2024.
Latest EFAMA research shows banks hold a 57% market share in EU fund distribution
Today, the European Fund and Asset Management Association (EFAMA) published the latest edition of its Market Insights series, titled “Investment fund distribution channels in Europe”.
The European Parliament today formalised its position on the Retail Investment Strategy, which significantly improves on the original European Commission proposal.
Former Italian prime minister Enrico Letta has released today his report on the future of the Single Market. Together with the recent statement of the Eurogroup in inclusive format on the future of CMU, and the upcoming report of Mario Draghi, there is increasing emphasis on EU competitiveness and the need to make urgent progress towards achieving a well-functioning Capital Markets Union to finance Europe’s necessary transitions.
The FCA’s recent report on the wholesale data market is an important and high-quality study which echoes many long-standing buy-side concerns. It finds evidence of unequal market power in terms of market concentration, highly profitable margins, opaque pricing practices, excessive charging, bundling practices and complex licensing agreements, all of which negatively impact data users. Much of this data is indispensable for users to stay in business and fulfil regulatory obligations.
EFAMA continues to support the overarching aim of the PRIIP KID as a single pre-disclosure document for all types of investment products.
EFAMA believes that the ESAs Joint Call for Evidence on PRIIPs and any subsequent proposals for revision of the PRIIPs Regulation should come after assessing in practice the revised PRIIPs RTS to be implemented from 31 December 2022, both to retail AIFs and UCITS.
EFAMA welcomes the work of the FATF in reviewing and reinforcing its existing recommendations to ensure that these remain fit for purpose in tackling global financial crime.
EFAMA sees the European Commission’s proposal for the creation of a European Single Access Point (ESAP) as a crucial step in addressing the limited availability and scattered nature of financial and sustainability-related entity information at EU level.
EFAMA is pleased to read today the details of a robust MiFIR proposal from the European Commission addressing key areas of reform around the creation of a consolidated tape (CT), along with adjustments to transparency requirements on trading.
EFAMA welcomes the European Commission’s review of the Alternative Investment Fund Management Directive (AIFMD), setting out targeted improvements to key provisions in the current framework. Such targeted improvements will make strides in advancing the Capital Markets Union. At the same time, they maintain the framework which has underpinned a decade of growth in the European Alternative Investment Fund (AIF) market and proven resilient even throughout recent market stresses.
EFAMA firmly supports the European Commission’s proposal to revise the European Long-Term Investment Fund (ELTIF) Regulation. The revised framework has the potential to transform ELTIF into a product of choice for European investors and to become a cornerstone of the Capital Markets Union.
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