EFAMA welcomes the European Securities and Market Authority’s continuous commitment to creating a single market for investment funds, confirmed by the draft regulatory standards currently under consideration. These RTS/ITS would further harmonise information that asset managers should provide to their national competent authorities before marketing or managing an investment fund on a cross-border basis, thus facilitating intra-EU product distribution.
Our consultation response stresses the importance for ESMA to simplify and streamline the notification process. They should carefully review the RTS/ITS under consideration and ensure that requested information is not excessively cumbersome to provide and is necessary for national supervisory activities. Finally, in addition to the format and content of the passporting notifications, we would welcome harmonisation of the means of submission for these notifications.