We disagree with an extension of its scope to UCITS’ and AIFs’ management companies to the scope of the reporting requirements imposed by MiFIR, Art. 26. This extension would be in breach of the principle of proportionality, as:
Capital markets
Investment managers, acting on behalf of their retail and institutional clients, are among the largest investors in financial markets. They represent a key component of the market’s “buy-side” segment.
In representing the interests of its members on wholesale capital market issues, EFAMA advocates for fair, deep, liquid, and transparent capital markets, supported by properly regulated and supervised market infrastructure.
Related policy positions
Policy position
Capital Markets
Distribution ＆ Client Disclosures
EU Fund regulation
UCITS
23 November 2020
EFAMA's reply to ESMA's CP on MiFIR Review report on the obligations to report transactions & reference data
Policy position
Capital Markets
14 September 2020
EFAMA comments EC CP on a Covid-19 Capital Markets Recovery Package
EFAMA appreciates the Commission's efforts in pursuing an alleviation of certain MiFID II requirements in the interest of promoting a swift recovery from the economic crisis precipitated by the Covid-19 pandemic (....).
EFAMA believes however that there are more effective ways to foster SME access to markets and urges the Commission to consider a set of further measures (...)
Policy position
Capital Markets
03 August 2020
EFAMA's response to ESMA's Call for evidence on the availability and use of credit rating information & data
Related news
Policy Position
Capital Markets
Data
14 June 2021
Joint statement by EFAMA and EFSA on Consolidated Tape and market data costs
The appropriate construction, and conditions for the usage, of a Consolidated Tape
Press Release
Capital Markets
Benchmarks
Data
International agenda
09 June 2021
Key recommendations for fair benchmark data costs - EFAMA/ICSA Global Memo on Benchmark Data Costs
EFAMA (European Fund of Asset Management Associations) and ICSA (International Council of Securities Association) published today a Global Memo on Benchmark Data Costs, identifying the main challenges arising from the increased use of benchmark data over recent decades and the imposition of increasingly complex and ove
Policy Position
Capital Markets
CSDR
12 March 2021
Joint trade association letter regarding Implementation of CSDR SDR
On 11 March 2021, EFAMA and 14 trade associations representing a wide range of stakeholders in the European and global financial markets wrote to the European Commission and ESMA raising concerns about the implementation of the mandatory buy-in requirement under the EU’s CSDR Settlement Discipline Regime.
Related publications
Publication
Capital Markets
01 July 2025
Advancing EU capital markets: Prioritising key targets for the Savings and Investments Union
Publication
Capital Markets
Capital Markets Union
Retail Investment
22 January 2024
Household Participation in Capital Markets
This report analyses the progress made in recent years by European households in allocating more of their financial wealth to capital market instruments (pension plans, life insurance, investment funds, debt securities and listed shares) and less in cash and bank deposits. It also includes policy recommendations on improving retail participation in capital markets, including for the Retail Investment Strategy currently under discussion.
Some key findings include:
Publication
Capital Markets
MIFID
16 November 2021
Buy-side use-cases for a real-time consolidated tape
A real-time consolidated tape, provided it is made available at a reasonable cost, will bring many benefits to European capital markets. A complete and consistent view of market-wide prices and trading volumes is necessary for any market, though this is especially true for the EU where trading is fragmented across a large number of trading venues. A real-time consolidated tape should cover equities and bonds, delivering data in ‘as close to real-time as technically possible’ after receipt of the data from the different trade venues.
Contact
Deputy Director, Capital Markets and Digital
