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

Topic

year

Keywords

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.

Policy position

EFAMA reply to ESMA CP on marketing communications guidelines

Capital Markets

MIFID

EU Fund regulation

UCITS

Management Companies

AIFMD

09 February 2021

EFAMA reply to ESMA CP on marketing communications guidelines

EFAMA believes that ESMA’s draft ‘marketing communication’ Guidelines still require important clarifications to ensure full alignment between them and MiFID II’s Commission Delegated Regulation Article 44. This alignment is essential to ensure coherent rules for fund management companies and distributors. Unfortunately, parts of the proposed Guidelines are overly prescriptive and may unintentionally make some marketing materials vaguer or even inconsistent with local MiFID requirements for distributors.

Policy position

Capital Markets

CSDR

02 February 2021

EFAMA's reply to EC's consultation on the Review of CSDR

EFAMA supports the main objectives of CSDR to increase the safety and efficiency of securities settlement, including:

- Shorter settlement periods,
- Prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement,
- The imposition of a penalty regime under CSDR as an important step towards improving settlement efficiency in European capital markets.

EFAMA – the urgency behind a consolidated tape for Europe | A buy-side view on consolidated tape and market structure reforms

The European Fund and Asset Management Association (EFAMA) has today published its position paper on the European Commission’s proposed Markets in Financial Instruments Regulation review which establishes a blueprint for a consolidated tape (CT) across Europe’s capital markets.

Announcement

Capital Markets

Competitiveness

Distribution ＆ Client Disclosures

Sustainable Finance

05 January 2022

Vacancies: Regulatory Policy Advisers | Apply now!

EFAMA is recruiting a regulatory policy adviser in distribution of financial products, investor protection and/or client disclosures, as well as a regulatory policy adviser with relevant experience in sustainable finance and/or stewardship.

Policy Position

Capital Markets

CSDR

22 December 2021

Industry Approach to CSDR Settlement Discipline Regime

The Joint Associations¹ welcome clarification from ESMA that national competent authorities are expected not to prioritise supervisory actions in relation to the application of the CSDR buy-in regime.²