Distribution & Client Disclosures

EFAMA monitors issues surrounding fund distribution and disclosures to investors. These include investor protection and disclosure issues arising from the evolving PRIIPs and MiFID frameworks, the shift towards digital distribution tools, and the continued integration of ESG considerations into fund products.

Related policy positions

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Press Release

Distribution ＆ Client Disclosures

PRIIPs

24 November 2021

European Parliament votes on ‘quick fixes’ for PRIIPs and UCITS - EFAMA statement

We welcome yesterday's vote by the European Parliament plenary formally adopting two ‘quick fixes’ for PRIIPs (Packaged retail investments and insurance-based products) and UCITS (Undertakings for Collective Investment in Transferable Securities).

Press Release

Distribution ＆ Client Disclosures

PRIIPs

22 October 2021

EFAMA Statement on the ECON Committee’s draft report amending the UCITS directive for PRIIPs

Andreas Stepnitzka, EFAMA Deputy Director, Regulatory Policy, comments:

Policy Position

Distribution ＆ Client Disclosures

Management Companies

29 September 2021

Distance marketing of consumer financial services – Review of EU rules

EFAMA provided high-level comments to the Commission’s consultation on the potential review of the Directive on Distance Marketing of Consumer Financial Services.

We agree with the Commission’s interpretation that the Directive is seen as a “safety net” for financial services not already subject to product-specific legislation. Fund and asset managers are already subject to various, more stringent and detailed sectoral legislations, such as (but not limited to) UCITS, AIFMD and MiFID as well as the (more recent) Cross-Border Fund Distribution Directives.

An ambitious CMU Action Plan that will need strong political support from Member States

Building a Capital Markets Union (CMU) that serves the needs of European citizens and businesses is an ambitious yet, essential - project that requires a long-term political vision, determination and perseverance.

The new CMU Action Plan adopted today by the European Commission, which largely builds on the recommendation of the CMU High-Level Forum, is a milestone in the journey towards the realisation of this ambition for Europe.

Publication

MIFID

Distribution ＆ Client Disclosures

MiFID/MiFIR

PRIIPs

Management Companies

AIFMD

03 June 2020

Investment Funds Distributor Due Diligence Questionnaire

Funds face unique challenges in performing intermediary oversight, and especially so because of MiFID II requirements, changing regulatory landscapes, and the absence of an industry agreed-upon standard between funds and their distribution channels. To help address these challenges, a dedicated working group developed a uniform due diligence questionnaire (DDQ) that will serve as the standard for investment funds (UCITS and AIFs) in performing onboarding and ongoing oversight of distribution channels.

Press Release

Capital Markets

MIFID

Distribution ＆ Client Disclosures

MiFID/MiFIR

22 May 2020

EFAMA calls for changes to investor protection rules in MIFID II / MIFIR Review

EFAMA has submitted its response to the European Commission's consultations on the review of the MIFID II / MIFIR regulatory framework, where it has outlined its recommendations on investor protection and capital markets and infrastructure.

EFAMA's Director General Tanguy van de Werve commented:

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Related publications

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Capital Markets Union

Competitiveness

Distribution ＆ Client Disclosures

EU Fund regulation

International agenda

Investor Education

Management Companies

Pensions

Stewardship

Sustainable Finance

10 June 2021

EFAMA Annual Review 2020-2021

It gives me great pleasure to provide you with an overview of our activities since our Ordinary General Meeting of last year.

Publication

Distribution ＆ Client Disclosures

PRIIPs

28 April 2021

Infographic | The challenges of replacing UCITS KIIDs with PRIIP KIDs

In support of our call for additional time to implement the PRIIPs rules, we have produced an infographic that summarises the challenges our members face replacing UCITS KIIDS with PRIIP KIDs. The infographic shows the many entities involved in the process and the steps required to prepare a PRIIP KID. Feel free to make use of this infographic.