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).
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.
European Parliament votes on ‘quick fixes’ for PRIIPs and UCITS - EFAMA statement
EFAMA Statement on the ECON Committee’s draft report amending the UCITS directive for PRIIPs
Andreas Stepnitzka, EFAMA Deputy Director, Regulatory Policy, comments:
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.
Joint Industry letter on the importance of advice and preserving the commission-based model
EFAMA, together with EBF, Insurance Europe, EACB, EAPB, ESBG and EUSIPA, issued a public letter addressed to Vice-President Dombrovskis, Commissioners McGuinness and Director-General Berrigan, remarking the importance of advice for European retail investors and the need to maintain the coexistence of fee-based and commission-based advice.
ESMA’s Consultation paper on the review of the guidelines on MiFID II product governance requirements
EFAMA wholeheartedly supports ESMA’s objective of ensuring a consistent and harmonised application of the MiFID II product governance requirements. In our response to their consultation on the topic, we raised the following points:
EU Commission targeted consultation on open finance framework and Data sharing in the financial sector
EFAMA appreciates the opportunity to comment on the European Commission's Targeted consultation on open finance framework and data sharing in the financial sector.
Asset Management Report 2021
This is our 13th edition of the Asset Management in Europe report, which provides an in-depth analysis of recent trends in the European asset management industry, focussing on where investment funds and discretionary mandates are managed in Europe.
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.
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.