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

Policy position

Distribution ＆ Client Disclosures

PRIIPs

09 September 2021

Joint industry response to the EC Better Regulation consultation on the UCITS ‘quick fixes'

The European Commission recently adopted amendments to the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. However, in contrast to earlier plans, the adoption of the revised Regulatory Technical Standards (RTS) amending Commission Delegated Regulation (EU) 2017/653 has been postponed.

Press Release

Distribution ＆ Client Disclosures

PRIIPs

09 September 2021

Industry calls for reasonable implementation timeline for PRIIPs changes

EFAMA and several other financial industry associations, raised concerns in response to a consultation conducted by the European Commission on planned changes to the Packaged Retail and Insurance-based Investment Products (PRIIPs) framework.

The unexpected delay to the adoption of the revised PRIIPs RTS cuts the implementation period for the industry by more than two months. This leaves PRIIPs manufacturers and distributors with a too short period instead of the original timeframe of 12 months to implement the new rules.

Policy Position

Distribution ＆ Client Disclosures

PRIIPs

EU Fund regulation

Management Companies

04 August 2021

EU retail investments: comprehensive strategy to increase retail investor participation required

EFAMA wholeheartedly supports a retail investment strategy that gives EU citizens the necessary tools and the confidence to put their savings to work by investing in capital markets.

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.

Policy Position

EFAMA response to EC CfE ESG ratings and sustainability risks in credit ratings

Distribution ＆ Client Disclosures

Sustainable Finance

EU Taxonomy

Sustainability-related Disclosures (SFDR)

13 June 2022

EFAMA response to EC CfE ESG ratings and sustainability risks in credit ratings

EFAMA welcomes the opportunity to respond to the EC’s targeted consultation on the functioning of the ESG rating market in the EU and on the consideration of ESG factors in credit ratings. Please note that our response covers, at the same time, ESG ratings and ESG data providers, as the demand for ESG “raw” data has been increasing at a steady pace. The use of ESG data has also rapidly shifted from a narrow set of investment products to being prolific across all investment products.

Policy Position