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

Retail Investment

16 December 2022

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.

Policy position

Distribution ＆ Client Disclosures

PRIIPs

13 December 2022

EFAMA PRIIPs Q&A

EFAMA is pleased to publish the revised version of its PRIIPs KID Q&A. The document aims at offering continued support to Euopean fund managemers and enable a common understanding of PRIIPs KID requirements.

Policy Position

Distribution ＆ Client Disclosures

Retail Investment

10 October 2022

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:

EFAMA's response to the EU Commission's targeted consultation on options to enhance the suitability and appropriateness assessments

EFAMA appreciates the opportunity to share our views on the European Commission’s consultation on enhancements to the suitability and appropriateness assessments forming part of the wider, upcoming Retail Investment Strategy.

Announcement

picture of a pen on paper showing lots of figures

MIFID

Distribution ＆ Client Disclosures

Sustainable Finance

14 March 2022

FinDatEx publishes EET v1.0 and EMT v4.0

The European ESG Template (EET) is meant to facilitate the necessary exchange of data between product manufacturer and distributor for the purpose of fulfilling ESG-related regulatory requirements contained in the SFDR, relevant provisions of the Taxonomy Regulation, and the relevant delegated acts complementing MiFID II and IDD. The EET V1 is based on the regulatory situation on the day of publication and will be reviewed regularly depending on the evolving regulation, and at least confirmed annually. With regard to the MiFID target market, the EET interacts with the EMT V4.

Announcement

Distribution ＆ Client Disclosures

PRIIPs

11 February 2022

FinDatEx publishes EPT V2

The European PRIIPs Template v2.0 (EPT) incorporates the necessary changes based on the revised PRIIPs RTS, published by in the Official Journal of the European Union in December 2021.

The EPT is intended to be used for products sold from January 2023 onwards. It is important that data contained in the EPT is communicated by asset managers to insurers in good time before this date, bearing in mind any national market specificities.

▶️Find more details here: https://lnkd.in/dN_ZNU3C

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Related publications

Publication

MIFID

Distribution ＆ Client Disclosures

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.

Publication