EFAMA firmly supports the Commission’s proposed amend of the ELTIF Regulation, in line with its recently revamped “new” CMU.
EU Fund regulation
The EU fund product landscape is deep, diverse and dynamic. Since the birth of the UCITS framework in 1985, European institutions have progressively refined it into a global “gold standard”, one that successfully balances strict regulatory requirements with the flexibility required by manager to meet evolving client demands. The successful evolution of UCITS was followed by the creation of alternative investment funds (AIFs) under the 2011 AIFM Directive, adding a second important pillar to EU fund/manager regulation. Building on this second pillar are further ambitious EU fund products, such as EUSEFs, EUVECAs and ELTIFs. EFAMA has helped guide all of these key regulatory developments, informing policymakers and regulators on their main merits and drawbacks, while also keeping a close eye on their respective review initiatives.
EFAMA strongly supports a fundamental review to the ELTIF regime, in view of broadening its eligible investment universe and adapting it to better meet retail investor needs. We are also closely monitoring the review of the AIFM Directive from a product regulation standpoint, including possible spillover effects on the UCITS Directive requirements. Further work involves keeping pace with relevant ESMA initiatives, such as the work around the Common Supervisory Action on costs and fees for UCITS.
EFAMA's response to the EC's public consultation on the review of ELTIF Regulatory Framework
EFAMA's reply to ESMA's CP on MiFIR Review report on the obligations to report transactions & reference data
We disagree with an extension of its scope to UCITS’ and AIFs’ management companies to the scope of the reporting requirements imposed by MiFIR, Art. 26. This extension would be in breach of the principle of proportionality, as:
EFAMA's response to ESMA's CP on Implementing technical Standards under Regulation (EU) 2019/1156
Initial reactions on the new Capital Markets Union action plan - Keynote by Tanguy van de Werve
6th Cyprus International Funds Summit - 16 November 2020
Monthly Statistics August 2020 | UCITS and AIFs continue to record net inflows in August
The European Fund and Asset Management Association (EFAMA) has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data of UCITS and AIFs for August 2020*.
Bernard Delbecque, Senior Director for Economics and Research commented: "Thanks to positive news on the global economic recovery, long-term UCITS continued to record net inflows in August, albeit at a slower pace than during the previous four months."
European Money Market Funds navigated the Covid 19 crisis successfully
The European Fund and Asset Management Association (EFAMA) has published its second Market Insights highlighting the major trends shaping the European Money Market Fund (MMF) landscape since the entry into force of the Money Market Fund Regulation (MMFR).
EFAMA Market Insights | Issue #2 | MMFs in Europe | State of Play
The growth in MMF net assets occurred against the backdrop of resolute actions by governments and monetary authorities
across the world to mitigate the impact of the Covid-19 crisis.
Household Participation in Capital Markets - Country Statistical Profiles
The European Fund Classification - EFC Categories Report, 2nd ed.
The European Fund Classification (EFC) is a pan-European classification system of investment funds, which is maintained by a Task Force of EFAMA.