Management Companies

EFAMA has been looking at legislative proposals with a direct impact on asset management companies and services, and closely follows any regulatory developments of critical importance to the sector. In addition to issues related to risk management and financial stability, high up on the agenda of EFAMA members is the framework for a prudential regime for Investment Firms (IFD/R), and related implementing measures directly descending from such framework.

EFAMA is focused on minimising the impact of the rules on asset management companies, in particular those holding a limited MiFID license. Key to the sector is the need for proportionality, especially firms that are not authorised to hold client money/securities, or to deal on their own account.

Related policy positions

Policy position

Management Companies

Anti-Money Laundering

05 November 2021

EC Public Consultation on draft Guidelines on the role, tasks and responsibilities AML/CFT compliance officers

EFAMA shared its views on the EBA’s Draft Guidelines on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT Compliance Officer under Article 8 and Chapter VI of Directive (EU) 2015/849 (the ‘Draft Guidelines’).

Policy Position

Management Companies

26 October 2021

EFAMA's response to the EBA consultation on draft RTS criteria for the identification of shadow banking entities

Ever since the term “shadow banking” has emerged from the FSB’s working circles in the immediate aftermath of the 2008 global financial crisis[1], our association has consistently argued that its use as a reference to regulated asset management companies and their funds is inaccurate and mis-leading.

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.

AMIC and EFAMA update their report on Managing Fund Liquidity Risk in Europe

Press Release

EU Fund regulation

Management Companies

Financial stability

25 July 2019

EFAMA reacts to IOSCO statement on liquidity risk management for investment funds

EFAMA welcomes the recent statement by Ashley Alder, IOSCO Board Chair, on liquidity risk management for investment funds.

Press Release

EU Fund regulation

Exchange-traded Funds

Management Companies

Financial stability

15 July 2019

Liquidity and counterparty risks in ETFs

EFAMA recently finalised a Comment Paper in response to the ECBs November 2018 findings around liquidity and counterparty risks in ETFs, included in the ECBs semi-annual Financial Stability Review.