EFAMA has today published its European Quarterly Statistical Release for Q2 of 2024.
EFAMA has today published its European Quarterly Statistical Release for Q2 of 2024.
EFAMA identifies four key areas for improvement
EFAMA welcomes the high degree of ambition and clear call to urgent action put forward by former European Central Bank President Mario Draghi to address the EU's competitiveness challenges and reverse the ongoing trend of slowing growth and declining productivity. Improving the EU’s global competitiveness is vital for preserving EU’s prosperity in the long run, enhancing investment opportunities and attracting more capital into the EU.
EFAMA has published its latest Monthly Statistical Release for June 2024.
Thomas Tilley, Senior Economist at EFAMA, commented: “The ECB rate cut of early June resulted in strong net inflows into bond UCITS throughout the month.”
The main developments in June can be summarised as follows:
62,000+ new fund share classes have been added, including new categories
ESMA technical standards move one step closer to consolidated tape launch.
ESMA recently closed the consultation for regulatory technical standards that will define the competitive selection process for the consolidated tape, as well as the technical abilities that applicants will be assessed on. In its response for the buy-side, EFAMA stressed that a robust governance framework for the operators of the tapes is critical.
EFAMA supports achieving greater transparency through reform of the bond deferral regime. We would like to offer some feedback that suggests a different calibration on both liquidity thresholds, and the determination of trade size buckets.
We appreciate the analysis carried out by ESMA, which offers a solid basis for the review of the bond deferral regime. Nevertheless, we would like to provide some feedback on the proposed approach, which we believe can be further finetuned:
ESMA’s Call for Evidence on the UCITS Eligible Assets Directive is a welcome opportunity to take stock of the existing UCITS framework.
The Commission is trying to understand how the EU legal framework could be improved to tackle the use of legal entities with no or minimum substance and no real economic activities, by taxpayers operating cross-border to reduce their tax liability.
While cognisant of the FSB’s strict timelines in view of upcoming G20 summits, these should not come at the expense of a necessary and more informed debate on the causes at the root of last year’s stresses in global short-term funding markets (STFMs) and on ways to remedy these in the future. In fact, the options presented in the consultation report appear hurried and dismissive of critical facts, calling therefore for a deeper engagement with the global financial and investing community at large.
EFAMA welcomes IOSCO's enhanced attention to transparency efforts supporting informed and qualified investment decisions in sustainability-related products. We support the adoption of such recommendations at the international level and believe IOSCO should leverage the experience with SFDR and Taxonomy in Europe to help establish consistent international standards, definitions and best practices.
In this response, we would like to highlight three pressing challenges deserving greater attention in the report from asset managers' perspective.
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.
On 14 July 2021, sixteen trade associations, representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the CSDR Settlement Discipline Regime.
The Joint Associations welcome the Report from the Commission on the CSDR Review published in July 2021 and fully support the Commission’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment.
Well-functioning and liquid capital markets are fostered by an efficient market structure and supporting legislative frameworks. A diverse and efficient market structure reduces the costs of trading whilst promoting best execution. This optimises funding opportunities for issuers and maximises returns for investors and savers.

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