EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for August 2023, at European level and by country of fund domiciliation.
EFAMA has today published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for August 2023, at European level and by country of fund domiciliation.
The EU’s Listing Act is a key legislative initiative aimed at enhancing the appeal of EU public markets and facilitating capital access for small-medium enterprises (SMEs). That includes a new proposal by the European Commission for a Multiple Voting Shares Directive (MVSD). EFAMA believes it is of key importance to the European economy to ensure that EU capital markets remain attractive and competitive globally, therefore getting these types of initiatives right is crucial.
EFAMA appreciates the European Commission's efforts to bolster the Capital Markets Union and increase the appeal and competitiveness of public capital markets. However, the investment industry wishes to highlight some concerns concerning this Directive. Against this backdrop, it is important to note that the European Union has recently enhanced its corporate governance and shareholders’ engagement practices to fortify financial market stability, uphold capital market integrity and safeguard investors’ interests.
The European Parliament and Council are currently finalising their views on the European Commission’s anti-money laundering (AML) package proposal. In addition to the much publicized debate around the location of the new AML Authority, there are even more important elements being discussed which aim to curb money laundering and counter the financing of terrorism (CFT).
EFAMA has published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for July 2023, at European level and by country of fund domiciliation.
EFAMA has today published its International Quarterly Statistical Release regarding the developments in the worldwide investment fund industry during the second quarter of 2023.
EFAMA has responded to the public consultations launched by the European Supervisory Authorities’ (ESAs) on draft regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the Digital Operational Resilience Act (DORA). Their purpose is to establish further details on the core elements of this regulation harmonising how information and communication technology (ICT) risks are to be addressed in the financial sector.
EFAMA supports the Commission’s efforts to encourage more companies to finance their investment through equity contributions rather than debt financing.
The Commission decided to follow a policy option that will enable the deductibility of an allowance on equity financing costs complemented by a rule to limit the deductibility of interest on debt financing instruments.
EFAMA is appreciative of the opportunity to comment on this major IOSCO study on the dynamics of bond market liquidity during market stresses. We provide some detailed responses below, but would reiterate a few high-level points here:
EFAMA appreciates the opportunity to comment on the European Commission's Targeted consultation on open finance framework and data sharing in the financial sector.
The industry welcomes the fact that IOSCO’s 2013 Principles remain relevant and appropriate and that no important gaps in the Principles have been identified. In the consultation report, we are pleased to see the resilience of the ETF structure being recognised, despite the severity of the March 2020 market correction and of more recent episodes, concluding that no ETF-specific structural issues have been identified as a cause for regulatory concern.
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.

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