EFAMA leaflet sets out clear recommendations for improvement
The European Fund and Asset Management Association (EFAMA) has launched its AI-system Assessment Tool, which is designed to support firms of all sizes navigate the regulatory complexities of AI. Developed together with EFAMA member experts from across the industry, the Tool will help firms document and assess AI use cases in line with the EU AI Act and other interdependent regulations, including GDPR, MiFIR and DORA, using a free-of-charge standardised tool.
EFAMA has launched its AI-system Assessment Tool, which is designed to support firms of all sizes navigate the regulatory complexities of AI. Developed together with EFAMA member experts from across the industry, the Tool will help firms document and assess AI use cases in line with the EU AI Act and other interdependent regulations, including GDPR, MiFIR and DORA, using a free-of-charge standardised tool.
The general application of the AI Act is set to enter into force next year—including new obligations for high-risk AI system providers.
EFAMA has submitted its response to ESMA’s consultation on the Active Account Requirements (AAR). Our industry stands ready to implement the AAR by June 2025... However, we have strong reservations about the heavy and redundant reporting requirements.
EFAMA has published its latest Monthly Statistical Release for November 2024.
European Commission’s Omnibus initiative should also be used to make CSRD consistent with SFDR
Today the European Securities and Markets Authorities (ESMA) hosted the T+1 Governance Launch Meeting to present the arrangements for driving the move to the reduction of default settlement cycles to T+1 for EU securities markets.
EFAMA supports the initiatives launched by IOSCO and other regulators (e.g. ESMA, FCA, SEC) to analyse and address the significant issues concerning market data in the secondary equity market.
Investors would benefit from an EU legal framework with due diligence guidelines and reporting requirements for companies in the real economy. This framework should be consistent with the reporting requirements in the revised NFRD and the disclosures in the Sustainability-Related Disclosures regulation (SFDR). At the same time, any framework for supply chain due diligence should not impose a competitive disadvantage for EU companies.
EFAMA believes that ESMA’s draft ‘marketing communication’ Guidelines still require important clarifications to ensure full alignment between them and MiFID II’s Commission Delegated Regulation Article 44. This alignment is essential to ensure coherent rules for fund management companies and distributors. Unfortunately, parts of the proposed Guidelines are overly prescriptive and may unintentionally make some marketing materials vaguer or even inconsistent with local MiFID requirements for distributors.
A flawed review process not tackling the heart of the issue
EFAMA has always made it clear that a revision of the PRIIPs Regulatory Technical Standard (RTS) falls short of conducting a proper Level 1 review. A review that is explicitly required by the Level 1 Regulation and is overdue for more than one year.
EFAMA supports the main objectives of CSDR to increase the safety and efficiency of securities settlement, including:
- Shorter settlement periods,
- Prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement,
- The imposition of a penalty regime under CSDR as an important step towards improving settlement efficiency in European capital markets.
The AIFMD is one of the pillars of EU regulation for investment funds, which will be crucial to the development of the Capital Markets Union (CMU) and the post Covid-19 economic recovery in the European Union.

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