European asset managers welcome the joint statement from the European Commission, ESMA and the ECB putting a firm foot forward, and ‘accelerating the technical work’ needed to prepare the EU’s T1 transition
European asset managers welcome the joint statement from the European Commission, ESMA and the ECB putting a firm foot forward, and ‘accelerating the technical work’ needed to prepare the EU’s T1 transition
The European T+1 Industry Task Force, comprising 21 trade associations involved in European capital markets, was established in 2023 to bring together a diverse group of industry stakeholders who would be impacted by a move to a default T+1 settlement cycle for securities traded and settled in the EU.
EFAMA has released a joint statement together with AFME (Association for Financial Markets in Europe), EFSA and the Nordic Securities Association on significant issues with the supervision of market data costs.

Clarification is urgently needed to enable rather than restrict EU sustainable investment
The EU has been at the forefront of green bond issuances, demonstrating strong growth and commitment to sustainable finance. However, ESMA’s new Fund Naming Guidelines create inconsistencies with other sustainable finance regulations, like the EU Green Bond Standard, which could hamper the growth of the corporate green bond sector.
The Associations fully support ESMA’s aim of providing for an adequate level of transparency. This will be beneficial to investors, liquidity providers, other intermediaries, as well as issuers, across the entire range of different and diverse bond classes.
EFAMA publishes its latest Monthly Statistical Release for July 2024.
We see great value in the creation of a consolidated tape to support Europe’s capital markets. However, we qualify that statement with a reminder that the framework for a successful consolidated tape should
i) address the known market failure around market data costs,
EFAMA continues to support the overarching aim of the PRIIP KID as a single pre-disclosure document for all types of investment products.
EFAMA believes that the ESAs Joint Call for Evidence on PRIIPs and any subsequent proposals for revision of the PRIIPs Regulation should come after assessing in practice the revised PRIIPs RTS to be implemented from 31 December 2022, both to retail AIFs and UCITS.
EFAMA welcomes the work of the FATF in reviewing and reinforcing its existing recommendations to ensure that these remain fit for purpose in tackling global financial crime.
EFAMA sees the European Commission’s proposal for the creation of a European Single Access Point (ESAP) as a crucial step in addressing the limited availability and scattered nature of financial and sustainability-related entity information at EU level.
EFAMA is pleased to read today the details of a robust MiFIR proposal from the European Commission addressing key areas of reform around the creation of a consolidated tape (CT), along with adjustments to transparency requirements on trading.
EFAMA welcomes the European Commission’s review of the Alternative Investment Fund Management Directive (AIFMD), setting out targeted improvements to key provisions in the current framework. Such targeted improvements will make strides in advancing the Capital Markets Union. At the same time, they maintain the framework which has underpinned a decade of growth in the European Alternative Investment Fund (AIF) market and proven resilient even throughout recent market stresses.

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