A significant step forward taken to remove tax barriers to the CMU
The European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA), and the Federation of European Securities Exchanges (FESE) have released a joint report on the development of European capital markets and recommendations to enhance their competitiveness.
The European Capital Markets Report is a joint initiative authored by Oliver Wyman and co-developed by EFAMA, the European Banking Federation (EBF) and the Federation of European Securities Exchanges (FESE). This report reviews progress made towards the CMU and provides recommendations on how to improve the competitiveness of European capital markets.
Today, EFAMA has published our latest Monthly Statistical Release for February 2024.
Latest EFAMA research shows banks hold a 57% market share in EU fund distribution
Today, the European Fund and Asset Management Association (EFAMA) published the latest edition of its Market Insights series, titled “Investment fund distribution channels in Europe”.
The European Parliament today formalised its position on the Retail Investment Strategy, which significantly improves on the original European Commission proposal.
Former Italian prime minister Enrico Letta has released today his report on the future of the Single Market. Together with the recent statement of the Eurogroup in inclusive format on the future of CMU, and the upcoming report of Mario Draghi, there is increasing emphasis on EU competitiveness and the need to make urgent progress towards achieving a well-functioning Capital Markets Union to finance Europe’s necessary transitions.
The FCA’s recent report on the wholesale data market is an important and high-quality study which echoes many long-standing buy-side concerns. It finds evidence of unequal market power in terms of market concentration, highly profitable margins, opaque pricing practices, excessive charging, bundling practices and complex licensing agreements, all of which negatively impact data users. Much of this data is indispensable for users to stay in business and fulfil regulatory obligations.
In July the European Commission released their long-awaited Retail Investment Strategy, including multiple proposals aimed at boosting retail participation in capital markets. EFAMA has provided comments on this in their ‘Have your say’ forum, where we briefly highlight some of our main concerns.
EFAMA responds to ESMA's Consultation Paper - From only 20 ELTIFs at the start of the review of the ELTIF Regulation in late 2021 to 95 as of August 2023, the launch of ELTIF products has significantly increased over the last three years, with further market growth expected in the years to come.
We strongly encourage ESMA to uphold the positive momentum of reforms initiated at Level 1 and guarantee that the requirements established by the draft RTS are conducive to the ongoing success of the ELTIF product.
EFAMA has joined together with the European Sustainable Investment Forum (Eurosif), the Principles for Responsible Investment (PRI), the Institutional Investors Group on Climate Change (IIGCC) and over 90 investors and financial market participants, to call on the European Commission to uphold the integrity and ambition of the first set of European Sustainability Reporting Standards (ESRS).
The draft ESRS Delegated Act presents several potential implications for investors and entails major inconsistencies across the Sustainable Finance legislative framework. In our policy paper we focus on the alignment of ESG reporting on two crucial areas: (1) the requirements of the Sustainable Finance Disclosure Regulation (SFDR), notably the Principal Adverse Impact indicators (PAIs), and (2) the Transition Plans and targets.
EFAMA has responded to the European Supervisory Authorities' (ESAs) joint consultation setting out various regulatory technical standards (RTS) for the Sustainable Finance Disclosure Regulation (SFDR). They propose new sustainability indicators in relation to principle adverse impacts (PAIs) and additional disclosures to the ‘do no significant harm’ principle, as well as some other modifications.

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