This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
Given the emphasis on costs and value for money for European investors, we have examined whether lower fees consistently translate into better net performance. Our analysis shows that this is not always the case; less-expensive funds do not necessarily deliver the highest returns, and in some instances, higher-cost funds outperform.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
This article was first published in the 23rd edition of the Fact Book on 24 June 2025.
It has now been three years since the European Commission launched a consultation on the Open Finance framework, with the idea of creating a similar solution to PSD2 for a broader range of financial data. This initiative took the shape of the Financial Data Access Regulation (FiDA)1, with the proposal being published in June 2023.
M&G Investments Europe’s CEO, Micaela Forelli, to become Vice-President
The Annual Review highlights EFAMA’s key achievements over the past 12 months and provides a useful overview of the main topics we cover.
EFAMA welcomes the FSB recommendation that jurisdictions develop domestic frameworks to monitor and mitigate the build-up of leverage. These analytical frameworks should take a holistic approach and be empirically driven. The main systemic risk stemming from leverage is the imbalance between liquidity demand and supply during periods of stress, not the (collective) default of non-bank financial intermediaries.
In its response to IOSCO’s consultation on the revised recommendations for liquidity risk management for collective investment schemes, EFAMA welcomes the fact that IOSCO recognises aspects essential for proper risk management (e.g., asset managers’ primary responsibility and the absence of one-size-fits-all approaches).
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.

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