EFAMA provided high-level comments to the Commission’s consultation on the potential review of the Directive on Distance Marketing of Consumer Financial Services.
We agree with the Commission’s interpretation that the Directive is seen as a “safety net” for financial services not already subject to product-specific legislation. Fund and asset managers are already subject to various, more stringent and detailed sectoral legislations, such as (but not limited to) UCITS, AIFMD and MiFID as well as the (more recent) Cross-Border Fund Distribution Directives.
With this in mind, should the Commission consider a revision of the Directive on Distance Marketing of Consumer Financial Services, we would welcome further clarity that existing, but more targeted frameworks with regards to distance marketing apply instead of the Directive. Where, in the absence of any specific provisions in the aforementioned product-specific legislation, the Distance Marketing of Consumer Financial Services Directive may nevertheless be relevant to Fund and asset managers, we would welcome any clarity to this effect. This will ensure that the same, already existing, high standard of investor protection standards apply whether financial instruments are sold in-person or at a distance (through electronic means).