Brussels, 24 June 2016:

The decision today means that there is now less uncertainty about the direction this issue will ultimately take. Nonetheless, the practical consequences cannot be clearly identified before a proper and longer term impact assessment has been made.

EFAMA intends to spend time consulting with its members across Europe to gather feedback and reactions, and to determine which next steps will be needed in due course.

-- ends --

About the European Fund and Asset Management Association (EFAMA):

EFAMA is the representative association for the European investment management industry. EFAMA represents through its 28 member associations and 61 corporate members EUR 21 trillion in assets under management of which EUR 12.6 trillion managed by 56,000 investment funds at end 2015. Just over 30,000 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) funds, with the remaining 25,900 funds composed of AIFs (Alternative Investment Funds). For more information about EFAMA, please visit www.efama.org