Capital markets

Investment managers, acting on behalf of their retail and institutional clients, are among the largest investors in financial markets. They represent a key component of the market’s “buy-side” segment.

In representing the interests of its members on wholesale capital market issues, EFAMA advocates for fair, deep, liquid, and transparent capital markets, supported by properly regulated and supervised market infrastructure.

Related policy positions

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year

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Policy Position

Capital Markets

CSDR

12 March 2021

Joint trade association letter regarding Implementation of CSDR SDR

On 11 March 2021, EFAMA and 14 trade associations representing a wide range of stakeholders in the European and global financial markets wrote to the European Commission and ESMA raising concerns about the implementation of the mandatory buy-in requirement under the EU’s CSDR Settlement Discipline Regime.

Policy position

EFAMA reply to ESMA CP on marketing communications guidelines

Capital Markets

MIFID

EU Fund regulation

UCITS

Management Companies

AIFMD

09 February 2021

EFAMA reply to ESMA CP on marketing communications guidelines

EFAMA believes that ESMA’s draft ‘marketing communication’ Guidelines still require important clarifications to ensure full alignment between them and MiFID II’s Commission Delegated Regulation Article 44. This alignment is essential to ensure coherent rules for fund management companies and distributors. Unfortunately, parts of the proposed Guidelines are overly prescriptive and may unintentionally make some marketing materials vaguer or even inconsistent with local MiFID requirements for distributors.

Policy position

Capital Markets

CSDR

02 February 2021

EFAMA's reply to EC's consultation on the Review of CSDR

EFAMA supports the main objectives of CSDR to increase the safety and efficiency of securities settlement, including:

- Shorter settlement periods,
- Prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement,
- The imposition of a penalty regime under CSDR as an important step towards improving settlement efficiency in European capital markets.

Deepening consolidated tape data now, rather than later, would significantly improve the competitiveness of EU capital markets

EFAMA highlights important use cases in latest publication

Policy Position

Capital Markets

08 December 2025

EFAMA response to the EBA consultation on the guidelines on the sound management of third-party risk for non-ICT related services

Press Release

Capital Markets

Capital Markets Union

Competitiveness

UCITS

Tokenisation

AIFMD

Supervision

04 December 2025

European Commission’s ambitious market integration package addresses many barriers to the Savings & Investment Union

EFAMA supports the majority of measures but warns against new ESMA supervisory reviews for large asset managers

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Related publications

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year

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Publication

Capital Markets

Data

EU Fund regulation

Management Companies

AIFMD

Tax ＆ Accounting

26 November 2020

Asset Management in Europe - An Overview of the Asset Management Industry - November 2020

The report aims to provide a unique and comprehensive set of facts and figures on the state of the industry at the end of 2018 but also to highlight the fundamental role of asset managers in the financial system and wider economy.

Publication

Capital Markets

Capital Markets Union

Competitiveness

Data

Distribution ＆ Client Disclosures

EU Fund regulation

International agenda

Management Companies

Pensions

Stewardship

Supervision

Sustainable Finance

Tax ＆ Accounting

11 June 2020

Annual Review June 2019-June 2020

"It gives me great pleasure to provide you with an overview of our activities since our Annual General Meeting in Paris last year. While we were very much looking forward to hosting you all in Brussels this week, the current crisis and associated travel restrictions has forced us to improvise and turn our meeting into a virtual AGM.

Publication