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

Topic

year

Keywords

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.

3 questions to Agathi Pafili on CSDR

Q #1 What is the CSDR’s Settlement Discipline Regime (SDR) and what does it seek to achieve?

Press Release

Capital Markets

Capital Markets Union

Data

03 November 2020

An appropriately constructed Consolidated Tape could help to build deeper and more open capital markets in Europe

EFAMA and EFSA welcome the publication of a Market Structure Partners Study on the Creation of an EU Consolidated Tape which addresses the challenges, demand, benefits and proposed architecture for consolidating European financial market data.

Speech