EFAMA welcomes this opportunity to comment on the review of the provisions within the Short Selling Regulation. We have limited our responses to those questions of most relevance to our membership.
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
Policy position
Capital Markets
19 November 2021
ESMA Consultation on the review of certain aspects of the short selling regulation
Policy Position
Capital Markets
EMIR
16 September 2021
UK clearing house equivalence - request from nine trade associations
Nine associations (AFME, AIMA, EAPB, EBF, EFAMA, FIA, ICI, ISDA, SIFMA AMG) welcome the Commission's decision to grant a time-limited equivalence decision in respect of UK CCPs. However, when this time-limited equivalence decision expires on 30 June 2022, there remains a significant risk of disruption to clearing for EU firms and to their access to global markets.
Policy Position
Capital Markets
CSDR
15 July 2021
Joint association letter on the CSDR Settlement Discipline implementation timeline
On 14 July 2021, sixteen trade associations, representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the CSDR Settlement Discipline Regime.
The Joint Associations welcome the Report from the Commission on the CSDR Review published in July 2021 and fully support the Commission’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment.
Related news
Press Release
Capital Markets
Capital Markets Union
Retail Investment
22 January 2024
Households continue to keep a disproportionate amount of money in bank deposits in most European countries
New report calls for action to be taken to revive the Capital Markets Union project
Publication
Capital Markets
Capital Markets Union
Retail Investment
22 January 2024
Household Participation in Capital Markets
This report analyses the progress made in recent years by European households in allocating more of their financial wealth to capital market instruments (pension plans, life insurance, investment funds, debt securities and listed shares) and less in cash and bank deposits. It also includes policy recommendations on improving retail participation in capital markets, including for the Retail Investment Strategy currently under discussion.
Some key findings include:
Press Release
Capital Markets
29 June 2023
Buy-side experts worried that mandatory active accounts for EU clearing could increase systemic risks, not lower them
EFAMA is pleased to share the link to the educational webinar it organised on 14 June with leading buy-side clearing experts, including Allianz Global Investors, Aviva Investors, BlackRock and Nordea Asset Management, to discuss the main findings of EFAMA's recent analysis on mandated active accounts for EU clearing.
Related publications
Publication
Capital Markets
Capital Markets Union
Competitiveness
EU Fund regulation
International agenda
Management Companies
AIFMD
Tax ＆ Accounting
24 May 2017
Asset Management Report 2017
Publication
Capital Markets
Benchmarks
Management Companies
Supervision
26 July 2016
Closet Index Funds
EFAMA has reviewed ESMA’s statement “Supervisory work on potential index tracking”, which sets out research to determine whether any indication of closet indexing could be found at EU level. To contribute to the debate on this matter, EFAMA has prepared a paper, which highlights the limits of identifying closet index funds through a statistical analysis, drawing on recently published research papers.
Publication
Capital Markets
Distribution ＆ Client Disclosures
EU Fund regulation
17 June 2016
Annual Report 2015
Contact
Deputy Director, Capital Markets and Digital
