Distribution & Client Disclosures

EFAMA monitors issues surrounding fund distribution and disclosures to investors. These include investor protection and disclosure issues arising from the evolving PRIIPs and MiFID frameworks, the shift towards digital distribution tools, and the continued integration of ESG considerations into fund products.

Related policy positions

Press Release

Distribution ＆ Client Disclosures

PRIIPs

24 November 2021

European Parliament votes on ‘quick fixes’ for PRIIPs and UCITS - EFAMA statement

We welcome yesterday's vote by the European Parliament plenary formally adopting two ‘quick fixes’ for PRIIPs (Packaged retail investments and insurance-based products) and UCITS (Undertakings for Collective Investment in Transferable Securities).

Press Release

Distribution ＆ Client Disclosures

PRIIPs

22 October 2021

EFAMA Statement on the ECON Committee’s draft report amending the UCITS directive for PRIIPs

Andreas Stepnitzka, EFAMA Deputy Director, Regulatory Policy, comments:

Policy Position

Distribution ＆ Client Disclosures

Management Companies

29 September 2021

Distance marketing of consumer financial services – Review of EU rules

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.

EFAMA welcomes final agreement on legislation facilitating cross-border distribution of funds

We welcome yesterday's vote by the European Parliament plenary, formally adopting the trilogue agreement on the Commission's initiative to remove cross-border barriers to the distribution of investment funds.

This marks a decisive recognition of the need to postpone the application of the PRIIPs disclosure regime for UCITS by two years, in light of the regime's documented shortcomings. It also allows the European Commission more time to conduct a thorough review of the same within one year.

Press Release

Capital Markets Union

Distribution ＆ Client Disclosures

PRIIPs

04 December 2018

EFAMA welcomes the vote of the European Parliament's ECON amending proposal on cross-border distribution of funds

The Committees vote confirmed important amendments to the Commissions original proposal, i.e. extending the premarketing definition to established EU AIFs and removing the numerical thresholds conditioning the de-notification of funds from host jurisdictions.