EFAMA welcomes the consultation that the European Commission launched on the cross-border distribution of different types of investment funds (AIFs, UCITS, EuVECA/EuSEF, and ELTIF) and the opportunity to respond as to the remaining barriers to marketing funds across the EU single market, as well as the ways to eliminate them. We, also, fully share the goal of the European Commission in seeking further ways to deepen the Single Market for investment funds.
UCITS
UCITS (Undertakings for Collective Investment in Transferable Securities) refers to the EU framework for harmonising the creation, management and marketing of collective investment schemes in the EU (and EEA) Member States. It places a strong focus on investors’ protection and product regulation. Owing to this harmonised framework, once UCITS funds are registered in one Member State, they can be freely marketed across the European Union. Initially adopted in 1985, the UCITS Directive has since been modified repeatedly, to take into account developments in financial markets.
EFAMA is adamant to protect the competitiveness and international appeal of UCITS.
EFAMA response to the European Commission’s consultation on the barriers to cross-border distribution of funds
EFAMA response to ESMA Call for Evidence on asset segregation
EFAMA welcomes ESMA’s Call for Evidence on asset segregation and custody services as a precious occasion to confirm our previous key messages - as per our response to the previous consultation around Guidelines on asset segregation under the AIFMD of December 2014 – and to clarify our position on new aspects of ESMA’s work.
EFAMA response to Green Paper on Retail Financial Services
EFAMA welcomes the opportunity to respond to the European Commission’s Green Paper on retail financial services. Widening the opportunities for European citizens to save and invest will facilitate better outcomes both for savers and the wider European economy.
EFAMA fully shares the goals of a Single Market for retail financial services in the EU, i.e.:
1. Promoting an EU-wide market in retail financial services that can facilitate cross-border business and consumer choice.
High-level response to ESMA consultation on notifications for cross-border marketing and management of AIFs and UCITS
EFAMA welcomes the European Securities and Market Authority’s continuous commitment to creating a single market for investment funds, confirmed by the draft regulatory standards currently under consideration. These RTS/ITS would further harmonise information that asset managers should provide to their national competent authorities before marketing or managing an investment fund on a cross-border basis, thus facilitating intra-EU product distribution.
EFAMA welcomes adoption by Council of its General Approach to AIFMD & UCITS Reviews
For immediate release, Brussels - EFAMA welcomes the adoption by Council of its general approach to the AIFMD and UCITS reviews today. We commend the swift progress made by the French Presidency in this regard and its thorough approach to the review.
EFAMA expresses strong support for the Draft report of MEP Isabel Benjumea on the Review of the AIFMD and UCITS Directive
New rules for the AIFMD and UCITS Directive
New rules for the AIFMD and UCITS Directive were published on 26 March 2024 in the Official Journal of the European Union, making them law. These investment frameworks are European success stories and an integral part of the Capital Markets Union (CMU).
The costs of UCITS and US mutual funds | Market Insights | Issue #8
It is often argued that European citizens are not able to fully benefit from the single market for investment funds, on the basis that the cost of UCITS is higher than the cost of mutual funds in the United States (US). In this Market Insights, we analyse this question by carrying out a detailed comparison of the cost of UCITS and US mutual funds, taking into account the various ways of calculating costs as well as the differences between Europe and the US in the way investment funds are distributed.
Fund managers retain only 41% of the total cost paid by retail investors | Market Insights | Issue #6
EFAMA has released its latest Market Insights report titled “Perspective on the costs of UCITS”. The full report breaks down the costs of UCITS, focusing on the fees charged for the different services provided along the investment fund value chain and distinguishing between the product cost for which fund managers are directly responsible, and the