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 EBA Consultation on draft Guidelines on outsourcing arrangements
EFAMA Position Paper Review of the European System of Financial Supervision
Use of Leverage in Investment Funds in Europe | AMIC-EFAMA Joint Paper
Industry sector matters when comparing the performance of active vs. passive equity UCITS
EFAMA has published today the latest edition of its Market Insights series, titled “The sectoral performance of active and passive UCITS - is a simple measure enough?”. This publication compares the net performance of different categories of equity UCITS funds over the last ten years (2014-2023).
Fund manager discretion is key for the best use of liquidity management tools
EFAMA responded to ESMA’s consultations on regulatory technical standards and guidelines, which aim to provide EU asset managers with further details on a broad and harmonised list of liquidity management tools (LMTs). As part of the recent AIFMD and UCITS review, these improvements will support our industry’s response to liquidity pressures, both in normal and stressed market conditions, while also protecting the interests of investors.
Significant growth of sustainable equity funds over the last 5 years
Regulatory clarity required to sustain further growth
Open-ended funds and resilient capital markets - the perspective of the European asset management industry
For the best part of this decade, macro-prudential supervisors have argued that investment funds contribute to the build-up of systemic risks. Today, EFAMA has published an ambitious report that provides a comprehensive overview of the contribution of the European investment fund sector to the diversity and resilience of capital markets.
Some key findings include:
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
