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 position paper on the Market Integration and Supervision Package
ESMA's call for Evidence on the Eligible Assets Directive
ESMA’s Call for Evidence on the UCITS Eligible Assets Directive is a welcome opportunity to take stock of the existing UCITS framework.
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.
US mutual funds are not necessarily cheaper than UCITS | EFAMA Market Insights Issue #8
EFAMA released today issue number eight of its Market Insights series titled 'The Costs of UCITS and US Mutual Funds - We can only compare like with like'. This
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
Market Insights | Issue #5 | Perspective on the net performance of UCITS
Equity UCITS delivered a total net return of 108% in real terms in 2010-2019, whereas bank deposits lost 10% in net value
The rise of active ETFs in Europe – A short overview
EFAMA is pleased to launch the first edition of its new Industry Perspective research series, entitled “The rise of active ETFs in Europe – A short overview”.
This publication gives a brief summary of the active ETF market in Europe, including its characteristics, growth over time, and comparison to the active ETF market in the US.
Key trends in active ETFs:
Market Insights #18 - Sustainable Equity UCITS
This report looks specifically at the evolving trends of the equity asset class of sustainable UCITS, whose share is the highest (53%) in total sustainable UCITS funds. It highlights their role as investment vehicles in facilitating the green transition. The universe of sustainable equity UCITS funds is defined based on Morningstar’s classification of sustainable financial instruments1. This means funds must claim to have a sustainability objective, and/or use binding ESG criteria for their investment selection.
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:
