EFAMA has published its response to the European Commission’s targeted consultation on the supervisory convergence and the Single Rule Book, focusing on three areas for improvement.
Supervision
While tighter regulation following the 2008 financial crisis helped bridge prior regulatory gaps, it also led to regulatory fragmentation across jurisdictions. Despite international coordination, different jurisdictions inevitably adopted different regulatory approaches and rules. The European Union is no exception; rules are not always interpreted or implemented consistently across the Union.
EFAMA participates in the effort to address this regulatory fragmentation. It does so by promoting effective and consistent supervision across Member States, by defending the industry’s delegation model, and by advocating for deference between jurisdictions. EFAMA also monitors 3rd-country developments, to ensure that such developments do not negatively impact the European asset management industry. These initiatives have concrete impact on increasing product choice and decreasing costs, which benefits end investors.
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Policy Position
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26 May 2021
EFAMA calls for better synchronisation between Level 1, 2 and 3 acts
EFAMA has published its response to the European Commission’s targeted consultation on the supervisory convergence and the Single Rule Book, focusing on three areas for improvement.
Press Release
Distribution ＆ Client Disclosures
PRIIPs
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AIFMD
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17 April 2019
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.
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11 June 2020
Annual Review June 2019-June 2020
"It gives me great pleasure to provide you with an overview of our activities since our Annual General Meeting in Paris last year. While we were very much looking forward to hosting you all in Brussels this week, the current crisis and associated travel restrictions has forced us to improvise and turn our meeting into a virtual AGM.
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Annual Review 2018-2019
I am pleased to provide you with an overview of our activities since our 2018 Annual General Meeting in Cyprus.
Credit where credit is due. I would like to congratulate my predecessor Peter De Proft for all the work in his twelve year tenure as EFAMA Director General and for the constructive support he has shown me from the start. This has greatly facilitated the handover.
Publication
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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.
Contact
Senior Regulatory Policy Adviser
Regulatory Policy Adviser
