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.
The European Fund and Asset Management Association (EFAMA) has published today the 12th edition of its Asset Management Report*. The report aims to provide a unique and comprehensive set of facts and figures on the state of the industry at the end of 2018 but also to highlight the fundamental role of asset managers in the financial system and wider economy.
"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.
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.
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.