Events listed in [EFAMA] European Fund and Asset Management Association
Joint Industry Statement on the EU Retail Investment Strategy
ID 23590
EFAMA and various representatives from the European financial and insurance sector published a joint industry statement addressing the EC’s RIS proposed on 24 May 2023 (please see EventID #21279 and EventID #21284 in this context). While a complete analysis of the proposals is still ongoing, the industry representatives express their initial concerns and provide high-level remarks. The statement begins by acknowledging the industry’s support ...
Response to EIOPA on technical advice for the review of the IORP II Directive
ID 23449
EFAMA has responded to EIOPA regarding the technical advice for the review of the IORP II Directive, highlighting the following two statements: “EFAMA believes that IORPs should be able to invest in financial instruments traded in all third country markets where the latter meet certain conditions, regardless of the adoption of an equivalence decision by the Commission (…).“ **“On Sustainability: (…) EFAMA agrees that ...
European Commission’s Retail Investment Strategy includes positive elements, ...
ID 23389
EFAMA comments on the EC’s Retail Investment Strategy (Please see EventID 21279 and EventID 21284 in this context) and mentions it having several positive elements the fund industry has long advocated for. These elements include digital-by-default disclosures, the preservation of fee- and commission-based distribution models, and comparable rules for all investment products. These measures aim to provide investors with access to financial advice, improve ...
European Commission call for evidence on the review of the scope and regime for ...
ID 23132
EFAMA has responded to the EC’s call for evidence on the review of the scope and regime for non-EU benchmarks. In its response, EFAMA expresses support for the EC’s efforts to address the problem areas identified in the Call for Evidence. In particular, EFAMA agrees that only a few non-EU administrators have made the necessary steps to obtain access to the EU market through ...
Policymakers threaten to backtrack on pre-trade data for EU consolidated tape
ID 23085
European asset managers are urging policymakers to support the European Parliament’s proposal for an Equities/ETFs consolidated tape that includes five layers of real-time pre-trade data. They argue that a post-trade-only tape will not meet the market demand required to make it commercially viable. The inclusion of pre-trade data would allow market participants to have access to a wider range of information, which would **increase ...
ESMA’S consultation paper on the review of the methodology included in the ...
ID 23071
In its response to the ESMA’s review of the guidelines on stress-testing parameters for MMF, EFAMA has warned against using overly simplistic assumptions in stress testing. EFAMA has cautioned against modelling unrealistic weekly portfolio outflows from retail investors that historically have never materialized. The assumption that MMF redemptions must and can always be met by selling assets has also been questioned by EFAMA. EFAMA ...
European asset managers express full support for the European Parliament’s proposal ...
ID 22786
EFAMA published a press release, informing about European asset managers expressing their full support for the European Parliament’s proposal on Equities Consolidated Tape (MiFIR Review). Indeed, 18 European buy-side firms, including Union, Generali, Invesco, Legal and General, Schroders, and Baillie Gifford, issued a letter to policymakers stating that an __Equities/ETFs tape that delivers data in real-time and includes pre-trade data in the form of ...
VAT in the Digital Age (ViDA)
ID 22662
The European Fund and Asset Management Association (EFAMA) has commented on the European Commission’s ViDA (VAT in the Digital Age) proposal. The ViDA proposal aims to update the current VAT framework to better reflect the digital economy, address challenges faced by tax administrations, and reduce the VAT gap. EFAMA welcomes the ViDA proposal and the consistency of the proposal with regards to VAT-exempt services ...
Mandated levels of EU Clearing run counter to competitive and efficient clearing ...
ID 22408
The European Fund and Asset Management Association (EFAMA) has provided feedback on the European Commission’s proposal for the review of the European Market Infrastructure Regulation (EMIR 3.0). EFAMA welcomes the proposal to ensure financial stability in the EU and enhance the regulatory processes that central counterparties (CCPs) are subject to. However, it opposes the forced relocation policy, which may negatively impact the end-investors‘ cost ...
IASB ED on IAS 12 – Pillar Two Model Rules
ID 22208
The European Fund and Asset Management Association (EFAMA) has welcomed the International Accounting Standards Board’s (IASB) proposal to introduce a temporary exception from accounting for deferred taxes arising from the implementation of Pillar Two model rules, which aim to address the tax challenges arising from the digitalisation of the economy. EFAMA has also supported the Exposure Draft ED/2023/1 to ensure a global minimum level ...