We welcome this opportunity to comment on a review of the TV perimeter, and support ESMA’s objective of clarifying when systems and facilities qualify as multilateral.
We welcome this opportunity to comment on a review of the TV perimeter, and support ESMA’s objective of clarifying when systems and facilities qualify as multilateral.
EFAMA places huge importance on this revision of ESMA’s suitability guidelines, as they spell out in detail how investors can invest in sustainable investment products. If they are well designed, the guidelines have the potential to significantly boost capital flows towards sustainable investments; a goal that the European fund industry strongly supports.
The European Fund and Asset Management Association (EFAMA) welcomes the opportunity to respond to this important review of RTS 153/2013 and accompanying guidelines, in light of the procyclicality witnessed during the peak volatility of the Covid crisis. European CCPs already have standard anti-procyclicality tools in their rulebooks and this did lead to less volatile moves in margin in Europe versus other jurisdictions.
With the release of this proposal, the Commission is replicating the OECD / BEPS Inclusive Framework (OECD) Pillar Two Global Anti-Base Erosion (GloBE) Model Rules that came live in December 2021 and addresses how Member States will implement them in a coherent and consistent way across the EU. The work of the Commission and the alignment with the work of the OECD / BEPS Inclusive Framework are to be welcomed.
EFAMA fully supports the Commission’s initiatives to fight tax avoidance and aggressive tax planning. The work of the technical teams that acknowledged our industry’s special requirements and the proposal of carve-out rules to protect investment structures and end-investors are, to a certain extent, to be welcomed.
UCITS equity funds remained in high demand in January, contrary to bond funds
This is evidenced in the second edition of EFAMA's report, "The European Asset Management Industry's Engagement in Financial Education Initiatives", released in March 2022.
The report, prefaced by Commissioner Mairead McGuinness, is divided into three parts.
EFAMA's reply presents the work of its Investor Education Platform (IEP) and how it supports the EU's Financial Literacy Strategy. It explains the IEP's open, modular model, in which EFAMA produces educational resources centrally, and national associations translate, adapt and distribute them locally; it sets out how this work meets the Commission's evaluation criteria; and it gives examples of member associations' initiatives in 28 countries.
Today, EFAMA and 22 other European business, financial and professional associations published a joint statement warning that “Europe cannot prosper under the weight of unnecessary complexity”. The statement calls on Member States to agree on the Commission’s Tax Simplification Package without losing its ambition in the negotiations. It argues that Europe’s competitiveness and its ability to create good jobs depend on cutting unnecessary costs and removing barriers to cross-border investment.
EFAMA’s reply to the OECD/INFE consultation on the updated “Guidelines for private and not-for-profit stakeholders in financial education”
In this comment paper, EFAMA answers the two questions raised by the OECD/INFE, supports the updated guidelines and explores how the Guidelines could be further enhanced by covering:

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