Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
Announcement

26483

EFAMA welcomes EC proposal for self-standing prudential regime for investment firms

RELATED TOPICS​

EFAMA has welcomed the European Commission’s proposal for a Directive and a Regulation establishing a self-standing prudential regime for investment firms.

The association supports the regulation’s objectives to establish a clear demarcation between a prudential regime that would be designed around credit institutions (CRD/CRR), and a more proportionate one aimed for a myriad of non-bank actors.
 
In this regard, EFAMA also believes that the accompanying remuneration provisions included in the Directive will help achieve a proportionate regime for investment firm’s non-bank staff.
 
Although some of the technical details will possibly need fine-tuning, we welcome the fact that the Commission has taken an important step forward towards a closer alignment of the existing MiFID regime for discretionary portfolio managers and advisors with the standards of the UCITS/AIFMD frameworks.
 
The self-standing prudential regime fits into the overarching CMU objectives to better respond to societal challenges in the face of ageing populations across the Member States, as well as adapting to the growing importance of the asset management industry within Europe.
 
The Association says: “It is in EFAMA’s prime interest to continue investing our investors’ capital over the long-term. As such, we consider that a gradually harmonised and unique EU regime for asset management companies, irrespective of whether it is discretionary or collective, remains essential. Today, the Commission has taken a decisive step in this direction. Uncertainties nevertheless remain with regard to the role of national market supervisors in the European System of Financial Supervision, where the proposal preserves banking authorities’ oversight powers, as Members of the EBA, over investment firms under the new regime.
 
“We look forward to continue working with the Commission’s services and, from here onwards, with the Council and the European Parliament, by addressing some of the proposal’s technicalities, in view of putting this new regime in practice sooner, rather than later.”

Latest News

Bloomberg and General Index (GX) have announced the expansion of their strategic collaboration which builds..
EFAMA has commented on today’s vote by the European Parliament in favour of a new..
Morgan Stanley Investment Management (MSIM) has announced the launch of the MS INVF Systematic Liquid..

Related Articles

Juan Nozal, Mapfre Asset Management
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024, in what he predicts will be an outstanding year for this asset class...
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024,..
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US are committed to implementing a variety of measures to address climate change and reach their net-zero goals, according to Cerulli Associates...
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US..
Lord Hollick, House of Lords
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with genuine independence from government and how they are held to account...
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with..
Rob Edwards, Morningstar
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed bag in 2023...
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by