EFAMA welcomes EC proposal
21 December 2017 Brussels
Image: Shutterstock
The European Fund and Asset Management Association (EFAMA) has welcomed the European Commission’s proposal for a directive and regulation to establish a self-standing prudential regime for investment firms.
According to EFAMA, it supports the regulation's objectives to establish a clear separation between a prudential regime that would be designed around credit institutions, and a more proportionate one aimed for myriad non-bank actors.
EFAMA suggested that the provision included in the directive will help to achieve a proportionate regime for investment firm’s non-bank staff.
The association said that it welcomes the “important step forward towards a closer alignment of the existing second Markets in Financial Instruments Directive (MiFID II) regime for discretionary portfolio managers and advisors with the standards of the UCITS/AIFMD frameworks”.
It also noted that the regime fits into the objectives of the Capital Markets Union 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.
According to EFAMA, it supports the regulation's objectives to establish a clear separation between a prudential regime that would be designed around credit institutions, and a more proportionate one aimed for myriad non-bank actors.
EFAMA suggested that the provision included in the directive will help to achieve a proportionate regime for investment firm’s non-bank staff.
The association said that it welcomes the “important step forward towards a closer alignment of the existing second Markets in Financial Instruments Directive (MiFID II) regime for discretionary portfolio managers and advisors with the standards of the UCITS/AIFMD frameworks”.
It also noted that the regime fits into the objectives of the Capital Markets Union 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.
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