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08 June 2017

EFAMA welcomes the European Commission's CMU mid-term review

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EFAMA acknowledges that this report comes at a particularly challenging time and agrees that the CMU project is more important than ever.

The European Fund and Asset Management Association (EFAMA) welcomes the quick pace put forward by the European Commission with the imminent legislative proposal on a Pan-European Personal Pension Product (PEPP). EFAMA has been a long-standing proponent of the PEPP as we strongly believe it can make personal pensions more attractive and contribute to the success of Europe’s Capital Markets Union.

Alexander Schindler, EFAMA President, commented: “EU citizens need to be encouraged to start saving more and at an earlier time, and to re-allocate part of their savings towards more market-based financial products. A well-regulated, EU-labelled PEPP would ultimately give people access to low-cost personal pensions and give them the chance to get better returns for their savings.”

Equally EFAMA welcomes the choice of new priority initiatives to strengthen the CMU Action Plan. In particular:

  • Facilitating the cross-border distribution of investment funds, specifically UCITS and AIFs.
  • Strengthening the effectiveness of supervision to accelerate market integration.
  • Enhancing the proportionality of rules in terms of providing a more proportionate prudential framework for investment firms.
  • EFAMA recognises both the challenge and the priorities that lie behind harnessing the potential of FinTech and sustainable finance. Both are high on EFAMA’s agenda and remain long-term workstreams.

Peter De Proft, EFAMA Director General, commented: “Asset managers play a key role in the financing and growth of the European economy. The CMU will strengthen this contribution by ensuring the competitiveness of the industry and safeguarding investor protection. We will continue contributing our expertise and vision of how to build an overall asset management framework that ensures an efficient and attractive investment environment”.

Press release

© EFAMA - European Fund and Asset Management Association

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