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, EFAMA welcomes 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.
It is in EFAMA’s prime interest to continue investing their investors’ capital over the long-term. As such, theu Association considers that a gradually harmonised and unique EU regime for asset management companies, irrespective of whether it is discretionary or collective, remains essential. 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.
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© EFAMA - European Fund and Asset Management Association
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