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20 March 2017

European Asset Managers support direction and pace of the CMU project

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The response is a reminder of the asset management industry’s views on the many CMU initiatives. Much remains to be done to achieve the CMU’s ambitious objectives, but EFAMA welcomes the new impetus brought to the overall project.

Peter De Proft, European Fund and Asset Management Association (EFAMA) Director General, commented: “This consultation is a golden opportunity to voice once again the European asset management industry’s strong support for all dimensions of the CMU: strong focus on investors’ interests, promotion of a market-based financing of the economy, development of a PEPP and development of a comprehensive strategy on sustainable finance”.

End-investors’ interests need to be at the heart of any EU initiative. EFAMA supports investor-centric legislation and investor education as two sides of the same coin, and firmly encourages the European Commission and the ESAs to promote both further.

EFAMA would also reiterate the view that investment funds are a success story which can inspire a well-functioning EU Single Market in other areas. UCITS is a very good example of that. EFAMA would therefore encourage the European Commission to pave the way for further deepening the Single Market for investment funds and removing remaining barriers. This is essential to provide a larger and more diversified choice of investment and saving opportunities for European citizens, increase competition in the markets, allow for further innovation and reduce the costs and fees. 

EFAMA reaffirms its strong support for the Commission’s continued efforts to improve the Single Market for retail financial services. Retail investors need to be provided with better access to the capital markets in order to create potential for citizens’ savings, which are currently under-exploited.

EFAMA is also very supportive of the CMU’s focus on sustainable finance. Citizens and companies are increasingly committed to addressing environmental, social and governance (‘ESG’) challenges in their investments. Asset managers, as the linchpin between investor’s savings and the real economy, have a crucial role to play in providing the tools and advice for selecting responsible investments.

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© EFAMA - European Fund and Asset Management Association

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