EFAMA has released a joint statement together with AFME (Association for Financial Markets in Europe), EFSA and the Nordic Securities Association on significant issues with the supervision of market data costs.

EFAMA has released a joint statement together with AFME (Association for Financial Markets in Europe), EFSA and the Nordic Securities Association on significant issues with the supervision of market data costs.

Clarification is urgently needed to enable rather than restrict EU sustainable investment
The EU has been at the forefront of green bond issuances, demonstrating strong growth and commitment to sustainable finance. However, ESMA’s new Fund Naming Guidelines create inconsistencies with other sustainable finance regulations, like the EU Green Bond Standard, which could hamper the growth of the corporate green bond sector.
The Associations fully support ESMA’s aim of providing for an adequate level of transparency. This will be beneficial to investors, liquidity providers, other intermediaries, as well as issuers, across the entire range of different and diverse bond classes.
EFAMA publishes its latest Monthly Statistical Release for July 2024.
Regulatory clarity required to sustain further growth
This report looks specifically at the evolving trends of the equity asset class of sustainable UCITS, whose share is the highest (53%) in total sustainable UCITS funds. It highlights their role as investment vehicles in facilitating the green transition. The universe of sustainable equity UCITS funds is defined based on Morningstar’s classification of sustainable financial instruments1. This means funds must claim to have a sustainability objective, and/or use binding ESG criteria for their investment selection.
EFAMA supports every efforts made to enhance financial markets regulation which reinforces the stability and the transparency of the financial system.
In that perspective, EFAMA welcomes the opportunity to comment on the ESMA consultation paper on the Draft RTS and ITS under SFTR and amendments to related EMIR RTS.
Prior to replying to the consultation, we wish to make the following general remarks
EFAMA, welcomes the opportunity to comment on the ESMA Discussion Paper (“DP”) on the trading obligation for derivatives under MiFIR.
As a principle, EFAMA supports every effort made to enhance financial market regulation which reinforces the stability of the financial system, of which MiFIR is an important part.
Prior to replying to the consultation, we wish to make the following general remarks.
EFAMA welcomes the opportunity to respond to the European Commission’s consultation envisaging the review of the EU macro-prudential policy framework. The consultation paper emphasises the review of the existing prudential framework built around the systemic nature of credit institutions and at the cornerstone of which lies the CRD/CRR, accompanied by the ESRB Regulation and the foundation of a Single Supervisory Mechanism (SSM) for a Banking Union, in turn revolving around the ECB.
EFAMA welcomes the opportunity to provide its comments on the Good Practices to be adopted by IOSCO for the Termination of Investment Funds. We agree that the decision to terminate a fund can have significant impact on investors in terms of the costs associated with such an action, or the ability for investors to redeem their holdings during the termination process. In this regard, even in the context of a fund’s voluntary termination, asset managers must abide by their fiduciary obligation to act in the best interest of their investors.
Better Finance and EFAMA have always been strong supporters of the “PRIIPs1 ” Key Information Document (“KID”), seeing it as a powerful instrument for retail investors to enable sound investment choices by allowing easier comparisons within a wide range of investment products. In order for this to happen, the rules defining the detailed contents of the PRIIPs KID must be correctly calibrated so that investors are given meaningful, comprehensible and comparable information.
Investors, originators issuers and other market participants represented by the above signatories are committed to supporting a safe and sustainable securitisation market that serves the real economy in Europe.

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