EFAMA states position for next two years
3 September 2009
The European Fund and Asset Management Association (EFAMA)
has outlined its strategy for the next two years, working towards its
position of creating a single voice for the industry.
The organisation intends to actively represent the industry when it comes
to immediate critical issues, as well as long-term trends, and said it
will seek to fulfil its stated duty to maintain investor confidence in
the European investment industry. At the same time it will continue to
strive for an optimal environment for asset managers.
Jean-Baptiste de Franssu, president of EFAMA, said the organisation will
lead the European industry in the distribution of funds, and said it is
important to note the needs of investors by reviewing the conditions under
which UCITS funds are sold by distributors. In doing this, EFAMA will
push for better financial education amongst retail and institutional investors,
strengthen investor protection and address product suitability.
On the topic of UCITS funds, EFAMA acknowledged the high degree of volatility
experienced over the last few years, and said that some data indicates
that redemption rates are structurally much higher in Europe than they
are in the USA.
One clear message presented by de Franssu was that of the delivery of
long-term value to investors. To this end, the industry body is to continue
building on the use of UCITS as a key building block for European pensions,
and will drive forward the implementation of the final form of the UCITS
IV regime across Europe. De Franssu added: “Why are we inventing
something for fixing pensions across Europe without considering UCITS
as one of the key building blocks?”
Of EFAMA’s strategy for the next two years, de Franssu said product
integrity is “something that we want to spend a lot of time on,”
and added: “The absence of long-term perspective is the reason why
we are in this situation today.”
Peter De Proft, director general of EFAMA, presented the organisation’s
position on the Alternative Investment Fund Managers Directive (AIFM).
He said there are five key requests that EFAMA would like to see included
or changed in the directive: Mangers and funds subject to national regulation
and exclusively distributed at national level should be exempted from
the AIFMD; national private placement regimes should continue to exist;
automatic authorisation to manage AIFs for UCITS Management Companies;
Depositary regulation should be finalised after the results of the Commission
consultation on UCITS depositaries; and Consistency is necessary between
AIFMD, UCITS directive and MiFID. Of this final point, De Proft added:
“If we are going to have a proper European framework, there is no
use having different parts.”
The AIMA, meanwhile, has congratulated the Rapporteur and Shadow Rapporteurs
for the AIFM. Jean-Paul Gauzès has been appointed as the AIFM directive’s
Rapporteur, and Wolf Klinz, Syed Kamall and Sven Giegold have been chosen
as Shadow Rapporteurs.
