Regulation dominates debate at Efama AGM in Vienna

The unprecedented wave of regulatory initiatives affecting the European asset management industry was the main topic of discussion at the annual general meeting of the European Fund and Asset Management Association (Efama).

Delegates discussed the wave of regulations coming both from an EU level and national level but also from other parts of the world, principally FATCA, Dodd-Frank and the Volcker Rule. 

In a statement, Efama said: “Members expressed concern that the unintended consequences of the broader regulation, aimed at other parts of the financial services sector, targets problems that contributed to previous financial crises rather than improve the landscape for the investor going forward.

Furthermore, “participants believed that the pace and nature of regulatory change may also see some enforced consolidation within the industry, as it becomes more difficult for smaller asset managers to survive and prosper, which ultimate removes genuine choice in the market for investors and hampers innovation and diversity.”

Claude Kremer, president of Efama (pictured), said: “We continue to work with Regulators and government bodies across the globe to ensure that regulatory change is appropriate, measured and relevant and delivers increased stability, confidence and support for long term efficient and accessible savings by investors across Europe.

He added: “Despite the constant bombardment of investors with negative views, Efama continues to work with its members and other industry stakeholders to improve confidence and look for ways to identify and harness opportunities for investor.”

EFAMA used the AGM to officially welcome the following firms as new corporate members: Commerz Fund solutions, Pimco Europe, and Principal Global Investors (taking the total number of corporate members to 59) and AllFunds Bank and Linklaters as Associate Members (total of 20).

Close Window
View the Magazine

You need to fill all required fields!