June 2014 - European fund industry news

The month in the European fund industry

ESMA public hearings on MiFID II issues

On 3 June, ESMA, the European Securities and Markets Authority, announced three open hearings related to the practical implementation of the Markets in Financial Instruments Directive, or MiFID II.

These public hearings cover:

• Market issues, including transparency and regulatory reporting
• Investor protection issues
• Commodity derivatives.

The first, on market issues, will take place on 7 July, while the other two are on the following day.

The hearings have proved to be very popular and all are now full and closed to registrations. They are part of the ongoing consultation process for MiFID and MiFIR.

New record highs for European funds 

During June, various investment fund industry associations in Europe announced new records. 

In Luxembourg, ALFI announced assets of EUR 2.8 trillion for Luxembourg funds, with net sales of EUR 16.3 billion (May figures). 

In Switzerland, the Swiss fund association stated that the country’s fund market was on the verge of CHF 800 billion assets under management (May figures). 

The Swedish fund association said that in May total net assets in Sweden had reached an all-time high of SEK 2.7 trillion.   

These new highs follow the statement by EFAMA the previous month that European fund asset had passed the EUR 10 trillion mark. 

Also in June, research firm ETFGI announced that the assets of exchange traded funds and exchange traded products (ETFs/ETPs) that are listed in Europe reached a record of USD 460 billion.

ESMA and EBA publish harmonised guidelines for handling consumer complaints across the EU

On 13 June, ESMA and the European Banking Authority published today their final report on guidelines for handling consumer complaints in the securities and banking sectors. 

The document aims to increase market confidence for the benefit of consumers and firms.

EU investors will be able to rely on the same complaints-handling approach irrespective of what type of product they have purchased and where they have purchased it.

Fund industry publications in June

The European fund industry's key conference, the Fund Forum in Monaco, was held in June and there were a number of publications to coincide with this event. Some publications during the month included:

•  Frontline Revolution: The New Battleground for Asset Managers was the title of a global study of the industry by State Street 
• CACEIS and PwC Luxembourg issued a report entitled Asset Management Moves into the Spotlight
• KPMG published a report entitled Investing in the Future on the asset management industry
• AIMA and Barclays released the results of a survey of alternative investors and managers called The Extra Mile: Partnerships between Hedge Funds and Investors
• PwC Luxembourg published the 2014 edition of their poster on European ETF listing and distribution
• EY Luxembourg issued the latest version of the global fund distribution wall chart
• The Swedish fund association issued a translation of their biennial survey of the Swedish fund market and the behaviour of  fund savers.

And finally, ESMA issued updates of their EMIR Q&A and their Q&A on the application of the AIFMD.

_{Published on: 30 June 2014}

Fundsquare News 11 - June 2014