Over the year, ALFI participates in numerous consultations issued by European Institutions and industry associations.
ALFI response to the discussion paper - ESMA’s policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS (ESMA/2011/220)- ALFI statements
ALFI responded to the European Securities and Markets Authority ("ESMA") discussion paper setting out policy orientations on guidelines for UCITS exchange-traded funds ("ETFs") and structured UCITS, dated 22 July 2011.
ALFI response to the ESMA consultation on possible implementing measures of the Alternative Investment Fund Managers Directive- ALFI statements
On 13 September 2011, ALFI responded to the ESMA consultation on possible implementing measures of the Alternative Investment Fund Managers Directive.
On 13 July 2011, the European Commission published a consultation entitled the Social Business Initiative : Promoting Social Investment Funds. The consultation aims to explore whether a new bespoke social investment fund framework might be more effective at channeling funds to social businesses, and if so, what measures it might need to contain. To read ALFI’s response please click here
The Commission issued on 5 April 2011 the Green Paper entitled “The EU corporate governance framework”. Corporate governance is traditionally defined as the system by which companies are directed and controlled and as a set of relationship between a company’s management, its board, its shareholders and its other stakeholders.
In April 2011, the European Commission asked EIOPA to provide advice on the legislative framework for Institutions for Occupational Retirement Provision (IORPs) by mid–December 2011. EIOPA invited market participants and occupational pensions stakeholders to provide comments by 15 August on the “Draft Response to Call for Advice”.
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Discussion Paper on ESMA's policy orientations on possible implementing measures under Article 3 of the Alternative Investment Fund Managers Directive – ALFI response- ALFI statements
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In February 2011, the Commission launched a public consultation in order to receive stakeholder feedback on its initiative for the taxation of the financial sector. The Commission wanted (i) to test its assumptions and collect related evidence as regards the definition of the problems, (ii) to assess the impacts of the set of policy options and (iii) to consult on more detailed aspects of the feasibility and design of the policy option.
ALFI responded in a specific paper to the European Commission’s consultation on the MiFID review. The paper addresses among other the questions related to the possible limitation of MiFID exemptions, the modification of the “execution only” regime and the Commission’s suggestion to impose additional obligations in the context of investment advice.
ALFI response to the European Commission consultation paper on legislative steps for the PRIP's initiative- ALFI statements
ALFI responded to the European Commission’s consultation paper on packaged retail investment products (“PRIPs”). ALFI strongly support the creation of a level playing field through a cross-sectoral approach to the regulation of retail investment products, focusing in particular on pre-contractual product disclosure. The rationale for the PRIPs initiative is a level playing field for investment products sold to retail investors in order to create a standard of investor protection. The UCITS framework embodied a high level of investor protection and the application of the UCITS disclosure standards to all PRIPs help retail investors to understand, compare and use product disclosure information in order to make informed investment