The ALFI Brussels Office: speaking to the EU in 2020

Even in Covid-19-induced home office times, the dialogue with the EU institutions goes on by more digital means. Indeed, civil servants, Commissioners, MEPs and diplomats from Member States continue working as usual and preparing future legislation.

CMU 2.0

A major work stream has been the second round of measures aiming at creating a genuine Capital Markets Union for Europe. ALFI has been engaging in the process among other things via the Commission, its High-Level Forum as well as at the European Parliament and other relevant stakeholders. It will continue to do so in the legislative follow-up work to the Commission’s Action Plan in the matter. Issues ALFI has been active on include ELTIFs (see below), the involvement of retail and semi-professional investors, withholding tax relief and the convergence and level of supervision.  As part of the process ALFI has engaged with relevant stakeholders on upcoming review of the framework on markets in financial instruments (MiFID/R), as well as the PRIIPs level 1 review and the RTS developed by the ESAs and actively shared members concerns around the timeline for implementation.

Review of the EU’s alternative funds (managers) regulation

The Alternative Investment Fund Managers Directive (AIFMD) is up for a scheduled revision. ALFI has been engaging with the Commission at various levels on the matter in 2020 as well as in early 2021 while initiating first exchanges with MEPs and Member States on the basis of its response to the dedicated consultation. A legislative proposal is currently expected by Q4 2021. A similar exercise on ALFI’s side has been ongoing on the review of the regulation on European Long Term Investment Funds (ELTIF).

Other topics

In 2020 there has been ongoing advocacy on sustainable finance in particular around delegated acts and regulatory technical standards, the MiFID/R recovery package, the PEPP level 2, etc. ALFI also closely follows developments regarding the set-up of a projected EU AML Authority as well as the addition of an AML regulation to the directive. Given the importance of tax matters and potential changes as result of the authorities’ massive stimulus actions, the association also monitors closely any developments around the financial transaction tax and in the digital area that might directly or indirectly impact the industry.


The Brussels Office reports regularly internally on all relevant Council and European Parliament meetings and produces an internal daily monitoring report of news from the EU and international institutions, authorities and organisations as well as other stakeholders.

ALFI has been declaring its advocacy interests and resources via the European Transparency Register since its inception in 2008. The Association is also committed to the European Code of Conduct in the matter.