ALFI Representative Office in Brussels
Although the new European Commission had started its work with the most noble objective to regulate better rather than more, regulatory initiatives by EU institutions remained intensive enough to keep ALFI’s Brussels representative office engaged in a broad variety of topics.
In the aftermath of the financial crisis of 2008, the asset management industry was identified, along with the banks and the securities markets, as a potential risk for the stability of the financial system. As a consequence, the industry was confronted with a growing number of new regulations mainly driven by the motivation to reinforce consumer protection. Since then, asset managers are under increasing pressure to keep up with all these regulatory initiatives without hindering growth, stability or profitability.
Since the opening of the joint ALFI/ABBL representative office in Brussels in 2006, its specialised staff strives to attain thorough knowledge of relevant regulatory initiatives, to gather information and to contribute to the European regulatory process by providing in-depth knowledge pooled at the level of ALFI’s numerous technical committees and working groups.
This is definitely not an easy task, given the broad variety of legislative actions at EU level:
The new Commission started by launching its Capital Market Union action plan as well as two legislative proposals regarding securitization and a review of the prospectus regulation, and it initiated the review of the EUVECA and EUSEF regulations for which a legislative proposal is expected in the 2016.
Other initiatives include the regulation of money market funds, the passport for third country AIFMs, delegated acts like UCITS V, MiFID and PRIIPs and, on the tax front, the financial transaction tax (FTT) and the OECD’s initiative to fight base erosion and profit shifting (BEPS). Most of these topics will remain on the agenda in 2016, as well as the Commission’s intention to break down barriers to cross-border investment fund distribution.
During the period under review, ALFI has responded to a broad range of consultations launched by the European Commission, the European Securities and Markets Authority ESMA, the European Supervisory Authorities ESAs, the European Banking Authority EBA, the International Organization of Securities Commissions IOSCO and the OECD. The texts of the responses provided are available on ALFI’s website.
ALFI has been a pioneer in responsible lobbying by subscribing to the European Transparency Register and its Code of Conduct since the creation of this initiative in 2008. It also intends to contribute to the Commission’s consultation to review the Register in 2016.
Team of the ALFI/ABBL representative office in Brussels:
ABBL & ALFI EU Representative Office
Avenue de Corthenberg 168
1000 Brussels, Belgium
Phone:+ 32 47 03 01 415