Efama asks EC for more time to absorb regulations

DeadlineA fund management organisation has called for realistic timeframes for the implementation of regulations.

The European Fund and Asset Management Association (Efama) says fund firms are finding it “extremely difficult” to implement regulations within current timeframes.

Efama made the comments in the European Commission’s call for evidence on the EU regulatory framework for financial services.

“There are currently many examples of fundamental directives affecting our industry where it is extremely difficult to be prepared within the prescribed timetables,” said Alexander Schindler, president of Efama.

Efama says unrealistic implementation deadlines lead to legal uncertainty and cause serious challenges for European asset managers.

Meanwhile, the Alternative Investment Managers Association (Aima) has called for reforms to support non-bank finance, saying there should be greater asset management participation in securitisations in order to finance small and medium-sized enterprises.

Aima also says that greater holding of financial assets by institutions and investors that can bear risk without the need for public support - such as investment funds - will improve financial stability.

“We recognise that most of the regulatory measures introduced since the financial crisis were intended to address key policy concerns and market failures,” said Jack Ingliss, chief executive officer of Aima.

Aima’s full response to the EC’s call for evidence can be read here.

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