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EFAMA welcomes legislative steps towards the better protection of retail investors

The European Fund and Asset Management Association (EFAMA) has welcomed the adoption by the European Parliament of two important pieces of legislation which will significantly contribute to further enhancing the protection of retail investors and to rebuilding their trust in financial markets.


The amendments brought to the UCITS directive will raise to an even greater level the already high-standards of protection enjoyed by UCITS investors and reconfirm its status as the ‘state-of-the-art’ regulation for investment funds worldwide. They should also bolster the international recognition of UCITS as the vehicle of choice for the international distribution of investment funds.

In particular, the strengthening and harmonisation of the UCITS depositary regime means clients’ assets will be better protected.


Since it was first discussed in 2006, EFAMA has been in favour of the PRIIPs initiative, which brings investors’ interests to the forefront. The Key Information Document (KID) required by the PRIIPs Regulation will enhance transparency and increase investor protection. By enabling investors to compare different packaged investment opportunities or products, consumers will be better equipped to make an informed investment decisions.

As the PRIIPs regulation will apply on a cross industry basis (asset management, bank and insurance), EFAMA welcomes the willingness of policy makers to reach a level playing field in the disclosure of such products offered to consumers. However, it is only a first step, as EFAMA believes further work will be needed to capture other similar products which are not already included in the scope of the PRIIPs regulation.

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