Statements and viewpoints
We promote sensible regulation of the fund business as well as fair competition vis-à-vis policy makers, regulators and international institutions.
EU Financial Markets Commissioner Mairead McGuinness unveiled proposals for a directive to implement the EU retail investment strategy. While she has refrained from a full ban on provisions for the time being, the idea of a ban has not yet been taken off the table. As a first step, commissions in non-advisory sales are to be banned. However, a BVI paper shows that the EU Commission would undermine its retail investor strategy with a ban.
In financing of the sustainable transformation, the fund industry plays a key role as a significant capital-raising source. However, the lack of standards for investments that can be considered sustainable in terms of EU regulation leads to uncertainty in the market. The BVI is calling for clear criteria. Despite these missing definitions, ESMA is planning guidelines for ESG or sustainability-related additions to fund names, which may include thresholds for sustainable investments.
The financial industry's spending on market data has been rising for decades. In 2022, these costs will amount to around 64 billion US dollars worldwide - a new record. And they continue to grow. Fund companies, too, are dependent on financial market data, but ultimately the end investor bears the cost increase. The BVI is campaigning for the cost-effective procurement of data and thus, among other things, for a "consolidated tape".
Increased competition in the financial services sector, even better advice as well as innovative and personalised services for clients – these are the goals the new EU project Open Finance is striving for. As it aims to facilitate access to financial services clients for all market participants, the project is strategically important for financial product distributors.
Ursula von der Leyen, President of the European Commission, announced the introduction of a standard competitiveness-check for EU legislation. The BVI has been calling for that for years. Thomas Richter explains in an interview, why European asset managers are increasingly being left behind their global competitors and why the EU should finally act now.
Big data, artificial intelligence and blockchain - digital technologies are fundamentally changing the world providing new opportunities for the fund industry. The financial sector, policymakers, and regulators have all recognised the opportunities and risks of technological progress. They have put in place appropriate regulations including rules for the application of artificial intelligence and for improving the operational stability of digital systems in the financial sector.
Since summer 2021, institutional investors have been able to allocate crypto asset investments via Spezialfonds (Sec. 284 German Capital Investment Code). Now, the first fund companies are preparing to launch crypto funds.