EFAMA acknowledges the legislative requirement to review MAR, following MAR art. 38. EFAMA nevertheless disagrees with the aspects of the consultation paper related to the application of the regulation to funds and asset managers as well as to FX spots.
Regarding the activities of Collective Investment Undertakings (CIU), EFAMA considers that the scope of instruments covered should be restricted to funds whose shares are traded on an equity trading venue (following MiFID II qualification of venues i.e. stock exchange, regulated market or Multilateral Trading Facilities (MTF)) and funds that are trading on secondary markets.
EFAMA considers that the legislations dedicated to funds and fund managers (UCITS and AIFMD) already provide transparency to investors and detailed reporting to authorities that do not need to be duplicated with the provisions envisaged in the review of MAR.
Concerning the financial instruments subject to MAR, EFAMA wants to remind that FX spots are not financial instruments neither under MiFID II nor under EMIR but are recognized as means of payment when the length of time of the transaction does not exceed 3 business days. Therefore, FX spot should not be considered under MAR but rather reported under AML rules or Payment Services Directive.
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