EFAMA issued its reply on Commission call for evidence on Private Placement Regimes underlining that the lack of a pan-European regime for marketing investment funds to professional investors cross-border is causing a clear single market failure. EFAMA, therefore, calls for a European safe-harbour regime from the marketing regimes built to protect retail investors, for marketing investment funds to European professional investors as defined in MiFID. This regime should guarantee a minimum level of safe-harbour which each of the Member States should at least allow for. The suggested regime should not, however, affect in any way the existing liberal and well- functioning private placement regimes in some Member States.
EFAMA also notes that the regime should not be overestimated, as it will be difficult to go beyond national rules prohibiting certain types of investments for institutional investors. However a European framework would be a big first step forward for the asset management industry, while work on the investment rules of different types of institutional investors will inevitably take time.
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© EFAMA - European Fund and Asset Management Association
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