Positions

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.

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Key Topics

Commission-based investment advice

In May 2023, EU Financial Markets Commissioner Mairead McGuinness unveiled proposals for a directive to implement the EU retail investment strategy. Although she has refrained from a full ban on commission for the time being, she would like to ban commissions in non-advisory sales as a first step. In April 2024, the EU Parliament voted against any ban, including a partial one. A BVI paper shows that a ban on commission would harm retail investors.

 

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Sustainability

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 EU is working on several projects for this purpose. These include considerations for a classification system for sustainable products and the standardisation of sustainability reporting obligations. New ESMA guidelines provide more clarity for fund names with sustainability references.

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Financial market data

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".

 

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Open Finance

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.

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Competitiveness

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.

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Digitalisation and cybersecurity

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.

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Crypto funds

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.

 

 

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BVI's positions from A-Z

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