Directorate General Financial Stability, Financial Services and Capital Markets Union
Meeting DATE and PLACE
: 23 March 2018, Brussels, Commission offices
Transparency Register identification number: (take the transparency number for AFME)
We received a joint visit by AFME staff, AFME members and the SIFMA Asset Management Group (“ SIFMA
SIFMA AMG is a community of individuals from leading asset management firms of all sizes brought together
by the common goal of promoting the development of liquid, efficient, open and safe capital markets. The
Group represents U.S. asset management firms whose combined global assets under management exceed
The meeting focused on the following areas:
Delegation: the visitors had a number of questions relating to the recent ESMA opinion on delegation
in the asset management field. It did not seem to create too much problems for them.
Sustainability: the visitors expressed keen interest in our ongoing sustainable finance work. Several
members pointed out that the majority of well-managed asset managers already include ESG in their
assessments. One member argued for a progressive implementation, and avoiding too much
prescriptive rules not to curb market initiatives.
Pre-marketing: Some visitors expressed initial ideas that the definition of pre-marketing included in
the cross-border fund distribution package may be too strict.
Cost disclosures in PRIIPs (and MIFID): long discussion on cost disclosures under PRIIPs. It was alleged
that some L2 calculations lead to counterintuitive results. We stressed that we need detailed input.
They will re-contact ESMA.
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Name of the AUTHOR of the minutes