Peter De Proft said that, while the European Fund and Asset Management Association supported the Markets in Financial Instruments Directive II, which is aimed at increasing financial transparency, there is a general feeling that the industry should be given more time.
“The consensus is yes, of course we want transparency, but this important piece of legislation should not be rushed through. There needs to be proper time and consideration given to this" he said. “Let’s create a perfect framework and system that benefits clients.”
He added that MiFID was a “hugely important and hugely significant” piece of legislation, meaning it was important to look at all the issues it may create before it is implemented.
“We are trying to be constructive and its implementation is currently a work in progress.”
Discussion at EFAMA’s annual general meeting was centred on the impact of implementation of EU and global initiatives such as MiFID II.
The comments come after MiFID II was last week initiated in the Official Journal of the EU, meaning its initial implementation will begin next month and it will be fully implemented in 30 months time.
Increase in global wealth
Speaking at the event, EFAMA president, Christian Dargnat, noted that global wealth was increasing and will lead to further investment, with Europe seeing an average estimated growth of 3% in the coming years.
Dargnat also highlighted the key priorities for EFAMA in the year ahead, which included providing a voice for the industry, resolving long term investment issues and suppoting the asset management industry in its role in financing the economy and “safeguarding the end investor”.
He said: “One of the pillars of EFAMA’s work is addressing our over-arching task of rebuilding trust.
“Over the course of the last year, we have helped the industry to confront, with some success, the three major challenges that I identified at our last AGM: the huge number of regulatory initiatives under way in Europe and also in the United States; the lack of a level playing field for financial products and the erosion of profitability.”