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Asset Management framework

Asset Management framework

Context

Asset management plays a key role in the development of European capital markets by channelling savings into diversified investment opportunities and providing investors with access to professional portfolio management. The EU fund sector has grown significantly in recent years, supported in particular by the expansion of ETFs and the development of sustainable investment strategies. However, the European asset management market remains fragmented along national lines, limiting its scale and competitiveness.

The key fund frameworks have been reviewed as part of the CMU action plans. The AIFMD and UCITS frameworks were updated notably through more harmonised liquidity management tools for open-ended funds, enhanced reporting to support risk monitoring and supervisory oversight, and a framework for loan-originating funds. Further work is also expected on the UCITS eligible assets rules in the coming months. The ELTIF framework was also revised to make long-term investment funds more attractive, particularly for retail investors, by broadening eligible assets and lowering barriers to retail access and distribution, while maintaining appropriate investor protection. In parallel, the Money Market Fund (MMF) framework has been reviewed at EU and international level, with further work ongoing to assess potential reforms to enhance resilience.

More recently, the Market Integration and Supervision Package (MISP), set out in December 2025, proposes measures aimed at facilitating cross-border fund distribution and improving market integration, notably by enabling investment funds to be marketed across the EU immediately upon authorisation, removing certain national barriers to marketing and introducing a depositary passport allowing funds to appoint depositaries across Member States. The package also includes measures recognising cross-border asset management groups and facilitating intra-group arrangements, as well as strengthening supervisory convergence, notably through an enhanced role for ESMA in the oversight of cross-border activities.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Regulatory Update

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Summary

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Views The Eurofi Magazine

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Key contributions

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