European Forum of Securities Associations

“Improving the Integration of EU Capital Markets for a More Competitive Union” 📅 Tuesday, 9 December 2025 🕔 17:00 – 18:30 (welcome from 16:30) 📍 Renaissance Hotel Brussels, Rue du Parnasse 19 🍸 Followed by a networking cocktail until 20:00 Just as the European Commission is set to adopt its landmark Market Integration Package – a cornerstone of the Savings and Investment Union Strategy – the European Forum of Securities Associations (EFSA) is bringing together top policymakers and sell-side leaders for a timely and high-level discussion. Highlights: ✅ Welcome: Gianluigi Gugliotta, Secretary General, AMF Italia ✅ Keynote: Carlo Comporti, Commissioner, Consob ✅ Panel with: • Martin Merlin, Director Financial Markets, DG FISMA, European Commission • Jakub Kacki, Financial Services Attaché, Permanent Representation of Poland to the EU • Marianne Sørensen, Head of Financial Market Infrastructure & Regulation, Danske Bank • Stéphane Giordano, Chairman, AMAFI ✅ Moderated by Urban Funered, CEO, Swedish Securities Markets Association (SSMA) ✅ Closing remarks: Dr. Thorsten Freihube, bwf – Bundesverband der Wertpapierfirmen Seats are strictly limited – register now to secure your place: 🔗https://lnkd.in/eu98gb8J Let’s shape the future of Europe’s capital markets together. #CapitalMarketsUnion #CMU #EUFinance #Securities #FinancialMarkets #EFSA EFSA represents the national securities associations of Belgium, Denmark, France, Germany, Italy, Poland, Spain and Sweden. www.efsa-securities.eu

“Improving the Integration of EU Capital Markets for a More Competitive Union” 📅 Tuesday, 9 December 2025 🕔 17:00 – 18:30 (welcome from 16:30) 📍 Renaissance Hotel Brussels, Rue du Parnasse 19 🍸 Followed by a networking cocktail until 20:00 Just as the European Commission is set to adopt its landmark Market Integration Package – a cornerstone of the Savings and Investment Union Strategy – the European Forum of Securities Associations (EFSA) is bringing together top policymakers and sell-side leaders for a timely and high-level discussion. Highlights: ✅ Welcome: Gianluigi Gugliotta, Secretary General, AMF Italia ✅ Keynote: carlo comporti, Commissioner, Consob ✅ Panel with: • Martin Merlin, Director Financial Markets, DG FISMA, European Commission • Jakub Kącki, Financial Services Attaché, Permanent Representation of Poland to the EU • Marianne Sørensen, Head of Financial Market Infrastructure & Regulation, Danske Bank • Giordano Stephane., Chairman, AMAFI ✅ Moderated by Urban Funered, CEO, Swedish Securities Markets Association (SSMA) ✅ Closing remarks: Dr. Thorsten Freihube, bwf – Bundesverband der Wertpapierfirmen Seats are strictly limited – register now to secure your place: 🔗https://lnkd.in/eu98gb8J Let’s shape the future of Europe’s capital markets together. #CapitalMarketsUnion #CMU #EUFinance #Securities #FinancialMarkets #EFSA EFSA represents the national securities associations of Belgium, Denmark, France, Germany, Italy, Poland, Spain and Sweden. www.efsa-securities.eu

July 02, 2025 𝐄𝐅𝐒𝐀 𝐬𝐭𝐫𝐨𝐧𝐠𝐥𝐲 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐬 𝐭𝐡𝐞 𝐄𝐔'𝐬 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐔𝐧𝐢𝐨𝐧 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲! Integrating EU capital markets is an economic and political imperative, vital for bridging financing gaps, driving innovation, and sustaining long-term competitiveness. We believe smart, targeted reforms are needed over just ambitious regulation. EFSA advocates for a pragmatic and proportionate approach, complementing traditional top-down methods with a bottom-up strategy. Any legislative proposal should be objectively justified and preceded by a robust cost-benefit analysis to ensure it promotes the growth, attractiveness, and global competitiveness of EU financial markets. Our vision for truly integrated markets includes: ✅ Deep liquidity pools. ✅ Genuine competition between infrastructures (e.g., trading venues, CCPs, CSDs) to mitigate monopoly rents. ✅ Effective interoperability in the post-trade space. ✅ Efficient and consistent regulatory processes, coupled with stronger EU supervisory convergence. Key priorities and actions include: ✅ Strengthening supervisory convergence and consistent enforcement of best execution rules across Member States. ✅ Addressing the persistently rising costs of market data. ✅ Reducing post-trade fragmentation through standardisation and operational efficiency, including a harmonised, simplified, and digital withholding tax (WHT) framework. ✅ Reforming ESMA's mandate to explicitly include promoting the competitiveness of financial markets, broadening the scope of no-action letters, and deepening engagement with market participants. By focusing on reforms that deliver measurable improvements, the Union can create a financial ecosystem that is more attractive, efficient, and globally competitive. 📄 Read the full position paper here: https://lnkd.in/egFxhQZC #EUCapitalMarkets #CapitalMarketsUnion #FinancialIntegration #EUFinance #Competitiveness #SavingsAndInvestmentsUnion #EFSA #FinancialMarkets #Supervision #ESMA #MiFIR #CMU #PostTrade #Trading #MarketData #FinancialRegulation

March 14, 2025 📢 EFSA’s updated position on the Retail Investment Strategy – Key priorities for the trilogues The European Forum of Securities Associations (EFSA), representing investment firms across Europe, has published its latest position on the EU’s Retail Investment Strategy (RIS). While EFSA supports the Commission’s goal to enhance retail investor participation and build a Savings and Investment Union, we remain concerned that the current RIS proposals risk adding complexity and reducing accessibility for retail clients – especially in less mature markets. 🔎 Our key messages to EU co-legislators: ✅ Avoid disproportionate restrictions: New rules on inducements, best interest, and value for money must not undermine investor choice or create unnecessary compliance burdens. ✅ Keep disclosures simple: Overly detailed cost breakdowns and duplicative reports risk deterring retail participation rather than helping investors make informed decisions. ✅ Ensure consistency: Suitability rules, client categorization (opt-up), and the scope of PRIIPs/KID must align with real market needs and avoid one-size-fits-all approaches. ✅ Protect competition: Allowing national bans on inducements risks fragmenting the single market and disadvantaging smaller firms. EFSA calls for a balanced and workable RIS that empowers retail investors without over-regulating the ecosystem that supports them. 👉 Read the full paper here: https://lnkd.in/ehCVhNtb #RetailInvestmentStrategy #EFSA #CapitalMarketsUnion #InvestorProtection #EUregulation #FinancialServices #MiFIDII #PRIIPs #Inducements #ValueForMoney #Suitability #Trilogue Would you like me to tailor this for a specific organization’s tone or a particular audience (e.g. policymakers, clients, or peers)?

Today, with Professors at the heart of the drafting of the Less is more report and the European banking associations European Association of Co-operative Banks , European Banking Federation and WSBI-ESBG , we had the honour of being received at the EBA to present the report and discuss solutions to simplify and improve the effectiveness of the European regulatory framework in the financial services sector, to finance the economy, while preserving its stability. There was consensus that European banks are no longer considered to be at risk and that harmonisation should not necessarily lead to complexity. The EBA will be making simplification proposals by the end of the year. Many thanks to Professors Blanche Sousi , Anne Rouaud , Pauline Pailler , Roberto Ferretti , Matthias Lehmann and to Nina Schindler , Peter Simon , Wim Mijs represented, and Elisabeth Delahousse ! The report is here : https://lnkd.in/e_-G-wbH #Simplication #BetterRegulation #LessIsMoreReport

The European Commission has launched a new tool to report barriers to cross-border financial services in the EU. This is a smart step to ground Capital Markets Union work in real challenges – as experienced by market participants themselves. This will help us to move from abstract discussions to concrete progress. #SIU #savingsandinvestmentsunion #CMU #CapitalMarketsUnion #SingleMarket #EUFinancialServices #financialservices https://lnkd.in/em_vzb88

Izba Domów Maklerskich - członek European Forum of Securities Associations (EFSA) gościła w Warszawie przedstawicieli bliźniaczych organizacji z Hiszpanii, Francji, Włoch, Niemiec i Szwecji. W agendzie spotkania znalazł się T+1, Savings and Investment Union, Market Data, IFR/IFD oraz Retail Investment Strategy. Warsaw Stock Exchange (GPW) dziękujemy za spotkanie Waldemar Markiewicz, Tomasz Bardziłowski

EFSA Convenes in Warsaw to Tackle Key European Capital Market Issues Yesterday, April 8th, the European Forum of Securities Associations (EFSA) held a productive meeting generously hosted by the Izba Domów Maklerskich (IDM) at the prestigious Warsaw Stock Exchange (GPW). Representatives from across Europe engaged in vital discussions on the evolving regulatory landscape and the future of European capital markets. Key themes included enhancing EU competitiveness, the upcoming review of market structure, the IFR/IFD framework, challenges surrounding market data access, the transition to T+1 settlement, and efforts towards regulatory simplification. EFSA provides a crucial platform for collaboration among national associations, enabling members to share insights and coordinate positions on critical files impacting investment firms and market participants. A special thanks to Waldemar Markiewicz and the Izba Domów Maklerskich (IDM) team for their hospitality, and to all participants for their insights. We look forward to continued collaboration in navigating the challenges and opportunities ahead for Europe's capital markets. #EFSA #CapitalMarkets #EURegulation #FinancialServices #MarketStructure #IFRIFD #Tplus1 #WarsawStockExchange #IDM #Competitiveness https://lnkd.in/e8XBvVEP