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On Wednesday, May 27, DUFAS held its annual General Membership Meeting. This annual event, meanwhile, is much more than a formal moment of accountability to members. It is a day when the industry comes together, reflects on the industry's biggest challenges and looks back on the past year, but above all, it is a time when the asset management industry speaks to each other. This year, the ALV took place at DUFAS member CACEIS.
From DUFAS, we have responded to the consultation on the second tranche of the International Sanctions Bill (WIS). In our response, we endorse the importance of an effective and proportionate sanctions regime, but at the same time we call attention to proper alignment with existing European regulations, in particular the AML package, and to maintaining a risk-based approach.
In a period defined by geopolitical uncertainty, regulatory change and rapid technological development, a structural issue continues to dominate financial policy debates: many developed economies are oversaved and underinvested. Chris Cummings, Chief Executive of the Investment Association, reflects on nearly a decade of change in the industry, from Brexit to fintech disruption, and the growing effort to bring more people into investing.
From DUFAS, we responded to the European Commission's consultations on the revision of the Shareholder Rights Directive (SRD). The SRD has clearly borne fruit in recent years: shareholders vote more often, engagement with companies has intensified and access to boards has improved. Still, there remains room for improvement, including in practical matters surrounding voting.
From DUFAS, we responded to AMLA's consultation on the draft regulatory technical standards (RTS) for customer due diligence (CDD) under the new European AML/CFT framework.
From DUFAS, we prepared a position paper on the proposed extension of ESMA's powers within the Market Integration & Supervision Package (MISP).
From DUFAS, we welcome the European Commission's proposal within the Market Integration & Supervision Package (MISP) to introduce a delegation derogation for intra-group outsourcing.
The Netherlands and Europe face major financial challenges. Energy transition, defense, digitalization and housing construction require investments on a scale that cannot be borne solely by banks or public funds. The Dutch asset management sector - with €2,119 billion in assets under management number 3 in the EU - plays an essential role in mobilizing the capital needed for this.
Dirk Gotink is a member of the European Parliament on behalf of NSC and affiliated with the European People's Party (EPP). For many years he has moved at the intersection of national and European decision-making, with a focus on financial markets and pensions. In Brussels, he is now shadow rapporteur on the revision of the IORP Directive, the European framework for supplementary pensions. A technical dossier, complicated too, but with major implications for how Europeans build up their pensions as well as how capital is deployed in the economy. "If you get it right for the participant, the rest will follow naturally."
The tax classification of the common account fund (CIS) is a topic that has long attracted the attention of fund managers and institutional investors. But since Jan. 1, 2025, the scope of the new FGR definition has been significantly expanded and (foreign) partnerships may also potentially qualify as FGRs. In addition, an important new dimension has been added: the assessment framework has been expanded to include a regulatory test. This makes the matter more complex, and the need to be well informed greater, also because of the potentially large consequences. The classification rules are relevant to a broad group of DUFAS members: from fund managers to pension funds, insurers and fund-of-funds, and both Dutch and non-Dutch investment funds. Moreover, solutions often have a direct impact on fund documentation, so the civil law side also comes into play to a full extent.
We have submitted our response to the European Commission public consultation on the draft amendments to the Climate Delegated Act under the EU Taxonomy Regulation.
As DUFAS we welcome the European Commission's proposal to revise the Sustainable Finance Disclosure Regulation (SFDR) as a significant and much-needed step forward for the EU sustainable finance framework. We reiterate our strong support for the SFDR and its core objectives of enhancing transparency, strengthening investor confidence, and supporting the transition to a more sustainable economy. The proposed shift toward a product-focused framework, combined with a simplification of entity-level requirements, marks an important improvement in making the regulation more practical and effective. At the same time, we recommend several targeted improvements to ensure that the revised framework is workable in practice, supports capital allocation to sustainable activities, and enhances comparability for investors. The DUFAS position statement, prepared by our SFDR Expert Group, contains several key recommendations, including:
