ALFI and the EU: the Brussels representative office

ALFI’s Brussels office enables the industry to share professional insights with officials both at the EU and from Member States and maintains close relationships allowing for input in a wide variety of industry matters.

Regarding day-to-day advocacy, the past twelve months have seen a number of new legislative proposals on which ALFI has been active. The legal and supervisory framework regarding the delegation of portfolio and risk management to third-country actors is one example, the Commission’s legislative proposal on the review of the ESAs another.

Brexit has been and will continue to be a hot topic for the Luxembourg fund industry. The disentanglement process is slowly becoming clearer, and since the beginning of spring 2018 negotiations have focused on the transition period and the future EU-UK relationship.

A major financial markets topic is the Commission proposal to break down barriers to the cross-border distribution of investment funds, a key part of the Capital Markets Union and a focus of ALFI’s activity. A lot of advocacy resources are spent on the Commission proposal in view of creating a legislative framework for a pan-European personal pension product. ALFI has also been participating in the EMIR refit proposal, the Money Markets Funds Regulation (reverse distribution mechanism) and the most recent update to anti-money laundering (link to “Anti-money laundering”) rules.

The Brussels office has further monitored the legislative work of the EU institutions on topics such as the reviews of AIFMD and the UCITS directives, the AIFMD third-country passport, MiFID II, PRIIPS, sustainable finance and fintech. It also provides an internal daily monitoring service of industry-relevant developments at the level of the EU institutions and authorities as well as international organisations.

Antoine Kremer
Head of the ALFI/ABBL Representative Office in Brussels