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报告摘要

EFAMA Response to CEBS Consultation Paper on Guidelines on Remuneration Policies and Practices (CP42)

Core Content

EFAMA (European Federation of Financial Analysts Societies) has responded to the CEBS Consultation Paper on Guidelines on Remuneration Policies and Practices (CP42). The response highlights the need for tailored remuneration rules that reflect the unique characteristics of the asset management industry, as opposed to the banking sector.

Main Views and Key Information

1. Scope of the Guidelines

EFAMA Members welcome the limited scope of the CEBS Guidelines, which exclude asset managers managing UCITS (Undertakings for Collective Investment in Transferable Securities) and AIFs (Alternative Investment Funds).
Credit institutions and asset managers differ significantly in their business models and activities.
Systemic issues of excessive risk-taking that affect the banking sector are not applicable to asset management.

2. Proportionality Principle

EFAMA supports the proportionality principle, emphasizing that remuneration rules should be applied in a way that reflects the different levels of risk exposure among staff.
MiFID firms managing individual portfolios are within the scope of the Guidelines, but their limited activities warrant a proportionate approach.
EFAMA urges CEBS to consult CESR on MiFID-related rules, as their business model is distinct from banking.

3. Specific Nature of Asset Management Activity

Asset managers act as principals, managing clients' assets on their behalf, in accordance with client instructions.
Client assets are segregated from the asset manager's own assets, reducing direct risk exposure.
Reputational risk is central to the industry, as performance and track record are crucial to maintaining client trust.
Alignment of long-term interests between asset managers and their clients is essential.
Existing regulations, such as Article 14 of Directive 2009/65/EC, already address this by aligning remuneration policies with client interests.

4. Commission Work on UCITS Management Company Remuneration

The European Commission has announced plans to amend the UCITS Directive to include remuneration-related legislation.
EFAMA members welcome this development and encourage the Commission to proceed with a consultation process to ensure the rules reflect the specificities of the asset management business model.

5. ESMA Consultation for AIFMD Implementation

Article 13 of the AIFMD requires ESMA to issue guidelines on sound remuneration policies for AIFMs (Alternative Investment Fund Managers), in line with the principles in Annex II.
EFAMA members request a genuine consultation process by ESMA, to ensure that the remuneration principles are adapted to the asset management industry.

6. Group Companies

Many EFAMA members are part of financial groups, and remuneration standards should not be applied uniformly across all subsidiaries.
Diverging requirements may exist due to different sectors or jurisdictions within the group.
EFAMA supports the Guidelines' recognition of this nuance and stresses the need for sector-specific remuneration provisions.

7. Implementation Timetable

EFAMA expresses concern about the proposed implementation timetable of 1 January 2011, which provides less than 2 months for firms and supervisors to comply.
A longer transitional period is necessary to allow for proper development and implementation of remuneration policies.
EFAMA urges ESMA to provide sufficient time for compliance when finalizing guidelines for the fund management industry.

Conclusion

EFAMA advocates for a sector-specific approach to remuneration policies that reflect the distinct nature of asset management. It supports the proportionality principle and emphasizes the importance of aligning long-term interests with clients. While welcoming the CEBS and ESMA efforts, EFAMA calls for extended implementation periods and genuine consultations to ensure that the guidelines are both effective and practical for the asset management industry.

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