THE EUROPEAN FORUM OF SECURITIES ASSOCIATIONS (EFSA) ENCOURAGES FAIR, EFFICIENT, COMPETITIVE AND SUSTAINABLE EUROPEAN SECURITIES MARKETS THAT PROMOTE THE REAL ECONOMY.
About EFSA
What we do and who we are
EFSA is a forum of European Securities Associations for information sharing and fostering mutual understanding. EFSA itself is not a legal entity but a self-organising working-group. As such, it also helps to deliver joint messages on policy issues in European securities markets to policy makers, regulators, industry representatives and the interested public who we hope might benefit from such a coordinated approach. EFSA complements the existing activities of its member-associations.
Events
Promoting the EU-dialogue between policy makers, regulators and stakeholders
12.11.2024
Towards deeper and more integrated capital markets to meet the EU’s financing needs
EFSA, the forum of European Securities Associations for information sharing and fostering mutual understanding hosted its first public event in Brussels today in order to contribute to the political debate on the importance of capital markets for private savings and investment as well as for the financing of the real economy and the significant future financing needs of the EU.
EFSA thanks Christian Noyer, former Head of Banque de France for an excellent keynote as well as Annemie Rombouts, Deputy Chair of the Belgian FSMA, Irene Tinalgi, Member of the European Parliament, Jan Ceyssens, Head of the „Capital Markets Union“ Unit at the European Commission, Stéphane Giordano, Chairman of AMAFI, Grzegorz Zawada, Head of Investment Banking Devision in PKO BP for a very vivid and thought provoking panel discussion and not to forget the EFSA representatives Stéphanie Hubert of AMAFI and Urban Funered of SSMA for moderating the event.
Documents
EFSA comments and initiatives
02 July 2025
EFSA high-level priorities to foster the integration of EU capital markets
EFSA provides a position paper with high-level priorities to foster the integration of EU capital markets
ESMA's Consultation on the draft technical Advice to the European Commission on the amendments to the research provisions in the MiFID II Delegated Directive in the context of the Listing Act
EFSA comments on the draft technical Advice to the European Commission on the amendments to the research provisions in the MiFID II Delegated Directive in the context of the Listing Act, ESMA35-335435667-5979, 28 October 2024
Key messages regarding the Retail Investment Strategy – for the Trilogue negotiations
The European Forum of Securities Associations (EFSA) points out the key messages regarding the Retail Investment Strategy (RIS) for the Trilogue negotiations
How to ensure that Market Data is available at a genuine cost-based approach thereby complying with the new MiFID III/MiFIR II
Jointly with afme, EFAM and the Nordic Securities Association, EFSA raises its voice on the important topic how market data can be made available at reasonable prices following the cost-based approach stipulated by MiFID III/MiFIR II
EFSA position on Retail Investment Strategy and the European Commission’s “Have Your Say-Consultation”
The European Forum of Securities Associations (EFSA) participates in the European Commission's “Have Your Say-Consultation” on the proposed Retail Investment Strategy
Trade Associations’ Positions on Trilogue for MiFIDII/MiFIR Review
The European Forum of Securities Associations (EFSA) and the Nordic Securities Association (NSA) jointly publish priorities for the upcoming Trilogue for the MiFIDII/Review
EFSA response to the EC consultation on financial research
The European Forum of Securities Associations (EFSA) participates in the European Commission's consultation on the future regulatory treatment of financial research
An appropriately constructed Consolidated Tape could help to build deeper and more open capital markets in Europe
EFAMA and EFSA welcome the publication of Market Infrastructure Partners’ Study on the Creation of an EU Consolidated Tape which addresses the challenges, demand, benefits and proposed architecture for consolidating European financial market data.
Reasonable Market Data Costs Benefits the Real Economy
The European Fund and Asset Management Association (EFAMA) and the European Forum of Securities Associations (EFSA) jointly publish a statement on the benefits of reasonable market data costs fort he real economy.
MiFID 2/R, in conjunction with Level 2 and Level 3, forms the cornerstone of financial regulation for securities markets in EU. However, there are some areas of MiFID2/R which need recalibration in order to deliver the intended policy outcome and to avoid unintended harm to the market, liquidity and investor choice. Considering that the timeline for the Commission’s reports on certain parts of MiFID 2/R is approaching, EFSA members would like to contribute to the discussion by highlighting a number of issues which we believe should be a priority in the context of a review.
EFSA wrote to the finance ministers of states participating in the enhanced cooperation procedure for the European financial transaction tax (FFT). EFSA spells out the highly negative consequences that the FTT would have not only for the economy – it would put a damper on growth – but also for issuers and investors, who are the end-users of financial markets. These findings are based on a report by Oliver Wyman titled The impact of the EU-11 financial transaction tax on end-users.
US and European Financial Services Trade Associations Statement on TTIP
ESMA members, together with other financial market trade associations, issued a statement in support of a Transatlantic Trade and Investment Partnership (TTIP) that includes financial services regulatory coordination, in advance of the March 26 EU‐US Summit attended by US President Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso.
Use of Legal Entity Identifier (LEI) codes under the EMIR regulation
European trade associations write a joint letter to members in order to raise the awareness of the requirement to use legal entity identifier (LEI) codes under the EMIR regulation.
Bringing together securities associations from across Europe
Asociacion de Mercados Financieros (ACI Spain)
One year after the publication of the Decree of July 1961, which established the external convertibility of the peseta, the Spanish Forex Club was born, changing its name in June 2001 to ASOCIACION DE MERCADOS FINANCIEROS, ACI-SPAIN, which initially brought together a small number of people belonging to the most important banking institutions established in Spain and especially linked to activity in the wholesale financial market. Subsequently, the ASSOCIATION has gradually broadened its membership by including all types of financial institutions and institutions that operate duly registered in the financial markets or manage and supervise them.
Association française des marches financiers (AMAFI)
The Association française des marches financiers (AMAFI) represents financial market participants based in France. Reflecting the diversity of our member firms, we are an analysis and advocacy organisation serving an industry that is vital to the financing of the economy, the allocation of savings and investment, and economic growth.
Associazione Intermediari Mercati Finanziari (AMF Italia)
AMF Italia – Associazione Intermediari Mercati Finanziari represents the interests of the intermediaries active on the Italian financial markets, namely Italian investment firms, investment banks and subsidiaries of foreign investment services providers. AMF Italia performs advocacy, advisory activities and training and organises conferences and seminars.
Its members account for nearly the entire amount of the transactions carried out on the Italian stock markets from Italy. Since 2007, the membership has been extended to law firms, consulting and IT solutions development companies, as well as entities providing services to financial intermediaries.
Capital Market Denmark, which was founded on 10 September 1987, is open to members of a regulated market and others which main activities are related to the Danish securities market.
The association stipulates the following objectives:
• To promote a positive development within trading in securities by attending the common interests of its members
To represent the securities dealers and promote their economical and professional interests facing the Government, the Danish parliament (Folketinget) and other public authorities, as well as national and international organizations relevant to the market such as regulated markets, Clearing and settlement providers
• To provide service and assistance to members.
Febelfin, the Federation of the Belgian Financial Sector, represents the interests of the Belgian financial sector. It serves as the voice of approximately 245 financial institutions, advocating for their viewpoints and representing them in dealings with policymakers, regulators, and other stakeholders. Febelfin’s mission is to foster a financial sector that meets societal needs, emphasizing values such as responsibility, collaboration, and innovation.
German Federal Association of Investment Firms (bwf)
The Bundesverband der Wertpapierfirmen e.V. (bwf) protects and promotes the common professional interests of Germany’s investment firms on a national, European and global level.
The association assists and informs its members in all matters that concern them in connection with their activity as licensed and regulated investment firms. The bwf furthermore works closely together with national and international industry associations of the banking and capital markets sector.
In 1996, with the decision to dissolve the ZDM ZBP (Brokerage Houses Group of the Polish Bank Association), an independent brokerage organisation was established: the Chamber of Brokerage Houses (IDM). The establishment of the Chamber opened a new chapter in the self-organisation of the environment and its possibilities for action.
Currently, the Chamber has 18 members. Membership in the IDM is voluntary.
The Swedish Securities Markets Association (SSMA) was founded in Stockholm on 15 December 1908. Ever since, the SSMA has an important role to play in Swedish securities markets, by fostering dialogue between market participants, the infrastructure, regulators and policymakers, by developing self-regulatory standards, and by providing information about Swedish securities markets in and outside of Sweden.
