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 informal 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. EFSA maintains active collaborating with peer associations in Europe and worldwide and is open to further partnership.

Documents

EFSA comments and initiatives

15 December 2021

Joint Statement on EU Commission proposal for revised Market in Financial Instrument Regulation (MiFIR)

EFAMA and EFSA comment on the  EU Commission proposal for a revised Market in Financial Instrument Regulation (MiFIR)

  joint statement

6 July 2021

Ensuring a Market Structure and a Transparency Regime which facilitate Liquidity, Investors’ choice, and Funding of Companies

EFAMA and EFSA publish a joint statement on Market Structure and Transparency

  joint statement

14 June 2021

The Appropriate Construction of and Conditions for the usage of a Consolidated Tape

EFAMA and EFSA publish a joint statement on the proposed introduction of a consolidated tape.

  joint statement

3 November 2020

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.

  joint statement

7 February 2020

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.

  joint statement

20 January 2020

MiFID 2 Review

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 letter

3 September 2014

Enhanced Cooperation Financial Transaction Tax

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.

  EFSA letter   FTT report

25 March 2014

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.

  joint statement

17 January 2013

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.

  joint letter

27 November 2012

Coherent European implementation timeframes

EFSA raises its voice towards EU institutions, requesting a stronger coherence with respect to European implementation timeframes.

  EFSA letter

2o January 2009

CESR’s Call for Evidence (CESR/08-1010) concerning the Regulation of Short Selling

EFSA submits a comment letter in reply to CESR’s call for evidence concerning the regulation of short selling.

  EFSA letter

Our members

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.

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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.

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Associatzione Intermediari Marcati Finanziari (ASSOSIM)

ASSOCIAZIONE INTERMEDIARI MERCATI FINANZIARI - ASSOSIM represents the interests of intermediaries active in the Italian financial markets, namely, Italian investment firms, investment banks and subsidiaries of foreign investment services providers. ASSOSIM carries out advocacy and advisory activities, training and organizes conferences and seminars.
Its members account for nearly the entire amount of the transactions carried out on the Italian stock markets and more than 80% when considering cross border transactions. Since 2007, the membership has been extended to law firms, consulting, IT solutions companies, and other service providers to financial intermediaries.

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Belgian association of stock exchange members (ABMB/BVBL)

The Belgian association of stock exchange members, Association Belge des Membres de la Bourse (ABMB) / Belgische Vereniging van Beursleden (BVBL), is the professional association that mainly represents the stock brokers and investment firms established in Belgium.
It is a constituent association of Febelfin, the Belgian federation of the financial sector.

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Capital Market Denmark (CMD)

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.

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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.

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Polish Chamber of Brokerage Houses (IDM)

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.

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Swedish Securities Markets Association (SSMA)

SSMA Logo
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.

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EFSA meetings

Sharing personal views and discussing policy issues among European securities market experts

Stockholm

Brussels

London

Erlangen

Madrid

London

EFSA Meeting Rome

Rome

EFSA Meeting Warsaw

Warsaw

EFSA Meeting Stockholm

Stockholm

EFSA Meeting Paris

Paris

EFSA Meeting Copenhagen

Copenhagen

EFSA Meeting Madrid

Madrid

EFSA Meeting Lodond

London

EFSA Meeting Frankfurt

Frankfurt

EFSA Meeting Milano

Milan

EFSA Meeting Stockholm

Stockholm

EFSA Meeting Paris

Paris

EFSA Meeting London

London

EFSA Meeting Copnehagen

Copenhagen

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