ALFI Representative Office in Brussels

EU lobbying: Adapting to change while dealing with more classical legislative initiatives

A changing environment

To describe 2016 as an eventful year is an understatement. In terms of changing the political framework in which the financial  industry at large operates in, it has been a game changer.

The new US President elected in November promises a roll-back of parts of the Dodd-Frank bill set of legislation.

Closer to home, the result of the UK referendum on its membership of the EU promises to reshape the relationship of the City of London with other financial centers.

Brexit and the rise of anti-EU populism also herald change in the political environment our industry evolves in. 2017 and beyond will be crucial years for the EU and its future that our sector needs to take into account.

In the years to come ALFI’s EU lobbying will have to adapt to Brexit and to a changing EU and political system. And ALFI is ready to take up the challenge.

EU lobbying on a daily basis

The past year has seen a number of legislative EU initiatives evolve. To start with the crucial MMF regulation that was adopted after a year of legislative stand-still on the issue. ALFI has been very closely involved in this process. The PRIIPs rollercoaster has also kept ALFI and its members extremely busy. The Euveca and Eusef review is another example just like the securitization proposals and the AIFMD third country passport work at ESMA and Commission level on which ALFI has provided input

Regarding the Commission initiative aiming at eliminating barriers to cross-border distribution, ALFI has been very present in the preparatory stages sharing our insights based on its unique know-how in this area.

On the taxation side are worth mentioning the anti-tax abuse directive, country-by-country-reporting and the sporadic developments in the Financial Transaction Tax enhanced cooperation. ALFI has also been busy having its views heard on the AML ESA guidelines and the fifth version of the anti money-laundering directive.

ALFI has been a member of the EU Transparency Register since its inception in August 2008.

Antoine Kremer

Head of the ALFI/ABBL Representative Office in Brussels