Date: 31st October 2019

BETTER FINANCE welcomes the recent efforts of ESMA to clarify and harmonise across the EU the provisions and supervisory practices on the management and transparency of information concerning UCITS and AIF funds, and in particular the current proposal to codify uniform rules applicable to performance fees. As a representative of retail investors (among others), BETTER FINANCE encourages ESMA to continue unabated on this trend to enhance supervision of retail investment funds in the EU and harmonise the applicable rules for investor protection as these constitute one of the founding pillars of a strong and competitive Capital Markets Union that works for the EU citizens.