Signals from Brussel’s new Commission is sparking fears among asset managers that the burden of reporting requirements under MiFID II and AIFMD will be going from bad to worse.

“It presents a significant danger,” says Stephane Janin, head of global regulatory development with AXA Investment Managers, according to a Global Custodian article.

He developed his views on stage at the InvestOps Europe conference, in comment to news that the incoming European Commission will review regulations including MiFID II and AIFMD, particularly with regard to the reporting process.

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“In this case, we would prefer to keep the existing reporting regime. We are concerned that if it will lead to new fund reporting requirements, it will generate a significant amount of cost at a time where we want to keep fees low.

Nations block each other

At the conference, the European Commission was represented by its head of financial market infrastructure and derivatives, Patrick Pearson. He said work has started to map how data is reported to each national regulatory authority, to see how the process could be made more efficient. Yet getting 27 member states on a line presents a challenge.

“Each regulator has a different perspective on reporting in order to carry out their statutory requirements. There has been difficulty in agreeing over what to scrap. We intend to have a serious discussion on this, which we hope will come to fruition,” said Patrick Pearson, as quoted by Global Custodian.