tailieunhanh - ANNUAL REPORT 2011 - EFAMA

In addition, we implement a version of our strategies that allows investment in individual European stocks, rather than funds. Here, we nd that the investment strategies that use macroe- conomic variables to predict investment alphas signicantly outperform when they have access to funds (either with or without access to stocks) relative to when they have access only to stocks. Thus, macroeconomic variables help us to locate fund managers with skills, but they do not indi- cate that these fund managers are merely using the macrovariables themselves to time their stock purchases | A N N U A L R E P O R T 2011 efama European Fund and Asset Management Association A B President s Statement 1. 2. 3. 4. Activity Report 2011 Director General s Statement UCITS Review O 6 8 10 10 Reform of the European Financial Supervision 10 10 Exchange-Traded Funds Under Close Scrutiny 11 13 INVESTMENT MANAGEMENT REGULATION AIFM Directive 5. Investor Compensation Schemes Directive Review 14 6. Risk Management 16 7. Packaged Retail Investment Products PRIPs 17 8. Markets in Financial Instruments Directive Regulation MiFID MiFIR 18 9. Derivatives Regulation - EMIR 19 10. Dodd-Frank Volcker Rule 20 11. Credit Rating Agencies 21 12. ESMA and Money Market Funds 22 II. TAXATION 23 1. FATCA 23 2. Financial Transaction Tax FTT 23 3. VAT Review of the Financial Sector 24 4. Future of VAT 24 5. Taxation of Savings Income 25 European Fund and Asset Management Association Annual Report .