## Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Investment Funds Regulation, Supervision and Systemic Risk Monitoring

_IMF Staff Country Reports, July 25, 2025_

## Source details

**Canonical URL:** [Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Investment Funds Regulation, Supervision and Systemic Risk Monitoring](https://www.imf.org/en/publications/cr/issues/2025/07/25/euro-area-publication-of-financial-sector-assessment-program-documentation-technical-note-568951)

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## Bibliographic details
- Published: July 25, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229019866.002

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### Overview
- Europe remains the second largest asset management market globally, while its market share is gradually declining.
- The industry is mostly concentrated in a few member states (MS).
- There is a significant amount of delegation of portfolio management services outside of the EU.
- The majority of funds are held by institutional investors.
- The share of funds held by investors outside of the EU continues to grow.

### Key findings and implications
- Market position:
  - Europe: second largest asset management market globally.
  - Trend: gradual decline in market share.
- Industry structure:
  - Concentration: mostly concentrated in a few member states (MS).
  - Delegation: significant delegation of portfolio management services outside of the EU.
- Investor base:
  - Majority of funds held by institutional investors.
  - Growing share of funds held by investors outside of the EU.
- Risk and supervisory themes (as reflected by subjects/keywords in the source):
  - Financial institutions; Financial regulation and supervision; Financial sector policy and analysis; Financial sector stability; Liquidity risk; Mutual funds; Stress testing; Systemic risk assessment.
  - Keywords: alternative investment; data sharing framework; Europe; Financial sector stability; G. money market funds; Investment funds regulation; Liquidity risk; management directive; Mutual funds; Stress testing; Systemic Risk Monitoring activity.

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## Content in this bundle

- **1eurea2025009**
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_Source: https://www.imf.org/en/publications/cr/issues/2025/07/25/euro-area-publication-of-financial-sector-assessment-program-documentation-technical-note-568951_