EFAMA established in 2003 the Fund Processing Standardization Group (FPSG) with the aim of developing recommendations for improving efficiency in the cross-border processing of fund units and shares. The FPSG is chaired by Rudolf Siebel, who is Managing Director at BVI (Frankfurt). It is made up of expert practitioners representing the European investment funds industry, i.e. fund management companies, custodians, transfer agents, fund processing hubs and existing standard setting organizations.


 
The FPSG published its first set of recommendations in February 2005. An updated report was published in September 2008. This report consolidates the 2005 recommendations and extends them in three service areas: holding and transaction reporting, commission handling and settlement cycles.
In early 2007, EFAMA published the version 1.0 of the Fund Processing Passport, which had been outlined in the FPSG recommendations of 2005. To highlight the rationale for the FPP, EFAMA published a brochure in June 2007. 

In May 2008, EFAMA released a revised and improved version of the FPP, together with an updated version of its User Guide and formatting guidelines (see "Fund Processing Passport User Guide", version 2.0, Excel file)

EFAMA strongly believes that the FPSG recommendations, if embraced by the industry, will serve to converge towards industry-wide standards, thereby removing an important barrier to the development of harmonized processing of investment fund transactions in Europe.