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DWS, a German asset manager, has settled with the U.S. Securities and Exchange Commission (SEC) for $19 million. This settlement is over greenwashing allegations and is the SEC’s highest penalty related to environmental, social, and governance (ESG) criteria against an investment adviser. An additional $6 million penalty was imposed for anti-money laundering violations, totaling $25

BETTER FINANCE expresses concern over Deutsche Bank’s disclosure of missing Russian shares. The bank recently revealed a shortfall in the shares underlying depositary receipts (DRs), further increasing the challenges for European investors seeking to recover their investments in Russian listed companies, especially individual non-professional ones. DRs are used in international stock trading as a means

The European Commission today published its long-awaited proposal on the digital euro, marking a significant milestone in the digitalisation of public money. The document sets the stage for a democratic debate, as the project moves from its investigation phase by the European Central Bank to the chambers of the European Parliament and the Council. Cash,

The European Commission published a legislative proposal for a regulation on European green bonds, which is supposed to become the high quality voluntary European Green Bond Standard. Its intention is to use the potential of the single market for achieving the EU’s climate and environmental goals in a more efficient way.

There is a growing wave of ESG regulation and an increasing need for ESG reporting – nationally, regionally and internationally. In Europe, ESG rating and data providers are indicative of an immature but growing market, which has seen the emergence of a small number of large non-EU headquartered providers.

The International Financial Reporting Standards (IFRS) created the International Sustainability Standards Board “to provide the global financial markets with high-quality disclosures on climate and other sustainability issues.” As part of its work, the ISSB published two exposure drafts on climate-related disclosures and geenral requirements for disclosure of sustainbility-related financial information.

The Corporate Sustainbility Reporting Directive mandates for the creation of European Sustainability Reporting Standards (ESRS), which require companies in scope to report on a full range of sustainbility information (environmental, social and governance). EFRAG is expected to deliver its final draft ESRS to the European Commission in November 2022. The standards are aimed at ensuring

It is part of an initiative first mooted in the Commission’s September 2020 Capital Markets Union Action Plan and designed, among other things, to “increase consumer participation in capital markets.” The the level of retail investor participation in EU capital markets remains very low. The strategy is aimed to ease difficulties for retail investors in

John McFarlane, chairman of Barclays, holds that eliminating bonuses for investment bankers could remove “temptation to cut corners”. At the British Banker’s Association Annual conference, McFarlane explained that the flaws of bonuses were exposed during the financial crisis and the main problem was that most of the returns in banks went to employees and not

"Six years after being bailed out by taxpayers and still majority-owned by the government, Royal Bank of Scotland chalked up yet another big annual pre-tax operating loss, of $8.2 bilion ($13.7 bilion) for 2013. that will not deter it from dishing out £ 576m in bonuses."   In The Economist, print edition, "The world this

The outrageous remuneration of many EU bankers is an issue, as bankers’ bonuses have been and are still largely (and unwillingly) funded by taxpayers, clients and non-insider  shareholders who have been losing  billions on their bank equity investments since 2008, when many bankers did not disgorge their enormous bonuses and too often continue to enjoy

Guillaume Prache, 4 April 2013 The ECOFIN Council meeting held on 5 March 2013 widely endorsed the proposed bonuses cap provisions as contained in the upcoming Capital Requirements Directive (CRD IV). To cap bank bonuses at salaries level as the EU institutions decided does not address the real issue around the outrageous remuneration of many

Read EuroFinUse’s position on the investment fund rules UCITS bonuses for fund managers to be capped among wider investor protection in new draft EU rules.

On the 2nd of February 2017, the European Banking Authority published its report on high earners in EU banks.  According to its report, the total number of high earners increased from 3.865 in 2014 to 5.142 in 2015, representing a 33.04% increase compared to 2014 (a 61.8% increase from 2013).  The Capital Requirement Regulation (CRR)

Following the 2008 financial crisis and the extremely damaging ensuing bailout of several financial institutions, governments decided it was no longer up to taxpayers to foot the bill of mismanaged banks  (“bail-OUT”, meaning by OUTsiders), and to move to a “bail–IN” approach (making “INsiders” pay instead). This led to the EU BRRD (Bank Recovery and

The Evidence based Investor has published an interview with the founder of the People’s Trust, Daniel Godfrey. In the interview, Mr. Godfrey discusses how the People’s Trust will create a new innovative model for asset management companies. Mr. Godfrey suggests that the People’s Trust will focus on long term value investing using a seven-year time

Average Wall Street bonuses dropped 9 percent in 2015, according to the New York State Comptroller. More than half a million banking jobs have been eliminated around the world since the 2008 crisis. But it’s not just about people losing their jobs or making less money; the contraction should be troubling for anyone concerned with

At last year’s Annual General Assembly of Iberdrola, Adicae – one of BETTER FINANCE’s Spanish member organisations – denounced the behaviour of the company’s Board of Directors with regard to its small shareholders. During the meeting Adicae protested against the fact that Iberdrola used the attendance bonus as bait for shareholders to vote in favour

Date: Wednesday, 17 April 2024 | Time: 14h00 – 18h00 | Place: University Foundation, 11 Rue d’Egmont, 1000 Brussels PROGRAMME 13h30 – 14h00 | Registration & Coffee 14h00 – 14h10 | Welcome | Aleksandra Mączyńska, Acting Managing Director, BETTER FINANCE 14h10 – 14h30 | Keynote Speech | José Manuel Campa, Chair, European Banking Authority (EBA)

On November 28th BETTER FINANCE and FESE will be hosting a webinar on ‘Enhancing Retail Participation in Capital Markets Through Pension Products’. As part of European Retirement Week 2023, the webinar will assess the Retail Investment Strategy’s impact on pension investments in capital markets and explore the reasons behind Europeans’ limited investment in pension products.

BETTER FINANCE released its updated report on the progress of the European Capital Markets Union (CMU), and the results are discouraging. The report analyses the first five key performance indicators (KPIs) used to assess the progress of the CMU, and adds two additional KPIs to reflect developments in EU capital markets. The report is based

BETTER FINANCE calls for restricting “dark” capital market venues to REAL Large-in-scale (LIS) trades, i.e., of more than €100k each, to really prevent them from dealing with “retail” orders. Current Payment for Order Flow (PFOF) proposals “surreal” and don’t respond to citizens’ questions. A real-time pre-trade Consolidated Tape (CT) of equity order books will put

The Retail Investment Strategy will be key in establishing a Capital Markets Union “that works for people”. The successful combined completion of the Retail Investor Strategy and the CMU Action Plan could generate a quantum leap in investor protection, empowerment and engagement, to their benefit and to the benefit of the CMU, sustainable investing and

On Wednesday 14 December, the United Securities and Exchange Commission (SEC) proposed Regulation Best Execution, seeking to establish a best execution regulatory framework mandating that securities brokers and dealers execute deals at the best price available. BETTER FINANCE, which itself has been highlighting the need for more transparent and fair European stock markets, applauds the

Keynote address by Jella Benner-Heinacher on market structures, “retail” investors, and payments for order flows (PFOF) Thank you for the invitation and congratulations to FESE to organize such an impressive conference in Prague. I would have loved to be personally in this beautiful city of Prague but unfortunately, I can only attend virtually. Nevertheless, I

Available data and evidence show significant increases in the trading and investing activity of EU households, sparked by a new wave of young, previously inactive, non-professional investors. Many EU retail investors increased their exposure to listed equities and started to invest via execution-only services (brokerage accounts). Besides flattening the illiquidity curve during the period of

The European Union presented its new plan to renovate the structure of its stock markets. It’s the third wave of reforms since the project was launched six years ago. The EU has been working on the creation of a capital markets union (CMU), which has been affected by the UK’s departure after Brexit. One of

Available data and evidence show significant increases in the trading and investing activity of EU households, sparked by a new wave of young, previously inactive, non-professional investors. Many EU retail investors increased their exposure to listed equities and started to invest via execution-only services (brokerage accounts). Besides flattening the illiquidity curve during the period of

The resources are aimed to inform on consumer credits, loans and other financial services legislations.

BETTER FINANCE welcomes the Delegated act obligations for certain large undertakings to publish non-financial information. The rules set out in the delegated act clarify and allow for the translation of the technical screening criteria of the Climate Delegated Act (and the future Environmental Delegated Act) into quantitative economic performance indicators that will need to be

“Behavioural finance experts [at Oxford Risk] have found financial advisers can give “remarkably different” advice from each other to the same clients based on factors including sleep or how long since the adviser last ate.” They said that recommendations “were closer to totally random than totally consistent” and were, furthermore, dependent on advisors’ personal characteristics

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BETTER FINANCE was mentioned in an article made by the newspaper Déontofi concerning the life insurance in Europe. Read the full article in french here. 

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The EU has been working on a framework for third-pillar personal pension products (PPPs) for quite some time now. In July 2012, the Commission requested the European Insurance and Occupational Pensions Authority (EIOPA) to provide technical advice to develop an EU Single Market for personal pension schemes. In February 2014, EIOPA delivered a preliminary report.

In a recent Financial Times article, Guillaume Prache, Senior advisor at BETTER FINANCE, criticizes the use of Article 8 funds in sustainable investing. He argues that increasing the minimum sustainable investment percentage in these funds is ineffective and prone to greenwashing. These funds often oversimplify sustainability as mere ‘green activities’ and predominantly use an exclusion

The Sustainable Finance Disclosures Regulation (SFDR) started applying in March 2021 and requires financial market participants and financial advisers to disclose at entity and product levels how they integrate sustainability risks and principal adverse impacts in their processes at both entity and product levels. It also introduces additional product disclosures for sustainable financial products making