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
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
24 September 2020 – The European Commission’s (EC) Directorate-General for Financial Services, Financial Stability and Capital Markets Union (DG FISMA) published a third action plan to build a Capital Markets Union (CMU) – this time for “people and businesses” – which sets 16 policy and regulatory objectives in order to “finally complete the Capital Markets
BETTER FINANCE – one of the only two individual user side members of the European Commission’s “High Level Forum on the CMU” – firmly advocates for a Capital Markets Union (CMU) that “Works for people” and focuses on EU citizens as – by far – the largest source of long-term, sustainable funding for the real
BETTER FINANCE and BEUC published a Joint Public Letter concerning the collective redress file in light of the recently published Final Report of the High-Level Forum on the Future of the Capital Markets Union, reaffirming the necessity of creating a pan-EU collective redress mechanism that does not exclude European citizens as financial consumers and individual
PRESS RELEASE The Report of the High-Level Forum on the European Capital Markets Union (CMU): European Savers one step closer to getting Sustainable Value for their Money Brussels, 10 June 2020 – A little over 6 months after the European Commission (EC) launched its High-Level Forum (HLF) on the Future of CMU, the group of
Brussels, 26 November 2019 – On 18 November 2019, the European Commission (EC) announced the composition of its high-level forum on the Capital Markets Union (CMU). 28 experts from the business and finance sectors, civil society and other non-public sector institutions will provide support and insights towards the Commission’s goal of further developing and finalising
This Briefing Paper aims to provide a targeted assessment of the progress achieved by the European Union (EU) in establishing a Capital Markets Union after four years of implementation, and just before a new EU Commission is being established. It also comes just after the “Next CMU” Report of 9 October 2019, which takes on
Brussels, 12 November 2019 – More than five years ago, the EU laid the foundation for a Capital Markets Union that would, at last, create the single market for capital foreseen 62 years ago in the Treaty of Rome, develop capital market funding for the real economy and provide better returns for EU citizens as
On the 13th and 14th September, an informal ECOFIN reunion discussed the “Union’s priorities in the field of the capital markets union for the next institutional cycle” based on the Finnish Presidency’s issues note on the matter. Put simply, the Finnish Presidency identified hurdles to the development of the Capital Markets Union and proposed priority
BETTER FINANCE response to the European Commission’s Public consultation on the Capital Markets Union mid-term review 2017 to take stock of progress on the implementation of the CMU Action Plan, re-frame actions in the light of work undertaken so far and evolving market circumstances and complement the CMU Action Plan with new measures which constitute
08 June 2017 – There is an abundance of investable private capital in Europe, with households desperately looking for positive real returns on their long-term savings in an ongoing climate of low interest rates, high fees, high complexity of investment products and financial repression. BETTER FINANCE fully supports the CMU initiative as it places EU
EuroFinUse directs the attention of the French public authorities to the serious defects of regulatory governance and financial supervision in France. EuroFinUse opposes to takeovers when small shareholders are deprived of a fair value of their investments, in particular with regards to the benefits of premium takeover by one or more controlling shareholders and to
[A provisional version of the publication was available in January 2024. The document has been updated to the final March 2024 version] The report by CFA Institute and BETTER FINANCE critically reviews the EU’s listing rules, targeting reforms to improve public market accessibility for small and medium-sized enterprises (SMEs). It aims to foster debate amidst
BETTER FINANCE members UK Shareholders’ Association and ShareSoc (UK Individual Shareholders Society) published a letter expressing disappointment in the news that the UK government is abandoning some of its reforms to accounting standards: It is difficult to overstate the disappointment of investors, and other users of corporate information, at the news that the UK government
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
KBC Against Small Savers? The CEO of the Belgian bank, KBC, has expressed criticism regarding the tax advantage granted to one-year government bonds. However, a more pressing concern lies in understanding why KBC, along with the majority of Belgian banks, offers less than 1% interest on savings for small one-year savers while being able to
10 February 2023 | As EU policymakers continue their negotiations on the MiFIR review, BETTER FINANCE is increasingly alarmed that the regulation could severely hurt retail investors, by putting in place a market structure further benefitting dark Systematic Internalisers (SIs). Ignoring the previous plea from BETTER FINANCE and going against the interests of retail investors,
[ARCHIVED: This survey is now closed] The refund of withholding taxes on dividends – to avoid double taxation – can be a complicated procedure for private investors/shareholders across the European Union. Many factors must be taken into account, including the tax residence of the shareholder and the country of the issuer (the listed company), administrative
La educación financiera es una herramienta altamente eficaz para poder dar a conocer los productos y servicios ofrecidos por el sector financiero. Ser consumidores críticos y responsables precisa del conocimiento de las ventajas y desventajas de los servicios contratados. En este sentido, los jóvenes precisan de una especial protección en relación con los servicios financieros.
For long‐term and pension savers, the year 2022 was undoubtedly a calamitous one. Poor capital market performance and sky‐rocketing inflation across all European Union (EU) Member States resulted in disastrous returns, both in nominal and real terms, for virtually all of the product categories analysed in this report. This comes after a year 2021 that
The Real Return of Long-term and Pension Savings 2023 – Austria The Real Return of Long-term and Pension Savings 2023 – Belgium The Real Return of Long-term and Pension Savings 2023 – Bulgaria The Real Return of Long-term and Pension Savings 2023 – Croatia The Real Return of Long-term and Pension Savings 2023 – Denmark
For long‐term and pension savers, the year 2022 was undoubtedly a calamitous one. Poor capital market performance and sky‐rocketing inflation across all European Union (EU) Member States resulted in disastrous returns, both in nominal and real terms, for virtually all of the product categories analysed in this report. This comes after a year 2021 that
BETTER FINANCE agrees with ESMA that names can be misleading if those funds do not invest in line with what their names would suggest.
ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms in their names propose the use of quantitative thresholds whereby “if an investment fund has any ESG-, or impact-related words in its name, a minimum proportion of 80% of its investments should be used to meet the environmental or social characteristics or sustainable investment objectives…”
For a third year in a row, a study by BETTER FINANCE and DSW still points to considerable barriers to shareholder engagement as the Shareholder Rights Directive II fails to deliver for European cross-border shareholders, seriously hampering long-term investor engagement and sustainable corporate governance. Following the entry into force of the Shareholder Rights Directive II
BETTER FINANCE published the 10th edition of its “Real Return of Long-Term and Pension Savings report | 2022 Edition”. Download the full report in English for free here. A Summary version of the report can be found below.
BETTER FINANCE published the 10th edition of its “Real Return of Long-Term and Pension Savings report | 2022 Edition”. Download the report in English for free here (or see below). Should you like to order a physical copy, please contacts us at info@betterfinance.eu. Press Release: “Pensions Report 2022: It will get much worse for EU
There are differences between intermediated or “packaged” investments (life insurance, funds, savings plans, etc.) and direct investments in capital markets (ETFs, bonds, shares). Several independent studies indicate that the higher the annual fees, the lower the average medium and long-term returns of investment products. Annual fees for intermediated products are much higher than those for direct savings in securities. The impact of these fees in France has been especially significant for certain insurance
BETTER FINANCE published the ninth edition of its “Real Return of Long-Term and Pension Savings report | 2021 Edition”. Download the report in English for free here. Should you like to order a physical copy please contacts us at info@betterfinance.eu. This year there is also a user-friendly online interface showing the nominal and real net