EuroFinuse fears that the proposed guidelines for the choice and presentation of performance scenarios will mislead information for retail investors. These performance scenarios should reflect probable or highly probable returns in order to guide investors and be consistent with the EC Regulation implementing the Investment Funds Directive.
EuroFinuse advocates for the urgent and crucial need to increase pre- and post trade transparency of fixed income products sold extensively to retail investors. In addition, there is a need to ensure a minimum liquidity of these fixed income securities sold to retail investors on the secondary market.
Investor protection is one of the key objectives of the MiFID Directive. EuroFinuse is pleased that CESR has launched a consultation on this critical issue, especially after more than two years of MiFID enforcement and in the light of the current financial crisis. We are however disappointed that CESR did not consult all “stakeholders” on
Small and medium size end investors ask for: – A fact-finding study on the impact of MiFID induced changes on small and individual investors, and the consequences on the economic and social value of the now largely “re-intermediated” European capital markets; – A publicly enforced and controlled “consolidated tape” both for pre- and post-trade data,
We have worked extensively on the KID project over the last two years, and feel that CESR is now getting close to fulfilling the mandate given by the European Commission to design the new “KID” that will likely constitute a significant improvement for fund investors’ information and protection.
We find the Key Investor Information (KII) Template proposed by CESR for investment funds useful, but not clear enough on the “past performance” and “charges” sections. In particular, showing the past performances of a fund alone, without that of any comparable performance indicator is meaningless and could be misleading.
EuroFinUse was quoted by the Financial Times in relation to the European Securities and Markets Authority recent report on structured products. Following "relatively low” returns on investment in structured products over the past five years, the ESMA is concerned that retail investors who invest in structured products that use hedge fund-type strategies might not have
EuroFinUse was quoted by the Financial Times in relation to the European Securities and Markets Authority recent report on structured products. Following "relatively low” returns on investment in structured products over the past five years, ESMA is concerned that retail investors who invest in structured products that use hedge fund-type strategies might not have sufficient
BETTER FINANCE published its response to ESMA Consultation on Draft guidelines on complex debt instruments and structured deposits.