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BETTER FINANCE supports the newly suggested mandatory social indicators under the Sustainable Finance Disclosure Regulation (SFDR), which aim to measure principal adverse impacts (PAI).

BETTER FINANCE supports the newly suggested mandatory social indicators under the Sustainable Finance Disclosure Regulation (SFDR), which aim to measure principal adverse impacts (PAI). It is crucial for these indicators to align with the current Corporate Sustainability Reporting Directive (CSRD) and the associated European Sustainability Reporting Standards (ESRS) to ensure consistency. The implementation of these

Through their joint pilot survey, the European Banking Authority (EBA), European Securities and Markets Authority and European Insurance and Occupational Pensions Authority (the ESAs) aimed to assess and monitor market developments and trends in innovative financial services in the three sectors. Through their joint pilot exercise, the ESAs gathered information about the latest innovation trends,

The practice of greenwashing, or marketing a product as environmentally friendly, when in fact basic environmental standards have not been met, can take many forms including misleading labels and unsubstantiated/vague claims, meaningless catchwords, etc. with the aim of making a product or company seem greener and more socially responsible than it really is, amounting to

The European Supervisory Authorities (ESAs) – EBA, EIOPA, and ESMA issued a consultation paper setting out the proposed Regulatory Technical Standards (RTS) setting out the content and presentation of the Sustainable Finance Disclosure Regulation (SFDR). BETTER FINANCE welcomed the consultation and supports the proposed approach amending the existing Regulatory Technical Standards for the Sustainable disclosure

This document contains the response of BETTER FINANCE to the European Commission’s online survey (public consultation) concerning the consultation on the renewed sustainable finance strategy. BETTER FINANCE considers that the regulation on disclosures relating to sustainable investments and sustainability risks and amending Directive (EU) 2016/2341 is extremely important to clarify fiduciary duties and increase the

Back in November 2017 we formed an Alliance to voice our disappointment with the European Commission’s proposal for the review of the European Supervisory Authorities (ESAs), and to make proposals to remedy the situation. The Alliance reiterated its main concerns in a joint statement in July 2018, following the report on the review by the

BETTER FINANCE’s response to the European Supervisory Authorities’ (ESAs) Joint Committee (JC) public consultation paper concerning amendments to the PRIIPs KID (JC 2019 63, 16 October 2019) Link to consultation: https://www.esma.europa.eu/press-news/consultations/joint-consultation-concerning-amendments-priips-kid Link to paper: https://www.esma.europa.eu/sites/default/files/library/jc-2019-63_consultation_paper_amendments_priips_kid.pdf EXECUTIVE SUMMARY General approach and review As mandated by EU Law, the review process should have started with the Level

We are happy to announce that Christian Gülich, EU Policy Officer at the Bund der Versicherten (BdV), one of BETTER FINANCE’s German members, was appointed to the European Insurance and Occupational Pensions Authority’s Insurance and Reinsurance Stakeholder Group. For more information, please see EIOPA’s website. With 17 user-side expert members from among its ranks in

12 February 2019 – BETTER FINANCE welcomes the final report of the European Supervisory Authorities’ Joint Committee (ESAs JC) to the European Commission (EC) on targeted amendments to the PRIIPs Level 2 legislation. These proposals fall in line with some of BETTER FINANCE’s positions, but unfortunately, do not solve the most important issues.

BETTER FINANCE welcomes the introduction of requirements for firms providing investment advice and portfolio management to ask clients about their non-financial objectives and preferences. This is an important step forward for the integration of sustainability in the fiduciary duties of financial advisers. However, we recommend some specific amendments in order to avoid: green-washing practices in

BlackRock, one of the world’s largest investors in banks and fossil fuel companies, has been hired by the EU to work on potential new environmental rules for banks. Campaigners raised concerns about potential conflicts of interest, given BlackRock’s widespread financial interests in sectors that could be directly impacted by new environmental rules. […] Katrin Ganswindt,

J.P. Morgan Chase is launching a digital investing service called “You Invest Portfolios”. For an annual fee of 0.35% of assets, or 35 basis points, J.P. Morgan will put users into an investment portfolio made up of the bank’s exchange traded funds, or ETFs. While the fee is in line with its rivals, by waiving

Investors have pulled an average of £3.5bn a month from active funds since Mifid II rules highlighted the extra cost of active management to fee-pressured advisers. […] The Mifid rules introduced at the beginning of 2018 made it mandatory for advisers to break down costs for their clients periodically in the interest of greater transparency

BETTER FINANCE is pleased to announce that Christiane Hölz will represent BETTER FINANCE and DSW, BETTER FINANCE’s German member organisation, at the Commission Expert Group on Technical Aspects of Corporate Governance Processes.

On 28 July 2017, the European financial regulators (ESAs) released their technical advice on the contents of the Key Information Document (KID) for packaged retail and insurance-based investment products (PRIIPs) with environmental and social objectives (EOS PRIIPS). Surprisingly the Governance component of the “ESG” (Environmental, Social and Governance) investment approach is excluded. The ESAs confirm

The purchase of the Robo-adviser FutureAdvisor by BlackRock in 2015 (the world’s largest asset manager) shows the increasing interest from ETF providers for automated online investment services for financial advice.  A study published by BI Intelligence revealed that Robo-advice will grow rapidly in the coming years and will control $8tn in assets by 2020. More

True Potential, a financial services and technology organisation, undertook research on the phenomenon of robo advisors and what some hail as the  end of face-to-face advice. They found that amongst those seeking financial advice, 61% of 16,000 consumers surveyed would still choose face-to-face professional advice compared to 32% who would opt for a digital advisory

Better Finance has long denounced the disproportionate influence by financial institutions on the policy making process though the use of strong financial lobbies who seek to limit financial regulation or adjust it to their advantage. Over the last years BETTER FINANCE has repeatedly called for a more balanced representation in the European Commission’s advisory system

BETTER FINANCE was quoted in Funds Europe on its research on robot advisers. Indeed the research says that nearly all robot advice providers in Europe were registered as financial advisers but that many were also registered as asset managers or had a contractual relationship with a registered investment company. “Therefore, terms such as ‘robot investing’

The Briefing Paper by BETTER FINANCE, 2° Investing Initiative and WWF focuses on the Packaged Retail Investment and Insurance-Based Products (PRIIPs) Regulation and provides recommendations for sustainability disclosure. While a legislative review of PRIIPs is planned, we suggest an omnibus regulation that will effectively harmonise product-level disclosures. The briefing elaborates on one of the recommendations

The PRIIPs Regulation is the first to deal with pre-contractual information in the form of key information documents (KIDs). These documents have to be provided by those producing or selling investment products to consumers.

Packaged retail and insurance-based investment products (PRIIPs) cover the range of investment products marketed to retail investors which are subject to an investment risk.

The EU offers pre-contractual information to non-professional investors before purchasing its investment products. Since 2018, the same Key Information Document (KID) has been used for these Packaged Retail and Insurance-based Products (PRIIPs). The European Commission asked the European Supervisory Authorities (ESAs) to survey the different stakeholders, beneficiaries, and issuers of the PRIIPs KID. The objective of this survey is to know

More than a year after the entry into force of the revised Markets in Financial Instruments Directive (MiFID II) and of the Regulation on Key Information Document for Packaged Retail and Insurance-based Investment Products (PRIIPs KID), BETTER FINANCE sought the views and experience of its member associations and their individual members on the effectiveness of

EU authorities should prioritise the long overdue full PRIIPs Regulation review, and the UCITS funds’ exemption should be extended until this review is completed, as intended by EU Law. The organisations representing individual, non-professional investors and financial analysts advise the European Commission, the European Supervisory Authorities (ESAs) and the EU co-legislators against further delaying the

17 April – GREEN BALANCING ACT: Fund managers and investor advocates are at odds over the criteria intended to single out best-in-class green investment funds in the EU. 22 April – REWRAPPING PACKAGED INVESTMENTS: The battle is heating up — again — over how best to express the performance profile of financial products to consumers

Dear Ms Tingali, Dear Members of the ECON Committee, “The only function of economic forecasting is to make astrology look respectable”. (Ezra Solomon, Stanford Professor of Finance) We are writing to you in our capacity as executives of major EU public interest organisations working on financial services and representing the interests of the 190 million

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