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02/01/2012
 

Advice on the review of IORP Directive


We fully support the position of the GCAE, emphasizing the necessity of correct, understandable and non misleading information about pensions. “Communication with the members should also explain in simple and clear terms the principal risks implicit in the financial arrangements, how they are managed and the potential consequences of failure. Better communication regarding the purchasing power of the benefits is essential and should, in our opinion, be an important factor in disclosure.” Moreover, transparency in communication with all stakeholders should be encouraged, leading to better understanding of the complexities and risks in pension schemes. We agree with EIOPA that a new KIID-like document should be introduced and extended with information on contribution arrangements, practical information and cross references to other document.

Categories: positions
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Guillaume Prache
EuroFinuse
 
 
 
 
 
29/11/2011
 

Advice on ESMA’s public consultation on UCITS Exchange-tradedfunds in the European Union


We generally agree with the concerns raised by ESMA relating to the increased complexity of ETFs, that raise significant issues both with respect to investor protection and systemic risk. ETFs are a low cost and straightforward investment proposition for investors, and as such, ESMA should investigate how to make indexed ETFs more appealing to retail investors. In respect to the prevention and mitigation of the risks that may arise from ETFswe believe that, in addition to disclosure requirements, regulators should adopt a more interventionist approach. We also believe it necessary to avoid any type of regulatory arbitrage, by subjecting all UCITS products and exchange-traded products to similar rules.

Categories: positions
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Guillaume Prache
EuroFinuse
 
 
 
 
 
25/11/2011
 

ESMA call for evidence on Empty Voting


Voting rights and the right to exercise are of vital concern to all European individual shareholders, as it hinders shareholder engagement and good corporate governance. Some of our member organizations believe that empty voting is significant but it happens without anyone (or very few) being able to measure it or see it. What is certain is that many asset managers are very active in securities lending , especially around the date of the dividend payment, without properly informing the fund investors, and keeping part or all of the profit although all funding and risks are born by the end investors.

Categories: positions
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EuroFinuse
 
 
 
 
 

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