The document serves as BETTER FINANCE response to selected questions of ESMA’s discussion paper on the implications of digitalisation for investor protection under MiFID II. The document “Discussion Paper on MiFID II investor protection topics linked to digitalisation” provided by the European Securities and Markets Authority (ESMA) focuses on various aspects of digitalisation in the
We are pleased to share that Jesse Collin, from BETTER FINANCE member organization Finnish Share Promotion Foundation, has been selected as a member of ESMA’s Consultative Working Group in the Risk Standing Committee – Investor Trends and Research Working Group. The working group will focus on consumers, ESG and innovation related topics. For a full
BETTER FINANCE agrees with ESMA that names can be misleading if those funds do not invest in line with what their names would suggest.
Retail investors are increasingly concerned about the impact of their investment decisions on society and the environment. In recent years, European Union (EU) institutions have amended the legislation regarding the distribution of retail investment products by investment firms–the Markets in Financial Instruments Directive (MiFID II)–and related delegated legislation and guidelines to define how investment firms
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…”
According to the European Securities and Markets Authority’s (ESMA) recent study on the EU Eco-label awarded to green retail financial products and services, only 16 funds out of a sample of 3000 meet the proposed minimum portfolio greenness threshold of 50% and exclusion requirements. In view of these findings, the supervisor has suggested loosening requirements
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.
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.
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,
Over the last two years, health-related restrictions and economic shutdowns had unforeseen effects on European capital markets. An increase in disposable income available for EU households to invest, and at least four and a half million[1] previously inactive EU savers now investing in the real economy and trading in financial instruments, has created a new
On November 14th, Advocate General Bobek responded negatively (in the case of Schrems v. Facebook[1]) to the referring court’s question on whether Article 16 of Regulation (EU) 44/2001 should be interpreted as allowing a consumer to also introduce the claims of other consumers (collective redress). The AG added in no uncertain terms that it is not
Launched in September 2015, the Capital Markets Union (CMU) is a key pillar of the Investment Plan which aims to tackle investment shortages head-on by increasing and diversifying the funding sources for Europe’s businesses and long-term projects. In the third pillar of the Investment Plan – which focuses on removing obstacles to investment – the
EU Ombudsman Emily O’Reilly is demanding more transparency on so-called expert groups that help frame future EU proposals through, for instance, the publishing of the minutes of meetings as well as positions advanced by individual members. O’Reilly had launched her own inquiry in May 2014 following broad concerns over how the experts were appointed, the
The European Securities and Markets Authority (ESMA) is looking to newly constitute a Consultative Working Group (CWG) for the ESMA Commodity Derivatives Task Force (CDTF) as the two-year-term of the existing CWG has recently expired. Stakeholders have the opportunity to apply to become a member of the CWG by no later than July 6 2014. Please find the
Whilst the ECB is moving ahead with AnaCredit (Analytical Credit Dataset), a European credit data registry, Sven Giegold, MEP, filed a complaint with the Ombudsman. The project would require banks to report data on all loans in excess of EUR 25 000 to the central bank. Supported by more than 900 board members of German
The European Commission calls on consumers of financial services across all the Member States to share their experience with cross-border banking, insurance or other payment services by posting a short video by 18 March 2016. This social media campaign comes ahead of formal consultation on the remaining barriers in the internal market for financial services
The Economic and Monetary Affairs of the European Parliament (ECON) voted yesterday on the Regulation for a Key Information Document for investment products (formerly known as “PRIPs”). EuroFinUse praises the European Parliament for voting for more consistency in summary information for investors, but is quite concerned that a majority of the critical long term and
Towards the end of 2017 Deutsche Bank announced that it will rebrand its asset management division, Deutsche Asset Management. The division is soon to be floated as a partnership limited by shares, or a KGaA (Komandit), a corporate structure that will give minority shareholders limited influence over the entity. The IPO is about to be
BETTER FINANCE welcomes and supports EIOPA’s ongoing work on a supervisory toolkit to assess the value for money offered by unit linked and hybrid insurance products. Since its creation, BETTER FINANCE has been fighting for regulatory and supervisory action to improve the returns of long-term and pension saving products. As BETTER FINANCE research shows, high
BETTER FINANCE endorses the FSUG’s call for improved ‘Value for Money’ in retail investments. The focus is on enhancing the effectiveness of packaged retail and insurance-based investment products (PRIIPs) to contribute significantly to investors’ financial well-being. The FSUG emphasises the responsibility of product manufacturers to design products that boost investors’ financial wealth and urges supervisors
The Financial Services User Group (FSUG) welcomes the ongoing legislative and supervisory works aiming to improve the ‘Value for Money’ that retail investors obtain from their packaged retail and insurance-based investment products (PRIIPs). The FSUG argues that ensuring retail investment products are effectively designed to increase the financial wealth of investors should be amongst the
After the 2023 AGM season and looking ahead to the 2024 season, BETTER FINANCE and its member organisations voice concerns about the erosion of shareholder rights. Inadequate rules for Virtual Annual General Meetings (AGMs) in some Member States highlight the need for broader engagement and representation frameworks for investors to truly benefit from digitalisation. The
Today, BETTER FINANCE, the leading advocate for European citizens as investors, savers, shareholders, and financial services users, unveils its manifesto ahead of the upcoming European Union elections in June 2024. Entitled “Sustainable Value for Money: Reconciling Individuals, Enterprises & The Planet,” the manifesto calls for a renewed emphasis on better outcomes for consumers, long-term investment,
⬇️ Read or download BETTER FINANCE’s Individual Investors’ Key Priorities for 2024-2029 below. ⬇️ Let’s harness the Capital Markets Union’s (CMU) potential to benefit our citizens as financial consumers, retail investors and pension savers, as well as our planet, the economy, and for future generations. This will ensure Europe’s prosperity and security in a rapidly
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
BETTER FINANCE is pleased to announce a new collaboration with SASV (Schweizerischer Anlegerschutzverein), the Swiss Investor Protection Association, further expanding its pan-European network. SASV is dedicated to promoting transparency within the Swiss capital market and advancing investor rights. This partnership with BETTER FINANCE aims to bolster the representation of Swiss individual investors and shareholders on
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)
The “Swiss Association for the Protection of Investors” (Schweizerische Anlegerschutzverein) is committed to transparency on the Swiss capital market and the promotion and enforcement of investor rights in Switzerland. Its purpose is to protect the interests of investors with regard to financial investments and to support them in the enforcement of their corporate and economic
The European Securities and Markets Authority (ESMA) is seeking two candidates to represent the interests of consumers, as members of its Securities Markets Stakeholders Group (SMSG). The SMSG helps to facilitate consultation between ESMA, its Board of Supervisors and stakeholders on ESMA’s areas of responsibility and provides technical advice on its policy development. This helps to
The launch of the BETTER FINANCE Manifesto was accompanied by the BETTER FINANCE Questionnaire – a few concrete questions sent to all candidates and major political parties and groups in the EU. BETTER FINANCE aims to inform the European voters of what candidate MEPs stand for with respect to EU citizens as savers and users
The European Securities and Markets Authority (ESMA) had published a call for candidates for the Consultative Working Group for ESMA’s Corporate Reporting Standing Committee. The Corporate Reporting Standing Committee is active in promoting consistent application of International Financial Reporting Standards (IFRSs) and fostering convergence of enforcement practices. It also contributes to the development of high-quality
ESMA is looking to renew the composition of the Consultative Working Group for ESMA’s Corporate Reporting Standing Committee and has launched a Call for expression of interest. Interested candidates are invited to submit their application by 13.00 CET on 15 February 2013. More information here.
Two of BETTER FINANCE’s members, Manuel Pardos Vicente and Fernando Herrero Sáez de Eguilaz from ADICAE, were nominated on the 4th of March as candidates to the National Commission on Market Values in Spain, the regulatory body of the Spanish stock market. The Comisión Nacional del Mercado de Valores (CNMV) is the agency in charge
BETTER FINANCE is a non-profit international NGO with its office in Brussels acting as an independent financial expertise centre for the direct benefit of European financial services users (individual shareholders, investors, savers, life insurance policyholders, pension fund participants, mortgage borrowers, etc.) and other stakeholders of European financial services who are independent of the financial industry.
The Government, the National Assembly and the Senate just appointed members of the “College” of the AMF. The public authorities decided to give priority to candidates from the financial industry and listed companies, and, despite his long experience with financial markets and financial supervision at the European level, excluding the only candidate brought forward by
Paris, 28 January 2019 – The French Government, the National Assembly and the Senate have just appointed the new members of the AMF’s supervisory body. Yet again the public authorities decided to favour candidates from the financial industry and listed companies and excluded all qualified candidates from organisations representing French savers. For the third time
European Federation of Investors and Financial Services Users in short « BETTER FINANCE » ASBL Rue d`Arenberg 44 1000 Brussels Name, legal status, term and legal domicile Art. 1 The name of the not for profit Association is “European Federation of Investors and Financial Services Users”, in short “Better Finance” (the Association). Art. 2 The
In February 2017 the European Commission (EC) launched a call for candidates to renew its Financial Services User Group (FSUG). The new composition of the 20-strong expert group was announced today and BETTER FINANCE (the European Federation of Investors and Financial Services Users) is proud to announce that – together with its member organisations –