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BETTER FINANCE is pleased to announce the appointment of Professor Barbara Alemanni, a specialist in behavioural finance and one of the four academic members of the European Securities and Markets Authority’s Securities and Markets Stakeholder Group, to the BETTER FINANCE Scientific Council.   ⬇️ Read or download the full press release below. ⬇️

Brussels, 14 December 2023 – On December 11th, the BETTER FINANCE Scientific Council convened to discuss next year’s research program and to elect a new chairperson. The Council recommended that BETTER FINANCE continues to build on the extensive research conducted by the team and expressed support for the 2024 research program, including further research on

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

The International Integrated Reporting Council was formed in 2010 and is entirely principles-based. According to the joint statement, while the GRI, SASB, CDP and CDSB set the frameworks and standards for sustainability disclosure, the IIRC provides the integrated reporting framework to connect sustainability disclosure with financial disclosure. It essentially sees itself as the convenor of

17 November 2022 – The struggle against conflicts of interests and to deliver an adequate, high level of “retail” investor protection now hinges on the positions of representatives of the EU Member States (Council of the EU). BETTER FINANCE firmly advises the co-legislator not to hamper EU progress and to support the proposal to ban

On 29 September the BETTER FINANCE Scientific Council convened to discuss next year’s research programme and elect a chairperson. The extensive research work carried out by the BETTER FINANCE Team over the last year was also praised by the Council. The Scientific Council consists of highly skilled and experienced independent academics who help BETTER FINANCE

BETTER FINANCE congratulates the Norwegian Consumer Council (NCC) on its historic collective redress victory in the name of individual fund investors in Europe. On Friday 28 February, the Supreme Court of Norway unanimously upheld the 2019 decision of the Oslo Court of Appeals obliging DNB ASA, Norway’s largest financial services group, to pay back 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 issues in a joint statement in July 2018 following the report on the review by the

The BETTER FINANCE Scientific Council consists of highly skilled and experienced independent academics who help us deliver high quality research for financial services users, other stakeholders and policy-makers. The Scientific Council consists of the following members (alphabetic order): Prof. Niamh Moloney (Ireland) Prof. Dr. Jan Sebo (Slovakia) Prof. Dr. Rüdiger Veil (Germany) Mr. Nicolas Véron

 Yesterday EU ambassadors endorsed the Council’s position on a proposal to grant easier access to SMEs trying to list and issue securities on financial markets while safeguarding investor protection and market integrity. According to the Council’s Press Release, the proposed rules aim to reduce the administrative burden and provide SMEs with simpler access to capital

EU commissioner Algirdas Šemeta has described the European council’s decision to introduce a financial transaction tax (FTT) as a "major milestone". The council’s decision, adopted on Tuesday 22 January, authorises 11 member states to push ahead with implementing an FTT through "enhanced cooperation", and it now falls on the commission to make a proposal defining

The Sustainable Finance Disclosures Regulation (SFDR) started applying in March 2021 and requires financial market participants and financial advisers to disclose at entity and product levels how they integrate sustainability risks and principal adverse impacts in their processes at both entity and product levels. It also introduces additional product disclosures for sustainable financial products making

The Sustainable Finance Disclosure Regulation (SFDR) is a European regulation introduced to improve transparency in the market for sustainable investment products, to prevent greenwashing and to increase transparency around sustainability claims made by financial market participants. The SFDR introduces disclosure requirements for financial institutions at organisation, service and product level. In addition to complementing the

Although SPACs – Special Purpose Acquisition Companies – have existed for quite some time, their sudden popularity over the last few years has drawn the attention of investors and regulators alike. In their latest joint report, BETTER FINANCE and CFA Institute shed light on the debate around SPACs also known as “blank cheques companies”. Based

The InsurTech wave of innovation introduces and transforms existing business models. The extensive use of third-party providers and outsourcing may lead to both as well as a possible fragmentation of the insurance value chain. Nonetheless, several incumbent insurance-related companies, more or less have become software companies. The degree of this transformation is marked by the

BETTER FINANCE already raised the issue that only a limited number of larger SMEs are likely to benefit from a Capital Markets Union. As such, introducing an EU framework enabling crowdfunding platforms to provide their services across the Internal Market should be beneficial for both investors and SMEs. However, BETTER FINANCE remains skeptical regarding the

On the day it becomes directly applicable, the long-awaited revised Markets in Financial Instruments Directive (MiFID II) gives birth to a new and healthier environment for financial services and instruments across the Single Market. Although only 11 out of 28 Member States have implemented the Directive so far, the past two years have been a

In 2016, the European Commission adopted the Insurance Distribution Directive (IDD) widening the Insurance Mediation Directive’s (IMD)  scope with the aim of increasing transparency of price and costs of insurance products. The new directive introduces a simple, standardized insurance product information document (IPID) which provides clearer information on non-life insurance products, so that consumers can

On February 25 the European Parliament and Council agreed on draft EU legislation on investment funds. According to Sven Giegold, Green MEP, member of the EP’s ECON Committee and rapporteur for this legislation, this is a deal that will improve investor protection against reckless risk taking. The final agreement on the UCITS V Directive will oblige fund managers to take half

An EU-wide market for initial public offerings, or IPOs, and other issuances is vital to allow a Capital Markets Union to emerge. That’s why the latest draft prospectus Regulation, published on 30 November 2015, goes somewhat further than the European Commission has previously entertained, but it still does not create a European market. The Commission

As part of the European Responsible Investment Network (ERIN), BETTER FINANCE has joined forces with ShareAction and other NGOs to launch an EU Elections Manifesto, urging EU policymakers to take bold action on sustainable finance. Within this manifesto, we have outlined our key recommendations for the upcoming European Commission: Accelerate investments in Europe’s transition to

‘The Value of Financial Advice’ is an upcoming conference organized by Nordic Finance and the Good Society in Frederiksberg, Denmark. A number of esteemed keynote speakers from academia and the financial services sector will share their insights on the role of financial advice for financial decision-making. Register here.

BETTER FINANCE was quoted in a recent Reuters article on the ongoing discussion surrounding the European Union’s plans to enhance consumer protections in the financial services sector through its retail investment package. Notably, the EU aims to introduce ‘value for money’ safeguards as well as a ban on “inducements” for non-advised sales of investment products,

Transparency Task Force will hold a webinar about financial reporting, covering themes such as “Get real about financial reporting” and “The Financialisaton of Financial Reporting”. Stakeholders and experts will talk about “smoke and mirrors” and “conjuring tricks” and “insurance companies trading insolvent” and “Solvency 2 reforms”, amongst others. Addressing the inadequacies of financial reporting, the

On Wednesday, 7 June 2023, the European Commission will be hosting in Brussels the annual Joint Conference on European Financial Integration, organised with the European Central Bank (ECB). Guillaume Prache, BETTER FINANCE’s Managing Director, will give a speech on The consumer perspective on Banking Union and Capital Market Union. More information and registration

Faced with the risk of “regulatory capture”, six civil society co-signatories representing “small” savers and “minority” investors call on the President of the French Republic to reconsider the governance of the French Financial Markets Authority (AMF) The representatives of “l’Association Éthique et Investissement”, FAIR, Deontofi, RéseauCEP, “l’Association pour le Patrimoine et l’Actionnariat Individuel” and the “Fédération

This podcast aims to broaden listeners’ knowledge on financial inclusion in simple terms.

For a long time considered a model of German success story, the online payment company Wirecard collapsed in 2020 in a dramatic and scandalous bankruptcy, tarnishing the reputation of the political class and financial control authorities. This Thursday, the trial of the former president of Wirecard and two other managers opens in Munich. An alleged

Brussels, 21 January 2019 – Back in 2013, BETTER FINANCE clearly expressed its support for a European Financial Transaction Tax (FTT) and its main stated objective “[of ensuring] that financial institutions make a fair and substantial contribution to covering the costs of the recent crisis… and to ring-fence the real economy, SMEs, households, etc.”. At

Late March the EC published its proposal for cheaper euro transaction costs and fairer currency conversions within the Union. The proposal will considerably reduce fees on transactions, extending the current euro-area regime to non-euro countries, as well as limit currency conversions abroad. While in the past an euro-area consumer could end up transferring a total

The Regulation on cross-border payments equalised fees for cross-border and national payments in euro within the EU. However, payments involving currencies of EU Member States other than the euro are not covered by the Regulation, unless Member States extended the regulation to their national currency on a voluntary basis. The Regulation gives the option to

Proposed by the European Commission in 2011, to make sure the industry made a “ fair contribution” after taxpayers bore the costs of the financial crisis, the Financial Transaction Tax ( FTT)  is under discussion regarding its effects on pension funds.On the 21st of February, a meeting involving the Finances Ministers of those countries was

Speaking at a financial sector conference in Paris early this week, EU Commissioner for Economic Affairs Pierre Moscovici advanced that an EU Financial Transaction Tax (FTT) could be in place by early 2017. In June, 11 European nations representatives met in Luxembourg to discuss the design and future of the measure. However, disagreements on what

Following Germany’s elections, German parties started coalition negotiations in order to have a government in place by December. German Chancellor Angela Merkel’s conservatives joined forces with the centre-left Social Democrats (SPD) to create working groups in order to discuss and present policy compromises on a range of crucial issues. European policies such as the euro

The International Regulatory Strategy Group will propose a bespoke pact between the E.U. and the U.K. in order to maintain reciprocal market access rights for financial institutions after the Article 50 deadline (March 2019). Following the EU’s Third-Country Regimes and Alternatives to Passporting report on the objectives the U.K. Government should focus on obtaining from

In its spring edition, Global Custodian published an article on how the EU is aiming at shedding a light at the calculation and measurement of investment transaction costs. EU financial regulations such as the Markets in Financial Instruments Directive (MiFID), the regulation on Packaged Retail Insurance-based Investment Products (PRIPs) or the European Shareholder Rights Directive

Two finance ministers, France’s Michel Sapin and Austria’s Hans-Jörg Schelling, issued a joint plea to nine other finance ministers who had – back in 2013 – agreed to proceed with the tax. With this letter they “hope to breathe new life into talks on the FTT”. The financial transaction tax has been described as a

EuroFinUse published today its press release in light of the European Commission’s proposal on the European Financial Transaction Tax (FTT). EuroFinUse supports the main objective of the FTT, “to ensure that financial institutions make a fair and substantial contribution to covering the costs of the recent crisis…and to ring-fence the real economy, SMEs, housholds etc.” But