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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

ESMA Consultation Paper Guidelines on certain aspects of the MiFID II suitability requirements. BETTER FINANCE highlights that the new concepts introduced by the recent regulatory amendments may be difficult to understand by individual, non-professional investors, creating the risk for them to avoid making a decision or making a wrong decision. In this sense, we suggest

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

BETTER FINANCE welcomes the initiative of ESMA to clarify certain aspects related to the application of the MiFID II provisions on the appropriateness test and requirements for execution-only services. In addition, BETTER FINANCE commends ESMA on adapting the Guidelines on suitability assessment for the appropriateness test as the two procedures are, to a certain extent,

We welcome the EC’s initiative to alleviate some regulatory requirements enabling EU capital markets’ potential to boost recovery from the COVID-19 induced economic downturn. However, we wish to warn about the long-term detrimental effects that several provisions and amendments will have on “retail” investor protection if done in “haste” and without proper scrutiny and attention

Summary: General comment The review of the MiFID II framework is timely and should be coordinated with the other ongoing actions and policy areas, i.e. PRIIPs and the work done in the Forum on the Future of the Capital Markets Union. In addition, to ensure a level playing field, the European Commission should also adopt

BETTER FINANCE welcomes this timely assessment and evidence gathering on the application of the new MiFID II rules on disclosure for inducements and costs. However, it is very unfortunate that, in a field that is crucial to investor protection and designed to enhance consumer experience and trust in financial services, the majority of questions are

BETTER FINANCE continues to express deep concern about the unwanted “side-effects” of the MiFID 2 regulatory framework on “lit” equity trading in the EU. Below is the summary response to the ESMA Public Consultation on the review of the MiFID 2 and MiFIR transparency regime for equity and equity-like instruments, the double volume cap mechanism

The European Commission is probing the effectiveness of the product governance rules introduced to the industry in 2018 in its latest consultation on the Markets in Financial Instruments Directive (Mifid). […] In a 94-page consultation document, published yesterday (February 26), the commission stated there was some debate over the efficiency of product requirements and asked participants

In a white paper on MiFID II and PRIIPs rules, FE Limited, a UK-based investment ratings and research agency, warned about the difficulties advisers will face when providing clients with personalised data about their funds (costs, purchases and sales of funds). Three difficulties stand out:  First of all it looks as though some fund firms

Originally expected for January 2017, MiFID (Markets in financial instruments Directive) will enter into force in January 2018 and will have to be transposed into MSs’ national law by the 3 of July 2017. MiFID II will reinforce the current EU legislation on securities markets. For instance, the new directive will ensure that organized trading

The Bank Resolution Recovery Directive (BRRD) and Single Resolution Mechanism (SRM) aim to end taxpayer-financed bank bailouts, by bailing in bank equity and bondholders, relying on creditors for at least 8% of a lender’s liabilities alongside a bank-financed resolution scheme and a harmonised deposit guarantee programme which came into force on January 1. But events

On the 21st of March, the European Commission launched a public consultation on the Operations of the European Supervisory Authorities. Commissioner Dombrovskis declared that the Brexit has made the need to reform these authorities more urgent.  One of the main idea submitted by the European Commission is to increase the power of ESAs so they

Following the agreement reached by the Council on the single resolution mechanism for dealing with failed banks (link to the news on that), EP President Martin Schulz issued a warning to EU ministers in a speech at the opening of theCouncil summit in Brussels on December 19. According to Mr. Schulz, the banking union risks

BETTER FINANCE’s full Response to the Targeted Consultation on SRDs – Shareholder Rights Directives (SRD1 and SRD2) for the European Commission by the CSES — [15 December 2023]. BETTER FINANCE advocates for the enforcement of investors’ and shareholders’ rights, underscoring the pivotal role of engagement as a cornerstone within robust green transition plans and corporate

BETTER FINANCE, the European Federation of Investors and Financial Services Users, has released its Pensions Report 2023, uncovering the dire challenges confronting long-term and pension savers across 17 EU Member States in the aftermath of a tumultuous 2022. In what is termed an “annus horribilis,” the report exposes the setbacks faced by savers, with disastrous

BETTER FINANCE members UK Shareholders’ Association and ShareSoc (UK Individual Shareholders Society) published a letter expressing disappointment in the news that the UK government is abandoning some of its reforms to accounting standards: It is difficult to overstate the disappointment of investors, and other users of corporate information, at the news that the UK government

Brussels, 13 October 2023 — BETTER FINANCE, the European Federation of Investors and Financial Services Users, in collaboration with IVA – the Austrian Shareholder Association, is pleased to announce that the International Investors Conference at the Vienna Stock Exchange and Oesterreichische Kontrollbank (OeKB) got off to a great start this morning. Keynote Carmine di Noia, Director

Many investors commonly use the strategy of investing in dividend stocks. Yet, investors holding foreign shares often have to pay additional withholding tax on dividends in the respective country. A recent survey conducted by BETTER FINANCE and DSW[1] among 3,000 investors across the EU found that withholding tax (WHT) refund procedures are cumbersome and costly,

  The roundtable on the distribution of retail financial products will bring together representatives of key industry and consumer stakeholders. This meeting aims to launch a reflection on issues related to the retail investments market’s current practices, as well as relevant technological and societal trends. ‘Interventions by stakeholders’ will take place between 9:10 – 10:00

The European Commission today published its long-awaited proposal on the digital euro, marking a significant milestone in the digitalisation of public money. The document sets the stage for a democratic debate, as the project moves from its investigation phase by the European Central Bank to the chambers of the European Parliament and the Council. Cash,

BETTER FINANCE, the European Federation of Investors and Financial Services Users, welcomed the European Commission’s launch of a Retail Investor Strategy in September 2020, as a once in a lifetime opportunity to create a capital markets Union that works for people. Nevertheless, the legislative proposal, despite incorporating certain positive advancements, falls short of fulfilling several

On 2 March 2023, BETTER FINANCE was one of the two organisations representing individual investors and financial users invited by the European Commission (together with 5 financial industry representatives) to address representatives of EU Member States at a “Government Expert Group on Retail Financial Services” meeting in Brussels on the Commission’s initiative of a “Retail

BETTER FINANCE considers the recent proposal to ban “inducements” (commissions) in “retail” investment services to be a very significant milestone in investor protection and firmly urges EU Member States to also support it. EU authorities are currently working on the reform of rules surrounding market structures and execution of client orders, namely the EU Regulation

In 2021, the total income generated by securities lending operations globally stood at €7.8 billion, up by 21% compared to 2020. The majority of operations and lenders are outside the EU, and around 88% of securities on loan were sovereign bonds and equities. In the EU, lenders cannot derive any profit from securities lending. All

Regulations on Markets in Crypto Assets and the EU Pilot Regime for Distributed Ledger Technology (DLT) based market infrastructures BETTER FINANCE welcomes the initiatives and efforts of EU public authorities to accommodate emerging technologies in financial services whilst maintaining a safe and stable environment for consumers and financial services users to benefit from our single

As a first step towards the preparation of its report on the application of the IDD, EIOPA launched an initial survey addressed to external stakeholders, such as consumer associations, academics, trade associations, insurance undertakings and insurance intermediaries. Note: This feedback is provided by BETTER FINANCE together with its German (BdvBund der Versicherten e.V.) and French

Brussels, 23 April 2020 – The necessary health, quarantine and social distancing measures taken to fight the ongoing Covid-19 pandemic, are taking their toll on economies around the world. This strategy – crucial to the fight – coupled with monetary and budgetary expansions of unseen magnitudes, will have lasting and damaging economic consequences due to

There is bad news for Belgian investors as Belgium and France have reformed a new tax treaty which, according to two sources close to the negotiators, would stop the Cour de cassation, one of the four courts of last resort in France, from allowing it to reduce the double imposition of dividends. The current convention

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