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The uncertainty surrounding Brexit has had an unintended knock-on effect on the assessment of the transparency of financial products, causing a disagreement between the European Commission and the European Securities and Markets Authority (ESMA). Whereas ESMA is required to provide an assessment of the compliance of certain financial products with transparency obligations on a yearly

Christian Voigt, a senior regulatory adviser at Fidessa, and former vice president at Deutsche Boerse has published a blog post warning that there may be up to 230 stocks listed in the UK and EU27 at risk of Brexit because of a Mifid II trading rule. According to Voigt, “The rule requires EU firms to

A new report by think-tank New Financial finds that EU capital markets continue to underperform, widening the transatlantic gap with US capital markets.  Relative to the size of the economy, most sectors of EU capital markets have shrunk over the past decade –  with remnants from the financial crisis still present and recovery moving slowly. With

Last week, the European Commission published seven Notices to stakeholders concerning the Withdrawal of the United Kingdom and EU rules in the field of banking and finance, to prepare for, and soften, the upcoming shock on March 30th, 2019. Among them, professionals in the asset management sector have been warned that after the Article 50

The negotiations on the future treaty between the EU and UK met with a proposal from the City of London, Europe’s financial sector capital, to ‘allow cross-border trade in financial services’. The negotiation team lead by Michel Barnier on the EU-side refused this proposal, which adds further turmoil to the City as many corporations have

The Greens/EFA Parliamentary Group took a firm position on taxation rules for any future FTA or Brexit deal with the United Kingdom. Following a report released ahead of the December negotiations, the political group argues that one of the issues that must be at the forefront of the deal is the alignment of UK’s fiscal

On Wednesday 29 March at 12:30 pm, Sir Tim Barrow will present THE letter to the European Council informing the EU that the UK decided to “withdraw from the Union” (article 50 (1) TEU). Rumour has it though that the European Council is ready to react within 48 hours following the reception of the letter.

In December 2016, after several months of discussion between the institutions, the COREPER (representatives of the Member States) has agreed on the revision of this Directive. This amendment aims at encouraging transparent and active engagement by shareholders of listed companies. The revision provides for new requirements such as the oversight of directors’ remuneration, the identification

EU leaders met in Brussels yesterday and continued their discussion today on the British reform proposals, the migration crisis but also on their economic views and Bank Breakups. Brussels is worried about the prospect of an actual Brexit but relaxed about the outcome of the summit. British Bankers were at pains to dispel the Franco-German

Brexit has begun to create a shift of financial regulation within Europe. With the resignation of Britain’s EU Commissioner in charge of financial services, Jonathan Hill, Britain is seeing its influence within Europe dissolve. During an interview with the FT, Lord Hill discussed the shift of power that will affect British financial institutions and 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

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

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

The draft Regulation on ESG ratings proposed by the European Commission in June 2023 aims to establish a framework and tackle structural issues by combating possible conflicts of interests, imposing better transparency in the rating processes, and introducing an authorisation and supervision system for ESG rating providers (for both EU and non-EU entities). Although commendable,

On Tuesday, 19 September from 15:00 to 16:30 in the European Parliament in Brussels, a public hearing on the “New EU common system for the avoidance of double taxation and prevention of tax abuse in the area of withholding taxes” will take place. The hearing aims to address the burdensome withholding tax refund procedures for

In recent months, BETTER FINANCE members have received a large number of inquiries about the takeover of Crédit Suisse (CS) by UBS. Former CS shareholders consider the price of CHF 3 billion that UBS paid for Crédit Suisse in the form of treasury shares to be far too low. On the last trading day before

BETTER FINANCE expresses concern over Deutsche Bank’s disclosure of missing Russian shares. The bank recently revealed a shortfall in the shares underlying depositary receipts (DRs), further increasing the challenges for European investors seeking to recover their investments in Russian listed companies, especially individual non-professional ones. DRs are used in international stock trading as a means

Transparency Task Force is holding an online event, to draw attention to the collective redress action by Stichting Investor Loss Compensation (SILC) for individual Airbus investors who have incurred damages, and to discuss the “Power of Class Actions to get Justice”. The event is scheduled for Tuesday, July 4th, between 6:00 PM and 7:30 PM

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,

A recent survey conducted by BETTER FINANCE and DSW among 3000 investors across the EU found that withholding tax (WHT) refund procedures are cumbersome and costly, making it difficult or financially unreasonable for non-professional investors to reclaim excess withholding tax on cross-border dividend income. More than 90% of European investors find the WHT reclaim procedure

The exposure of retail investors to crypto-assets has increased globally, leading to greater retail investor losses due to financial crime, fraud, money laundering, and under-regulated activities in the crypto-asset market. To address these challenges, BETTER FINANCE welcomes the policy recommendations for crypto and digital asset markets proposed by IOSCO. These recommendations aim to ensure a

Last week, the fund industry warned that “the EU is putting the interests of exchanges over investors”. A letter from EFAMA to the EU Authorities regarding the reform of EU rules on capital markets (“MIFIR Review” in EU jargon) opposes the compensation of securities exchanges for communicating their trade data to “dark” competitors and labels

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

Asset managers are urging Brussels to delay implementation of its landmark sustainable investing rules. The resistance from the investment industry shows the struggle and complexity between policymakers´ambitions to push for greener finances and the harsh reality of implementing a new financial system. The rules are expected to come into force in March 2021, a deadline

The European federation of retail investors, BETTER FINANCE, has criticised the new composition of stakeholder groups at the European supervisory authorities, branding it “a step backwards with regard to a balanced representation between industry and consumers in EU financial rulemaking.” Read the full article here.

The crisis- and Brexit-laden context have given the project new arguments to be on the European agenda. […] This is the second try for the Capital Markets Union (CMU). Europe had launched this project five years ago with the idea of supporting the financing of the economy via the capital markets. […] There is now

In a letter to European commissioners, BETTER FINANCE said that investors would have to wait another full general meeting period to be able to exercise their voting right if SRD II’s implementation is postponed. As a number of stakeholders are demanding the commission to postpone the implementation of the Shareholder Rights Directive II (SRD II),

Digitalisation and new technologies are significantly transforming the European financial system and the way it provides financial services to Europe’s businesses and citizens. Key areas of reflection include deepening the Single Market for digital financial services, promoting a data-driven financial sector in the EU while addressing its risks and ensuring a true level playing field,

The EU’s nascent sustainable funds label has been amended after being described as ‘too ambitious and not achievable’ […] The Ecolabel is an existing EU certification awarded to a range of products which meet high environmental standards aimed at end consumers. The scheme is being extended to include financial products for the first time to

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