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The Danish financial regulator, the FSA, and its Norwegian counterpart Finanstilsynet, stated that the increasing supply of investment products marketed as sustainable can increase the risk of greenwashing, meaning products could be marketed as green without living up to the name. The FSA said that this calls for the tightening of supervisory efforts, in order

"Dark pool" operations allow investors to trade large blocks of shares but keep the prices private. For this, both banks Barclays and Credit Suisse received a fine of $70m and $84M respectively by US regulators. Barclays has admitted misleading investors and violating securities law in the way it operated the pool. The fines will be

On February 2nd ESMA released some long awaited results of its investigation on falsely active equity UCITS funds (also called “closet indexers”). Those are funds that claim to be “actively” managed but that are in fact merely following market indices, although they charge much higher fees than low cost index-tracking funds such as ETFs. The

Following last month’s delay of MiFID II, which was met with approval by the industry, the European Securities and Markets Authority (ESMA) urges European supervisors to set a new timetable for its ratification. The law which is to include greater investor protection and transparency requirements was planned to be implemented in January 2017 but this

Last week, the center-right and the center-left in the European Parliament reached a preliminary agreement aimed at allowing the EU to force large banks to split their investment banking operations from their traditional activities. Despite strong lobbying from the financial industry, EU regulators took a step forward and the deal could be turned into law.

EU regulators must have the power to stop financial firms from selling toxic products that could trigger another crisis, industry watchdogs said this week, stepping up pressure on the European Commission to do more to protect retail investors. “We need legislation that deals with . . . how products are manufactured and intervention powers,” said

In an article published yesterday in the Financial Times Guillaume Prache of BETTER FINANCE and Carl Rosén of the Swedish Shareholders’ Association were quoted on the topic of closet tracking funds. BETTER FINANCE highlighted the fact that it had already reported its concern to ESMA (the European Securities and Markets Authority) that “closet trackers” overcharged

On February 2nd ESMA released some long awaited results of its investigation on falsely active equity UCITS funds (also called “closet indexers”). Those are funds that claim to be “actively” managed but that are in fact merely following market indices, although they charge much higher fees than low cost index-tracking funds such as ETFs. The

On the 23rd of November, Autorité des marchés financiers (AMF) will be hosting its 20th Anniversary in Paris. Alongside a number of esteemed speakers, our managing director Aleksandra Maczynska will participate in the panel on society’s expectations of regulators today. More information will follow soon.

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,

The European Central Bank (ECB)’s new monetary policy is a positive step, but it needs more ambition to tackle its climate problem, warns a group of European lawmakers, environmental activists and economists.   Scientists warn us again and again: climate change is accelerating. Preliminary findings from the IPCC raise the alarm on the extremely worrying

Despite a 10-year bull market both for European equities and bonds, the outlook for European pension savers remains bleak. Whereas returns have improved in recent years, the Better Finance study, Pension savings: the real return, once again shows that most long-term pension savings products did not, on average, return anything close to those of capital markets.

Guillaume Prache, Managing Director of BETTER FINANCE spoke this morning at the Public Hearing on Sustainable Finance. He reminded that EU savers and individual investors are mostly long-term oriented (much more than institutional investors) and represent the main source of the long-term funding of the EU economy. Despite the fact that BETTER FINANCE was asked

EU citizens as savers are by nature mostly long-term driven since 67% of their total assets are deployed in long-term investments1 (versus only 37% for pension funds – despite their purely long-term horizon – and 11% for insurers) and their main saving goals are long-term: retirement, housing, children’s studies, transmission of wealth, etc. For these

BETTER FINANCE welcomes the Interim Report of the High-Level Expert Group on Sustainable Finance of the European Union, which highlights the need to “incorporate long-term and sustainable value creation”. BETTER FINANCE underlines the need to establish common definitions and standards at least at the EU level. Long-term and pension savers must be recognised as major

“Volkswagen and its former chief executive Martin Winterkorn must face a US lawsuit brought by American investors who allege the company improperly inflated its share price by cheating on emissions tests, a judge in California has ruled. […] The investors allege that VW committed securities fraud both through the cheating and by failing to tell

In its final advice to the European Commission (EC) on the further development of a single European Union market for personal pension products (PPPs), the European Insurance and Occupational Pensions Authority (EIOPA) stressed that attempts to harmonise existing Directives and rules across the different sectors and EU Member States would be counter-productive and unnecessarily complicate

The Joint Committee of the European Supervisory Authorities recently issued its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs). BETTER FINANCE already expressed its major concern with the destruction of a key improvement of the UCITS funds regulation in the past: the mandatory, standardised

On 11 February 2016 BETTER FINANCE sent an open letter to the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) and to the Commissioner for Financial Stability, Financial Services and Capital Markets Union to request that the European Securities and Markets Authority (ESMA) follow up on its release of the results

BETTER FINANCE helps investors identify potential falsely active funds (“closet indexers”), and asks regulators to investigate further: It replicated the ESMA study on closet indexing and identified up to 165 equity “UCITS” funds that could potentially be closet indexers. ESMA would not disclose the names of the funds it identified as “potential equity closet indexing

BETTER FINANCE fully discloses the results of its replication of ESMA’s quantitative study ESMA would not disclose the names of the funds it identified as “potential equity closet indexing funds” in its investigation results released in February 2016 (see annex 3), leaving fund investors in the dark. This is why BETTER FINANCE decided to replicate

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