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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

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.

There is a growing wave of ESG regulation and an increasing need for ESG reporting – nationally, regionally and internationally. In Europe, ESG rating and data providers are indicative of an immature but growing market, which has seen the emergence of a small number of large non-EU headquartered providers.

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.

Webinar jest częścią cyklu webinarów edukacyjnych „ESG od podstaw”

CEPS together with Milieu and Europe Economics have been commissioned by the European Commission (Directorate-General for Financial Stability, Financial Services and Capital Markets Union) to conduct a study on the Audit Directive and Regulation. Please find BETTER FINANCE’s response to the survey for the CEPS Study below.

As stated by ESMA “the COVID-19 crisis offers the opportunity to test the hypothesis [often claimed by the industry] that active equity UCITS outperform their benchmarks during stressed market conditions”. In light of this period of market downturn followed by a quick recovery and then stabilisation, ESMA analysed a sample of actively managed equity UCITS funds,

The general meeting is the cornerstone of shareholder democracy. It is not only where voting on major company decisions takes place, but also the only place where private shareholders can engage with board members and their fellow shareholders. As shown in last year’s report, the Corona pandemic badly affected shareholder rights and engagement in the

The Rutgers Institute for the Study of Employee Ownership and Profit Sharing opened applications for its 2022-2023 fellowship program: Rutgers University School of Management and Labor Relations Institute for the Study of Employee Ownership and Profit Sharing J. Robert Beyster Fellowship, Louis O. Kelso Fellowship & Other Fellowships The Rutgers Institute for the Study of

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

The annual general meeting of shareholders (AGM) is the cornerstone for sound corporate governance. It is through the shareholders’ vote at the AGM that board members’ actions get legitimacy and validity. However, it is not only voting that takes place at an AGM. The shareholders’ meeting is the only place where directors must report to

LUXEMBOURG, 4 NOVEMBER 2019  – Document optimisation company More Carrot has completed what is believed to be the industry’s first study of UCITS prospectuses. The findings shed light on a range of issues, including who uses prospectuses, the main purposes of use, what types of information they look for and how easy it is to

This research paper is part of BETTER FINANCE’s annual #FundResearch project, an umbrella research activity aimed at providing qualitative and quantitative assessments of the EU market for retail investment funds, focusing on Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). This paper compares mutual fund returns with their market index

In June 2018 the ECON committee of the European Parliament published a study titled “Subordinated Debt and Self-placement: Mis-selling of Financial Products”. After five years of very diverse interpretations and applications of so-called “burden sharing” in bank recovery and resolution, also known as bail-in of subordinated bank creditors, the European Parliament’s ECON Committee examined whether

There is still a significant impact on investment returns for retail investors due to costs that are on average 40% higher than for institutional investors, Europe’s financial watchdog says. The costs paid by retail investors are “significantly higher” than those paid by institutional investors, leading to lower net returns, said Steven Maijoor, chair of the

A report, presented by the pan-European financial regulator ESMA, the European Securities and Markets Authority, shows a significant drain on fund performance, due to the high fees charged by investment houses for UCITS (Undertakings for the Collective Investment in Transferable Securities). The data shows that the impact on retail investors is even higher, as they

30 October 2017 – BETTER FINANCE thanks ESMA for its study on the impact of fees and inflation on fund performance. The ESMA study is yet another confirmation of the independent research published every year by BETTER FINANCE on the real return of long-term and pension savings. BETTER FINANCE is also happy that ESMA is

On the 29th of April, the Financial Times published an article on the varying quality of advice for European investors, found by the EC`s "Study on the distribution systems of retail investment products".  Commenting on the grim picture painted by the study, BETTER FINANCE Managing Director Guillaume Prache stated that: "It is difficult for individual

30 October 2017 – BETTER FINANCE thanks ESMA for its study on the impact of fees and inflation on fund performance. The ESMA study is yet another confirmation of the independent research published every year by BETTER FINANCE on the real return of long-term and pension savings. BETTER FINANCE is also happy that ESMA is

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

BETTER FINANCE finds that commission-based distribution models (kickbacks) cost individual investors up to 15% of their investments in sales commissions and generate conflicts of interest which severely hurt their performance. One of the main objectives of the European Commission’s “EU Strategy for Retail Investors” is to “ensure bias-free advice” for individual investors. It is meeting

DATE Publication and Article Title (with links) 26/01/2018 FT – Slippage causes confusion in Mifid II fund rules row 05/02/2018 Les Echos – La réforme de l’épargne-retraite divise les professionnels 08/02/2018 La Libre – PRIIPs  Un règlement qui trompe linvestisseur 14/02/2018 Law360 – Blocwide Pensions Don’t Prevent Dangers, Groups Warn 04/03/2018 Financial News – Asset

The study by Morningstar found that out of 1,496 UK-listed open-ended funds, around 108 are run by managers named David or Dave, the equivalent to 7.2% of funds, while there are only 105 women overall managing funds. According to Emma Morgan, portfolio manager at Morningstar, “It’s a great shame that the industry is missing out

BETTER FINANCE welcomes and appreciates the effort of the European Commission and of the European Supervisory Authorities to put forward proposals for targeted amendments of the Delegated Regulation (DR) concerning the presentation and content of the key information document (KID) for Packaged Retail and Insurance-Based Investment Products (PRIIPs). First, BETTER FINANCE finds that the very

BETTER FINANCE released its updated report on the progress of the European Capital Markets Union (CMU), and the results are discouraging. The report analyses the first five key performance indicators (KPIs) used to assess the progress of the CMU, and adds two additional KPIs to reflect developments in EU capital markets. The report is based

The Retail Investment Strategy will be key in establishing a Capital Markets Union “that works for people”. The successful combined completion of the Retail Investor Strategy and the CMU Action Plan could generate a quantum leap in investor protection, empowerment and engagement, to their benefit and to the benefit of the CMU, sustainable investing and

Available data and evidence show significant increases in the trading and investing activity of EU households, sparked by a new wave of young, previously inactive, non-professional investors. Many EU retail investors increased their exposure to listed equities and started to invest via execution-only services (brokerage accounts). Besides flattening the illiquidity curve during the period of

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