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03/05/2010
 

CESR Technical Advice in the Context of the MiFID Review – Investor Protection and Intermediaries


Investor protection is one of the key objectives of the MiFID Directive. EuroFinuse is pleased that CESR has launched a consultation on this critical issue, especially after more than two years of MiFID enforcement and in the light of the current financial crisis. We are however disappointed that CESR did not consult all “stakeholders” on bigger issues relative to MiFID’s investor protection provisions. Indeed, the most critical issues for investor protection are not addressed in this CESR consultation.

Categories: positions
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EuroFinuse
 
 
 
 
 
03/05/2010
 

CESR Technical Advice in the Context of the MiFID Review - Equity Markets445670


Small and medium size end investors ask for: - A fact-finding study on the impact of MiFID induced changes on small and individual investors, and the consequences on the economic and social value of the now largely “re-intermediated” European capital markets; - A publicly enforced and controlled “consolidated tape” both for pre- and post-trade data, and that this “tape” be easily and freely accessible by all investors in the market as before MiFID; - The reduction of “dark” and OTC trading to more acceptable levels, but less than 10% of total market activity.

Categories: positions
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EuroFinuse
 
 
 
 
 
16/04/2010
 

Changes to the Capital Requirement Directive


We do not believe a regulatory initiative such as the changes to the Capital Requirements Directive really addresses the major issue revealed by the financial crisis. The roots of the 2008 financial crisis are indeed clearly identified by now. Irresponsible mortgage lending to US households has been an initial trigger of the worst financial crisis since 1929. In turn, this irresponsible lending came largely from the quite recent development of the packaging of these loans through securitization, which – together with questionable accounting practices – enabled banks to take these loans off balance sheet. If these mortgage loans had stayed 100% on the banks’ books, it is unlikely any “sub prime” crisis would have occurred, at least with this magnitude.

Categories: positions
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EuroFinuse
 
 
 
 
 
22/10/2009
 

“Packaged” Retail Investment Products (PRIPs)


We strongly support the new “horizontal” approach of the EC, which is the right way to look at the distribution of retail investment products, as most of them are “substitute” to each other, and most of them are or can be sold by the same intermediaries. We nevertheless regret that the retail investor’s perspective is not enough taken into account. Please read our full position paper here.

Categories: positions
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Guillaume Prache
EuroFinuse
 
 
 
 
 
30/09/2009
 

La premiere alliance europeenne de tous les epargnants


Pour la première fois, toutes les catégories d’épargnants (actionnaires individuels, souscripteurs de fonds de placement (OPCVM), assurés vie, épargnants bancaires, participants des fonds de pension et autres utilisateurs de services financiers) se sont rassemblées pour créer la Confédération européenne des Epargnants - EuroInvestors.

Categories: press_releases
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Guillaume Prache
EuroFinuse
 
 
 
 
 
10/09/2009
 

CESR’s technical advice at level 2 on the format and content of Key Information Document disclosures for UCITS


We have worked extensively on the KID project over the last two years, and feel that CESR is now getting close to fulfilling the mandate given by the European Commission to design the new “KID” that will likely constitute a significant improvement for fund investors’ information and protection.

Categories: positions
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Guillaume Prache
EuroFinuse
 
 
 
 
 

Spotlight

The latest edition of our report on Pension Savings is now available for download!

 

 

 

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