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15/10/2012
 

Obstà¡culos a la participacià³n de los accionistas - Informe sobre votaciones transfronterizas


El derecho de voto en una asamblea general es un derecho fundamental del accionista. Los accionistas privados deberà­an tener la oportunidad de ejercer su derecho al voto y asumir responsabilidades como propietarios de empresas que cotizan también mà¡s allà¡ de las fronteras. A pesar de la adopcià³n de la Directiva sobre Derechos de los Accionistas y de los està¡ndares de mejores prà¡cticas desarrollados y avalados por la industria, todavà­a existen muchos obstà¡culos y barreras que los inversores tienen que afrontar lo cual continàºa haciendo que la votacià³n transfronteriza suponga un reto. No se puede esperar un amento significativo en la votacià³n transfronteriza por parte de accionistas privados a menos que su discriminacià³n de hecho resultante de los obstà¡culos descritos en este informe se derogue.

Categories: Research Reports
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EuroFinuse
English print version at info@eurofinuse.org
 
 
 
 
 
26/09/2012
 

MiFID


According to the final text, inducements can be freely placed from providers to financial advisers. Certain inducements will not even have to be disclosed to the client anymore, as long as “they enable the provision of the service and they do not give rise to conflict with the firm’s duties to act honestly, fairly and professionally”. This is clearly insufficient to tackle the underlying conflict of interest that continue to exist due to the commercialization of retail financial products. Guillaume Prache, Managing Director of EuroFinuse, sees "this as a worsening of the situation for retail investors in comparison to the first MiFID".

Categories: press_releases
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Guillaume Prache
EuroFinuse
 
 
 
 
 
25/09/2012
 

Audit Reform


EuroFinuse strongly opposes the weakening of this key reform by the European Parliament’s Draft Report on the proposed Regulation and Directive published on 4 September. Regulatory interventions are crucial to restore confidence in the audit market. EuroFinuse therefore mainly advocates for: ”¢ Mandatory tendering every 5 years; ”¢ Mandatory rotation every 15 years; ”¢ Inclusion of UCITS, Alternative Investment Funds, Investment Firms, payment institutions and electronic money institutions under the scope of the Audit Regulation; ”¢ Approval by the Audit Committee and disclosure to shareholders in the General Assembly of the provision of non-audit services by statutory auditors.

Categories: press_releases
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Guillaume Prache
EuroFinuse
 
 
 
 
 
21/09/2012
 

EuroFinuse Ljubljana Declaration 2012


The General Assembly meetings of EuroFinuse and Euroshareholders held on 21.09.2012 in Ljubljana, together with the “EuroFinuse International Conference on Financial Education”, hosted by VZMD , have agreed to merge EuroFinuse, the European Federation of Financial Services Users with Euroshareholders, the umbrella organization of national shareholder associations across Europe, to provide adequate representation of all individual investors, savers and other financial services users vis-à -vis the European authorities.

Categories: press_releases
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Guillaume Prache
EuroFinuse
 
 
 
 
 
20/08/2012
 

Reply to ESMA on its technical advice on possible delegated acts concerning the Prospectus Directive


EuroFinuse welcomes the consultation from ESMA on technical advice on acts concerning the Prospectus Directive. However, this is a very specific consultation concentrating on very legal matters. We would like ESMA to focus also on other key disclosure issues raised by the implementation of the Prospectus Directive and Regulation, in particular the very poor quality of the Summary Prospectuses, for debt securities as explained in more detail in EuroFinuse’s position papers on the PRIPs initiatives. We strongly regret the exclusion of securities from the scope of the PRIPs Regulation proposal, and we urge ESMA to ensure that the disclosure requirements for securities are at par with those for other “substitute” investment products accessible to individual investors.

Categories: positions
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EuroFinuse
 
 
 
 
 
13/08/2012
 

Advice on the Fundamental Review of the Financial Conglomerates Directive


We would like to answer specifically to the following questions raised by ESMA: What should be the parameter of supervision, where a financial conglomerate is supervised on a group wide basis? Should Institutions for Occupational Retirement Provision (IORPs) be included as part of a financial conglomerate? We support the First Recommendation of the European Supervisory Authorities to the Call for Advice from the European Commission regarding the inclusion of the Institutions for Occupational Retirement Provision (IORPs) into the scope of the Financial Conglomerates Directive.

Categories: positions
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EuroFinuse
 
 
 
 
 

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