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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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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 Position on The Reform of the Audit Market

We believe that the current economic damages endured by shareholders of European listed banks with good audit reports challenges the proper functioning of the audit markets in Europe. This would have profound implications for both the European financial industry and any kind of audited company in Europe. Therefore, we generally support the initial Proposal for Regulation of the Audit Market from the European Commission.

Categories: positions
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Assessing the Suitability of Members of the Management Body and Key Function Holders of a Credit Institution

We believe that the appropriate selection of the members of management boards as one of the key principles of corporate governance. This issue has profound implications for shareholders, consumers, and taxpayers as well as the stability of the European financial system. Bailed out banks were in most cases directly linked to the bad governance of their management boards.

Categories: positions
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PRIPS - Packaged Retail Investment Products

CFA Institute, EuroFinuse,FECIF, EFAMA, and AILO,welcome the focus of the European Commission on investor protection through the publication this week of three pieces of legislation: the Packaged Retail Investment Products (PRIPs) regulation, the revised Insurance Mediation Directive (IMD) and the Undertakings for Collective Investments in Transferrable Securities V (UCITS)Directive. These are essential in addressing crucial issues of investor protection and together with Markets in Financial Instruments Directive (MiFID), the lack of a level playing field in the distribution of retail financial products across the European Union (EU). We, therefore, call on EU Institutions to ensure that this new legislation achieves its primary objective: to effectively protect European retail investors.

Categories: press_releases
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Guillaume Prache

Overview of the Proxy Advisory Industry Considerations on Possible Policy Options

Proxy advisers serve mostly institutional investors on a commercial basis but their activities have not yet been regulated at EU level. Thus, the ESMA is considering the possibility to regulate the sector in order to correct possible market failures. EuroFinuse represents millions of individual shareholders who do not have access to the services of commercial proxy advisers, because they cannot afford to pay for these services. It is even more challenging for EU’s individual shareholders in comparison to institutional shareholders, to analyse issuers’ proposed resolutions for their General Meetings, especially for cross-border voting, as resolutions proposed by management have become longer and more complex, and are not always made available in the language of the shareholder.

Categories: positions
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