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04/06/2010
 

CESR Technical Advice in the Context of the MiFID Review: Non-equity markets transparency


This consultation is tailored to market professionals and institutional investors, not to individual investors. Contrary to the previous CESR consultation on this issue, there is no questionnaire tailored to retail investors this time. For these reasons, we will stress only three points: 1. The urgent and need to increase pre- and post trade transparency of fixed income products sold extensively to retail investors. 2. The need to ensure a minimum liquidity of fixed income securities sold to retail investors on the secondary market. 3. The need to recall FINUSE’s responses to the 2009 CESR consultation on non equity transparency.

Categories: positions
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EuroFinuse
 
 
 
 
 
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
 
 
 
 
 

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