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17/12/2012
 

EuroFinUse Position Paper on PRIPs Regulation


EuroFinUse shows its concerns on the long awaited Regulation on Key Information Documents for investment products that will unfortunately, and contrary to the original aim, only address the harmonization and improvement of pre-contractual product information, and not sales practices. KID Regulation must apply to all “substitutable” investment products at the retail point of sale and end the discrimination of simple, “inducement-light” and long-term products such as shares and bonds versus “packaged” products in the EU retail distribution markets, and ensure that shares and bonds also benefit from a harmonised, simpler and more comparable “KID”.

Categories: positions, Investment
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EuroFinuse
 
 
 
 
 
30/11/2012
 

EuroFinUse Response to the Third Pillar Retirement Products Questionaire


EuroFinuse is extremely concerned by the urgently needed development of second and third pillar pension products in the European Union, in view of the current restraints for welfare policies due to Member States' budgetary constraints. We believe that private pension products-related areas in the EU do not only lack of a necessary regulatory framework; but even lack clear definition, scope and classification. More specifically, we are very aware of the discrepancies between the different systems of classification (operational versus pillar-based) and we believe this is the first issue that should be tacked: one cannot regulate what is ill-defined.

Categories: positions, Pensions
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EuroFinuse
 
 
 
 
 
29/11/2012
 

Consultation on the Regulation of Indices


EuroFinuse welcomes the consultation from the EC on the regulation of indices. Individual financial services users are indeed using indices a lot either willingly or unwillingly: As investors and savers - many retail investment products have their performance linked or benchmarked to indices; As borrowers - almost all variable rate loans have their interest rate linked to indices: LIBOR or EURIBOR in particular. While many of the questions raised by the EC are targeted at index providers and professional users, some are directly relevant to individual financial services users.

Categories: positions, Financial Markest Infrastructure
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EuroFinuse
 
 
 
 
 
29/11/2012
 

Regulation of Indices


EuroFinuse welcomes the consultation from the EC on the regulation of indices. Individual financial services users are indeed using indices a lot either willingly or unwillingly: As investors and savers - many retail investment products have their performance linked or benchmarked to indices; As borrowers - almost all variable rate loans have their interest rate linked to indices: LIBOR or EURIBOR in particular. While many of the questions raised by the EC are targeted at index providers and professional users, some are directly relevant to individual financial services users.

Categories: Investment
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13/11/2012
 

Response to the EC Consultation on the recommendations of the Liikanen Group on reforming the structure of the EU banking sector


EuroFinuse agrees with the general recommendation of the Expert Group on the necessity of legal separation between risky financial activities from deposit-taking activities within a banking group. We agree as well that this separation should be aimed at protecting their socially most vital parts, which indeed are deposit-taking and those related to the provision of funding to the non-financial sectors of the economy. However, we consider that further consideration should be made on how this separation should be made. We doubt that the emphasis should be on separating the most volatile and risky part of the business from the retail part of banks. Instead we should focus on isolating the retail part of banking institutions and leave the rest of the activities outside the wall. This would reduce the incentives for the financial industry to lobby for keeping more risky or speculative parts of the business together with retail banking activities and consequently benefit from cheap funding for those activities that have no direct link with the real economy.

Categories: positions
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EuroFinuse
 
 
 
 
 
18/10/2012
 

EC Consultation on UCITS and long-term investment


The promotion of long-term investments is crucial in many ways: for the well being of EU citizens - representing current or future pensioners who have to rely increasingly on the performance of their long-term and pension savings - and for the development of the EU economy and subsequently the creation of jobs. This is why EuroFinuse believes the solutions for long-term investment envisaged by the European Commission consultation published on 26 July 2012 on “Undertakings for Collective Investment in Transferable Securities (UCITS) - Product Rules, Liquidity Management, Depositary, Money Market Funds, Long-term Investments” are insufficient to address the current situation. EuroFinuse therefore proposes in its response to the consultation measures that bear far greater impact.

Categories: positions, Investment
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EuroFinuse
 
 
 
 
 

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