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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
 
 
 
 
 
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
 
 
 
 
 
03/08/2012
 

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, Audit
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EuroFinUse
 
 
 
 
 
18/07/2012
 

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, Corporate Governance
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EuroFinuse
 
 
 
 
 

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