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Date
 
Description
 
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02/02/2011
 

Review of the Markets in Financial Instruments Directive (MIFID)


Overall, MiFID has contributed to the further marginalization of individual investors, despite the fundamental economic purpose of the capital markets (as opposed to intermediate finance) that is to connect directly end investors and issuers of capital. MiFID facilitates the re-intermediation of equity markets to the benefit of financial intermediaries - especially those who could invest in information technology to profit from the fragmentation - and to the detriment of non financial issuers as well as end investors, pushing those further to “packaged” - i.e. high embedded commissions - products.

Categories: positions, Investment, Financial Markest Infrastructure
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EuroFinuse
 
 
 
 
 
31/01/2011
 

Legislative steps for the Packaged Retail Investment Products initiative


We strongly support the “horizontal” approach taken by the European Commission for its Packaged Retail Investment Products (PRIPs) initiative, which is the right way to harmonize selling practices of retail investment products because most of them are “substitutable” for each other, and most of them are or can be sold by the same intermediaries. Please read more here.

Categories: positions, Investment
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Guillaume Prache
EuroFinuse
 
 
 
 
 
22/12/2010
 

Legal Certainty of Securities Holdings and Disposition


The legal information flows regarding securities holdings and disposition should be simplified, made fully available to real (economic) shareholders and issuers via the Internet, to no extra cost for retail investors, especially for cross-border holdings and for the exercise of cross-border voting rights, either directly or via proxies. The necessary holding and disposition information services from the real (economic) shareholder to the issuer should be split from the custody services currently performed by financial intermediaries.

Categories: positions, Securities Law
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EuroFinuse
 
 
 
 
 
15/11/2010
 

Green paper towards adequate, sustainable and safe European pension systems


We fully agree with the Commission that an “adequate” and sustainable retirement income for EU citizens is a priority for the European Union, but proves a major challenge to achieve. The adequacy of unfunded pensions and of those with defined benefits could be defined as the conformity of the results to promises made to participants. Please read more here.

Categories: positions, Pensions
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EuroFinuse
 
 
 
 
 
29/09/2010
 

CESR’s level 3 guidelines on the selection and presentation of performance scenarios in the Key Investor Information document (KII) for structured UCITS


EuroFinuse fears that the proposed guidelines for the choice and presentation of performance scenarios will mislead information for retail investors. These performance scenarios should reflect probable or highly probable returns in order to guide investors and be consistent with the EC Regulation implementing the Investment Funds Directive.

Categories: positions
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EuroFinuse
 
 
 
 
 
08/09/2010
 

The Key Investor Information Template


We find the Key Investor Information (KII) Template proposed by CESR for investment funds useful, but not clear enough on the “past performance” and “charges” sections. In particular, showing the past performances of a fund alone, without that of any comparable performance indicator is meaningless and could be misleading.

Categories: positions, Investment
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Guillaume Prache
EuroFinuse
 
 
 
 
 

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The latest edition of our report on Pension Savings is now available for download!

 

 

 

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