On Monday 21 October, the European Banking Authority (EBA) announced the renewal of its Banking Stakeholder Group (BSG). According to the EBA, this group has the role of facilitating consultation and dialogue with stakeholders in all the areas relevant to the tasks of the EBA. EBA is an independent European Union Authority which works to
On September 24, Klaus Regling, Managing Director of the European Stability Mechanism, recognized the current legal setup of this mechanism would not allow it to become a “backstop” lender for the EU Single Resolution Fund, which will be set up in 2014 and will directly recapitalize struggling banks. However, answering Economic and Monetary Affairs Committee
The European Parliament has finally passed on plenary vote the newest update of the framework for the EU-authorised investment funds, UCITS V. Progress on this decisive file for retail investors is welcomed, as UCITS funds are one of the most popular retail investment products at EU level. However, the European Parliament unfortunately missed the opportunity
Six years after the EU MiFID Directive fragmented the European equity markets, private investors still cannot get consolidated pre- and post-trade data. The solution preferred by the Commission and by the European Parliament seems to be going nowhere. EuroFinUse is very concerned that the EU has and is still losing a lot of time and
In response to the EC questionnaire on long-term investment funds EuroFinUse would like to highlight that equities and bonds are much simpler products that have been designed centuries ago to fund the long-term needs of the real economy. We are therefore concerned that the Commission may add complexity to the already excisting large array of
The derailment of the financial system, which led to one of the deepest global economic crises in history has its roots to a large extend in the high and often questionable complexity and opacity of financial markets/products. The European Parliament and the EU Council established the European Supervisory Authorities (ESA) in 2011. These authorities are
After the latest revision of MiFID 2 failed to include a total ban on inducements but instead seeks to ban any “remuneration, discount or non-monetary benefits” for routing orders, while the requirement to take all “reasonable” steps to get the best deal for clients has been changed to “necessary”, what remains is the question how
EFRAG, the European Financial Reporting Advisory Group, was established in 2001 with the aim of advising the European Commission (EC) on the suitability of the International Financial Reporting Standards (IFRS) as set by the International Accounting Standards Board (IASB). EFRAG’s mission is to ensure that European views on the matter are taken into account in
Azione MPS, the Association of Small Individual Shareholders and member of CONAPA, sent out a letter today addressed to the Public Authorities of the European Union and of the Italian Republic. The letter points to the main contradictions at the heart of the forced state intervention in the listed company Banca Monte dei Paschi di
A report by Bruegel on transparency in the European Banking Union, based on a survey carried out in 2013, has recently been revisited by its authors, analysing the most recent evolution in terms of banking supervisory transparency. The updated report concludes that financial supervisory data transparency at the EU level has gradually improved but does