“Item 10: Policy debate on capital markets union” was one of the points on the agenda of yesterday’s (January 28) meeting of the Commissioners. This policy debate constitutes the very first orientation debate of the college on the Capital Markets Union. The aim of this initiative announced in mid-July 2014 is to remove barriers to
Earlier this autumn, the Financial Services User Group (FSUG), of which Guillaume Prache is the Vice-Chairman, has issued a position paper on asset management in the European Union. The position paper summarizes the outcomes of a study on investment fund performance and lists the characteristics of a successful, effective market (accessibility, safety, efficiency etc.). Against
On Sunday October 26, the results of the recently conducted stress tests were published. The European Central Bank (ECB) tested 130 Eurozone banks, 25 of which failed the test. The European Banking Authority (EBA) had a look at 123 banks EU-wide, with 24 institutes failing its test. As some commentators suggested, the test was just
On 5 September, a group of former ESFG (Espírito Santo Financial Group) shareholders – who believe they were harmed by the sale of the company – initiated a civil case against Tranquilidade, a sub-holding insurance company that formed part of Espírito Santo Financial Portugal and is to be sold to the Apollo Global Management fund,
The vicious cycle: “central banks cut interest rates in an attempt to breathe new life into markets, which in turns creates incentives for more risk-taking, generating ever bigger crises that will require monetary stimulus over and over again”. Since the financial crisis, Bill White -economist at the Bank for International Settlements (BIS) – has been ringing the alarm bell to warn of the risks of this kind of economic policy. The results are here for
The long-awaited Markets in Financial Instruments Directive (MiFID) II will enter into force on January 2nd 2017. This new piece of legislation represents the European Commission’s attempt to reform the capital markets after the financial crisis and to update the 2007 Markets in Financial Instruments Directive and aims to take into account new features of the market such as fragmentation,
Following the launch of a consultation on April 15, ESMA will now open three hearings on MiFID/MiFIR taking place on July 7 and 8 in Paris. Open hearings will be hold on the markets issues, investor protection issues and commodity derivatives as set out in its Discussion paper and Consultation paper on MiFID II/MiFIR. The hearings will be
Bank of America, the second-largest U.S. bank, agreed to pay $9.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to several federal housing agencies such as Fannie Mae and Freddie Mac. The settlement, announced on Wednesday, includes $6.3 billion in cash and $3.2 billion in securities that Bank
Last week’s voting on the draft proposal of the Insurance Mediation Directive (IMD) at the European Parliament sets the tone for the loosening of rules controlling the sale of pension products. However the idea of “more light shining on the existing high cost of insurance sales” is very much appreciated by the German Green Party and
VZMD, the Pan-Slovenian Shareholders’ Association and BETTER FINANCE member, filed three lawsuits in the name of 349 owners against three Slovenian banks. The lawsuit calls for the nullification of the simplified reduction and simultaneous increase of the banks’ nominal capital, by whithin all the owners of subordinated bonds and shares of these banks have been