The aftermath of the global financial crisis of 2008, followed in Europe by the sovereign debt crisis, mainly consisted in the adoption of new, more stringent economic and market discipline instruments for the Eurozone Member States. On top of that, crisis-response mechanisms have been put in place, such as the EDIS, the Single Resolution Fund,
Following the rejection by the Securities Market Agency (ATVP) of VZMD’s requests to participate in the takeover procedure initiated by Mlino in order to repurchase the shares of Mlinotest and to access the takeover procedure file, and following the permission granted by the agency for a takeover bid for the repurchase of Mlinotest shares at
Steven Maijoor was invited to the Financial News 20th Anniversary Awards for Excellence, 1996 – 2016 at the Victoria and Albert Museum in London. In his speech, Steven Maijoor stated ESMA’s key priorities for the next years; • completing the Single Rulebook;• moving to a ‘supervisory convergence’ or more prosaically, the ‘implementation stage’;• looking at
Regulators and supposedly some shareholders are worried about high pay in the ever-powerful investment industry. Corporate governance teams at these fund houses are sometimes happy to criticise excessive pay at big media companies (WPP), or labour issues at big retailers (Walmart), or the lack of board diversity at big commodity conglomerates (Glencore), but they seem
America’s financial technology industry has exploded in recent years, but regulators have not kept pace. This is partly because of the country’s outdated patchwork of state rules. However, Britain and other countries are further ahead in addressing this emerging sector in a fresh way. Creating a modern, federal agency to oversee these companies is a
In a decision that could affect tens of thousands of investors in Spain, the Supreme Court has ruled that Spanish lender Bankia has to reimburse two plaintiffs who invested €9,997 and €20,868 respectively when the bank was floated. This will probably pave the way for other investors who lost money on their investments to pursue
On 18 November, EIOPA organized its annual conference in Frankfurt. This year the main topics were supervisory convergence, reinforcing preventive consumer protection and preserving financial stability. The more than 370 participants attended three sessions on: “Countdown to Solvency II”, “Retirement savings in the 21st century” and “Evolving insurance business models”. However, consumer advocacy groups were
The Court of Justice of the European Union (CJEU) in Luxembourg is preparing a preliminary ruling in response to questions from the Constitutional Court of the Republic of Slovenia on the matter of the cancellation of subordinated bonds in all recapitalised Slovenian banks. To this end oral proceedings will now focus on claims by the
Wolfgang Schäuble, the German finance minister, will push for the financial transaction tax, despite opposition from the UK as well as several banks. He holds that efforts should be made to convince more nations to join the 11 who already declared their intention to participate in the tax. The measure under consideration is intended to
Seven years into the financial crisis and the question remains: are investors better protected today than they were in 2008? The European Federation of Investors and Financial Services Users is particularly well placed to answer this question and provides a mixed view on the issue. With a team of five, Better Finance fights an uphill battle to be heard amongst industry heavyweights such as the European Banking Federation. Guillaume