In December 2013 the subordinated bondholders in five Slovenian banks (NLB, NKBM, Abanka, Probanka and Factor Banka) were bailed-in to refinance these struggling institutions. Subordinated bonds in a sixth bank (Banka Celje) were wiped out in December 2014. In each case the bail-in consisted of a complete wipe-out of all subordinated bonds, including those sold
In December 2013 the subordinated bondholders in five Slovenian banks (NLB, NKBM, Abanka, Probanka and Factor Banka) were bailed-in to refinance these struggling institutions. Subordinated bonds in a sixth bank (Banka Celje) were wiped out in December 2014. In each case the bail-in consisted of a complete wipe-out of all subordinated bonds, including those sold
On February 19, ESMA held a hearing on its MiFID II / MiFIR Consultation. Guillaume Prache, Managing Director at BETTER FINANCE, attended the meeting and took the opportunity to ask if the new technical standards proposed by ESMA would help ending this investor detriment. ESMA replied that indeed in the future data collected from the SIs together with
Legislative steps aimed to protect millions of retail investors face danger of failing during forthcoming negotiations in Brussels, according to an EU consumer interest group. The subject in balance concerns proposed rules to enforce clear descriptions of financial products being sold. This would be done with rules to introduce a Key Information Document (KID). The KID would provide the potential buyers with details of what they are buying,including full
In view of the most recent European Council Presidency progress report, EuroFinUse – the European Federation of Financial Services Users – identified room for improvement before the final MiFID II text will be agreed on in the “Trialogue” later this year. Read the full press release here. Read our proposed amendments here.
9 October 2017 – BETTER FINANCE, the European Federation of Investors and Financial Services Users, launched the fifth edition of its annual Pension Savings Report. Started in 2013, the annual research report undertakes an analysis of European pension investment funds and State pensions schemes, in order to provide the European citizen with the ‘real figures’
BETTER FINANCE alongside with fund managers and Politicians have failed to persuade the European Union to implement amendments that were aimed at making documents easier to understand and more reliable for investors. Guillaume Prache, managing director of BETTER FINANCE, said the European Commission’s decision last week to sign off the rules without any amendments was
In the next two years, European investment funds will be subjected to two regulatory changes. If MIFIDII is expected to have a limited impact, according to experts, PRIPS raises more concerns. MiFID II is supposed to enter into force in 2017; however, since the financial sector is not ready, it will take more time. The
The verdict is catastrophic: the costs of products under collective management are so high that they "rewarded" unitholders with a loss of about one third of their savings between 1999 and 2014. Conversely, individual shareholders who during the same period invested directly in French shares, provided sufficiently diversified portfolios, have seen returns equivalent to at
BETTER FINANCE was mentioned on the topic of closet indexing in an article by Ignites Europe, the Financial Times’supplement for the funds industry. The article reports on Luxembourg’s decision to launch a probe into closet tracking, with the Commission de Surveillance du Secteur Financier analysing thousands of funds to uncover any misbehaviour. In a letter to ESMA in late 2014,