On October 27, ATM, the Portuguese Investors Association and member of BETTER FINANCE, filed two class actions in the Administrative Court of Lisbon in defense of small shareholders and holders of subordinated bonds of Banco Espirito Santo, aggrieved by the decisions taken by the Portuguese State that determined the creation of the New Bank with assets held
The Financial Times reported today (September 26 2014) that European Commission president-elect Jean-Claude Juncker has deprived Lord Hill, the likely future EU financial services Commissioner, of the responsibility for overseeing remuneration policy, just a week after handing the job to the British. It is said that, in a bid to appease critics in the European Parliament, Juncker decided to put Ms Věra Jourová – commissioner-to-be
Following the recommendations laid down in the Maystadt report, the European Financial Reporting Advisory Group (EFRAG) is currently undergoing a governance reform. In this light, the European Commission is organising a selection procedure to appoint the President of the EFRAG Board. The President will act as chairperson of the Board and of the General Assembly
Following the Parliamentary elections in May, it is now time to analyze the new composition of the European Parliament and the impact it might have on legislative developments in the coming years. The Cicero Group provides us with an interesting analysis. . With a total of 61 members, the European Parliament Economic and Monetary Affairs Committee (ECON) counts with ten more members than during the
VFPK, the association of German company pension schemes, claimed that the ECB’s recent decision to lower its benchmark interest rate has been “tantamount to expropriation from private households and savers”. According to its chairman Helmut Aden, people “did not have a chance to accrue assets for their pension provision”. He believes the ECB and politicians should “end
On April 14, the ESAs (European Supervisory Authorities) launched a consultation on the draft Regulatory Technical Standards (RTS) outlining the framework for the European Market Infrastructure Regulation (EMIR). The consultation is aimed at gathering public views on how to ensure a proportionate implementation of the requirements and will be open until July 14. Given that RTS cover the
The BETTER FINANCE Conference on 28 March 2014 at the European Parliament Please find here the speech of Steven Maijoor, Chair of Esma, on "How to restore European household’s confidence in long term savings and investments" Excerpt “Allow me to begin my thoughts by summarising the current situation of the European financial sector:
Seven major international banks are grappling with a growing number of class actions from US pension funds, following investigations into alleged manipulation of the global foreign exchange market. The lawsuits allege banks violated federal antitrust law when their senior traders shared sensitive market information in chat rooms to execute a variety of strategies to move
"A gun held to the head" of Cyprus and Portugal. That is the strong language used by several MEPs describing the Troika’s role and impact on these two bailout countries. Whilst the Troika monitors whether bailout countries carry out the required reforms, the European Parliament in turn will now carry out its own inquiry and
The European Central Bank (ECB) Executive Board member Jorg Asmussen will leave the bank to join the new German governing coalition. Mr. Asmussen, one of the most influential member of the ECB and a Mario Draghi ally, will become deputy labor minister in the new German government and will shortly resign from his post at