Several shareholders raised their voice in reaction to the recent Shareholders Rights Directive proposal and criticism emerged amongst stakeholders during the annual conference of the International Corporate Governance Network (ICGN) in Amsterdam. ICGN believes the proposal to be too detailed, thus potentially inhibiting dialogue between companies and shareholders. Susannah Haan, secretary general of EuropeanIssuers, also pointed out the “overkilled” proposal to increase disclosure
The Italian government is working on a reform of the public sector aimed at abolishing costly public entities, including regulatory agencies that are deemed unnecessary. Pension regulator Covip is one of the organisations that faces the axe. The Commisione di Vigilanza sui Fondi Pensione was set up in 1993 to oversee the activities of the country’s second-pillar
The UK’s Financial Conduct Authority (FCA) is considering introducing pay and clawback measures for all regulated companies including the 2100 FCA-supervised fund groups. The UK’s financial services watchdog response follows the Bank of England’s similar proposal last month to force bankers to repay bonuses up to six years after they have received them if misconduct, risk management failures or heavy financial losses are demonstrated.
EIOPA issued its initial preliminary report on the creation of a single market for third-pillar pensions in the European Union. Following a request by the European Commission, EIOPA’s report looked at prudential regulations and the consumer protection measures needed to create a single market for personal pensions. EIOPA identified two feasible alternatives for the creation of a single market. One of the options on the table is the introduction
Today the European Commission proposed the long-awaited financial market reform aimed at banning proprietary trading by the largest banks and thereby protect taxpayers from the potential costs of rescuing them. The proposal aims to remodel bank structures in order to reduce complexity and curb market speculation supported by state-backed deposits. Only banks whose assets are above
In his article “Financial Regulators’ Fine Mess”, the former chief economist of the IMF, Simon Johnson, points out that the recent $13 billion settlement between the US Department of Justice and JP Morgan Chase (JPM) is nothing more than a “symbolic punishment”. JPM accepted the settlement following charges that the bank overstated the quality of
As reported by the Financial Times, the new German coalition agreement between the conservative CDU/CSU and the centre-left SPD will not change any of Germany’s key EU policies. Stressing the importance of Europe and a stable Eurozone, the coalition partners agreed to stick to Germany’s existing foreign and EU strategies. With one exception: the parties
EuroFinUse and IVA invite you to the debate with high-level speakers on the«Financial Repression of Savers and Investors». Edin Mujagic, David Croughan, Olivier Gajda, Benjamin Josar, Carlos Maravall, Joachim von Cornberg, Gabriele Zgubic-Engleder and Helmut Ettl will give us their perspective in Vienna on October 18. Join us at the Vienna Insurance Group from 9am
EuroFinUse was present at the ALFI Global Distribution Conference on 12 & 13 September 2013 in Luxembourg. Guillaume Prache, EuroFinUse’s Managing Director, attended the Conference as a panelist and took part in the panel “Regaining the trust of investors: implications for the asset management industry”. Read the Conference highlights here and see the Conference
The European Federation of Financial Services Users calls on the Members of the European Parliament to put an end to performance fees of investment funds being only a one-way street, benefitting only providers and to the detriment of retail investors. It is fine to link fund managers’ commissions to performance, but to be fair with