Proxy advisers serve mostly institutional investors on a commercial basis but their activities have not yet been regulated at EU level. Thus, the ESMA is considering the possibility to regulate the sector in order to correct possible market failures. EuroFinuse represents millions of individual shareholders who do not have access to the services of commercial
The European Federation of Financial Services Users (EuroFinuse) supports the Financial Services User Group (FSUG) response to the consultation to this consultation, and part of our response is derived from it. We also express concern as to why the extent, importance and influence of shadow banking activities and entities was only realized by regulators, rating
EuroFinuse firmly believes that the commercial banking activities (i.e. the intermediated funding of the real economy – businesses and households – should be separated as much as possible from all other activities such as securities, currencies and derivatives trading, investment banking, asset management, insurance, etc. that commercial banks have been diversifying into over recent decades.
Self-regulation is not sufficient in our view: the EU has brought about the policy debate on gender diversity in 2010, and called on listed companies in 2011 to voluntary commit to an increase of women’s representation on their boards. To date, there are less than 14% of women at major European companies’ boards according to
We consider that Variable Annuities (VA) products should be classified as PRIPs as should be all other more “traditional” classical and with profit life insurance products. There should be no difference of treatment or disclosure between those products which are purchased for investment or retirement purposes. We consider EIOPA’s recommendations for VA products concerning products
We fully support the position of the GCAE, emphasizing the necessity of correct, understandable and non misleading information about pensions. “Communication with the members should also explain in simple and clear terms the principal risks implicit in the financial arrangements, how they are managed and the potential consequences of failure. Better communication regarding the purchasing
We generally agree with the concerns raised by ESMA relating to the increased complexity of ETFs, that raise significant issues both with respect to investor protection and systemic risk. ETFs are a low cost and straightforward investment proposition for investors, and as such, ESMA should investigate how to make indexed ETFs more appealing to retail
Voting rights and the right to exercise are of vital concern to all European individual shareholders, as it hinders shareholder engagement and good corporate governance. Some of our member organizations believe that empty voting is significant but it happens without anyone (or very few) being able to measure it or see it. What is certain