Individual, non-professional (“retail”) investors are significantly demotivated or hampered from investing cross-border within the EU due to: The widespread de facto double taxation of investment income within the “Single Market” (for example the so-called Belgian-French Tax Treaty to avoid double taxation is in reality organizing the double taxation of Belgian residents holding shares of French-domiciled

BETTER FINANCE’s answer to the European Commission (EC) consultation on environmental, social, and governance (ESG) ratings and sustainability factors in credit ratings aims to inform on concerns about the functioning of the ESG ranking market developed by commercial data providers. This agenda pertains to the renewed sustainable finance strategy adopted in July 2021 by the

BETTER FINANCE welcomes the European Commission’s call for evidence on retail investor protection but questions the efficiency of the exercise as it seems to duplicate efforts and it is not focused on all key areas of concern for individual, non-professional (“retail”) investors.

BETTER FINANCE published a report in support of its response to the EC Consultation on the EU Strategy for Retail Investors, illustrating the current state of affairs, detailing how to attract and retain the participation of EU households in capital markets, and issuing policy recommendations. The EU needs a Capital Markets Union “That Works for

Available data and evidence show significant increases in the trading and investing activity of EU households, sparked by a new wave of young, previously inactive, non-professional investors. Many EU retail investors increased their exposure to listed equities and started to invest via execution-only services (brokerage accounts). Besides flattening the illiquidity curve during the period of

Retail trading must be simple, transparent, cost-efficient, and done in the best possible conditions for individual, non-professional (“retail”) investors. To achieve this, BETTER FINANCE puts forward a series of recommendations in relation to best execution of retail orders and payments for order flows (PFOF or, more adequately PFROF: Payment for retail order flow). Payments for

The European Commission proposes to replace the current suitability-appropriateness duality in the MiFID II and insurance distribution Directives, with a new, unique, and standardised suitability regime for all categories of retail investment products, including “IBIPs” (insurance-based investment products). BETTER FINANCE welcomes the initiative of the European Commission to harmonise and improve the consumer journey towards

BETTER FINANCE and its member organisations representing individual, minority shareholders see the framework for sound functioning and trustworthy listed issuers as comprising three key dimensions: first, sustainable corporate governance (corporate reporting); second, robust statutory audit market; and sound supervision, both of listed issuers and of auditing firms. In terms of corporate governance, we believe that

BETTER FINANCE welcomes this call for evidence from ESMA on retail investor protection topics but regrets that it is confined to securities markets (MiFID II) topics only as these financial instruments make up for only a third of the financial balance sheets of EU27 households and in fact the smallest share of the three largest

The EU offers pre-contractual information to non-professional investors before purchasing its investment products. Since 2018, the same Key Information Document (KID) has been used for these Packaged Retail and Insurance-based Products (PRIIPs). The European Commission asked the European Supervisory Authorities (ESAs) to survey the different stakeholders, beneficiaries, and issuers of the PRIIPs KID. The objective of this survey is to know