We agree with the European Commission that the weaknesses of corporate governance in financial institutions did contribute to the financial and economic crisis, and welcome the initiative to improve it. Please find our proposals here.
EuroFinuse advocates for the urgent and crucial need to increase pre- and post trade transparency of fixed income products sold extensively to retail investors. In addition, there is a need to ensure a minimum liquidity of these fixed income securities sold to retail investors on the secondary market.
Small and medium size end investors ask for: – A fact-finding study on the impact of MiFID induced changes on small and individual investors, and the consequences on the economic and social value of the now largely “re-intermediated” European capital markets; – A publicly enforced and controlled “consolidated tape” both for pre- and post-trade data,
Investor protection is one of the key objectives of the MiFID Directive. EuroFinuse is pleased that CESR has launched a consultation on this critical issue, especially after more than two years of MiFID enforcement and in the light of the current financial crisis. We are however disappointed that CESR did not consult all “stakeholders” on
We do not believe a regulatory initiative such as the changes to the Capital Requirements Directive really addresses the major issue revealed by the financial crisis. The roots of the 2008 financial crisis are indeed clearly identified by now. Irresponsible mortgage lending to US households has been an initial trigger of the worst financial crisis
We strongly support the new “horizontal” approach of the EC, which is the right way to look at the distribution of retail investment products, as most of them are “substitute” to each other, and most of them are or can be sold by the same intermediaries. We nevertheless regret that the retail investor’s perspective is
We have worked extensively on the KID project over the last two years, and feel that CESR is now getting close to fulfilling the mandate given by the European Commission to design the new “KID” that will likely constitute a significant improvement for fund investors’ information and protection.