EuroFinUse considers the establishment of the International Financial Reporting Standards (IFRS) a milestone in the promotion of harmonised accounting standards not only in Europe but also, ideally, for the United States.
Read EuroFinUse’s position on the investment fund rules UCITS bonuses for fund managers to be capped among wider investor protection in new draft EU rules.
EuroFinUse praises the Eurogroup statement from late Monday in favor of fully guaranteeing deposits below EUR 100,000. Moreover, we believe bank depositors should not pay for the excesses of the banking industry and or governments. Therefore, depositors should be protected from bearing the bulk of the Cypriot rescue package.
EuroFinUse supports the main objective of the European Financial Transaction Tax (FTT), “to ensure that financial institutions make a fair and substantial contribution to covering the costs of the recent crisis”¦ and to ring-fence the real economy, SMEs, housholds etc.”. EuroFinUse position on the FFT has been published as a press release.
EuroFinUse believes there are a number of worrying features of the audit market. At a very fundamental level, we are concerned about auditor independence and professional scepticism. Potential conflicts of interest have always been present in the system of auditing, so the challenge is how these are managed.
EuroFinuse in conjunction with the members of the Financial Services User Group (FSUG) wish to express their disappointment regarding the draft ECON report on the proposal for a Insurance Mediation directive. On 3 July 2012 the Commission published a proposal for a revision of the Insurance Mediation Directive (IMD 2). The goal of the Commission’s
EuroFinUse presented its position on the proposals in MiFID II on capital market structures. MiFID II proposal from the EC does not in EuroFinUse’s view fix this major market fragmentation issue and the induced lack of consolidated trade data readily available to small investors. Like MiFID I, this proposal it is still mainly aimed at
EuroFinUse participated on the FEE Roundtable on the functioning of audit committees and Jella Benner-Heinacher presented shareholders’s perspectives. The board acts as the agent of all shareholders and the quality of the board members and the members of the audit committee (AC) is decisive. Therefore, minimum one financial expert in the AC can give the
On an EPFSF event in January 2013, Guillaume Prache, EuroFinUse’s Managing Director, called for a real separation of commercial banking from market and investment banking; stressed that the financial crisis does not only come from “deposit taking” banks and property lending and that the Liikanen Group considered EuroFinUse’s proposal to limit property lending “bubbles”.
EuroFinuse, the European Federation of Financial Services Users, is closely following the debate on the “UCITS V Directive” that is currently focusing on depositories’ liabilities and asset managers’ remuneration. These are two major issues that have to be tackled by EU institutions, as they were exposed as the weakest part of the UCITS framework during