16 December 2020 – With merely 22 active funds, of which just a handful are marketed and distributed to individual, non-professional (“retail”) investors, the EU Long-Term Investment Funds (ELTIF) market is still struggling to develop more than five years after the adoption of its Regulation. The uptake of ELTIFs by investors is hampered by similar but more attractive domestic labels,
6th November 2020 – BETTER FINANCE We welcome the EC’s initiative to alleviate some regulatory requirements enabling EU capital markets’ potential to boost recovery from the COVID-19 induced economic downturn. However, we wish to warn about the long-term detrimental effects that several provisions and amendments will have on “retail” investor protection if done in “haste” and without proper scrutiny and
3 November 2020 – BETTER FINANCE thanks the European Securities and Markets Authority (ESMA) for its “peer review” report on the Wirecard scandal. It is quite revealing of the many failures and conflicts of interests that can plague even the most resourced national financial supervisors. It is unfortunate however that ESMA did not look into the handling by the national
PEPP only called into question by finance industry due to high costs for intermediaries 22 September 2020 – The latest draft of the Pan-European Personal Pension (PEPP) delegated (level 2) regulation was up for discussion last Friday during a broad and well-attended conference on the issue of PEPP and Financial Repression organised by consumer organisations Bund der Versicherten e. V.
Brussels, 20 July 2020 – The new composition of the European Supervisory Authorities’ (ESAs) “Stakeholder Groups” is a step backwards with regard to a balanced representation between industry and consumers in EU financial rulemaking. This is the result of the recent ESAs reform, which reduced the quotas for consumers and academics in favour of financial institutions (industry & “professional associations”).
Brussels, 4 June 2020 – On 29 April 2020 the heads of European and Member State organisations representing individual shareholders across Europe sent an Open Letter to the European Commission (EC) opposing lobbying attempts led by powerful financial intermediaries to postpone the implementation of the Shareholder Rights Directive II (SRD II). Their call has now been heeded. After learning in
The heads of European and Member State organisations representing individual shareholders across Europe sent an Open Letter to the European Commission opposing lobbying attempts by powerful financial intermediaries to postpone the implementation of the Shareholder Rights Directive II. BETTER FINANCE, Asociata Utilizatorilor Romani de Servicii Financiare (AURSF), Associacao dos Investidores e Analistas Técnicos do Mercado de Capitais (ATM), Association pour
Brussels, 27 April 2020 – On 3 April the European Securities and Markets Authority (ESMA) published its final guidelines on performance fees in investment funds, applicable to Undertakings for Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs). These guidelines aim to provide rules for fund managers when charging performance fees to retail investors as