Better Finance: European Commission releases watered down Capital Markets Union (CMU) Action Plan

24 September 2020 – The European Commission’s (EC) Directorate-General for Financial Services, Financial Stability and Capital Markets Union (DG FISMA) published a third action plan to build a Capital Markets Union (CMU) – this time for “people and businesses” – which sets 16 policy and regulatory objectives in order to “finally complete the Capital Markets Union”. [The CMU Action Plan

FCA warns on complex financial products

Date: 18th April 2019 Author: BETTER FINANCE Wanda Goldwag, the new chairwoman of the UK regulator’s Financial Services Consumer Panel has spoken about a “plethora” of products in the market that consumers do not understand, and advisers fail to properly explain. The panel was created in March, with the aim of advising the Financial Conduct Authority (FCA) on the interests

BETTER FINANCE welcomes ESMA’s efforts at rooting out closet funds

Date: 8th April 2019 Author: BETTER FINANCE Fresh guidance from Europe’s markets watchdog has been hailed by BETTER FINANCE as a first step towards rooting out the practice of closet-indexing, also referred to as falsely active funds. Recently ESMA published an update to its question and answers document on the UCITS directive, aimed at fostering supervisory convergence among national regulators

ESMA to renew prohibition on binary options

Date: 27th August 2018 Author: BETTER FINANCE The European Securities and Markets Authority (ESMA), in accordance with their mission to enhance investor protection and promote stable and orderly financial markets, announced today that they have agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients for a further three-month period. With ESMA considering

EUROPEAN COMMISSION PROVIDES GUIDANCE ON THE PROTECTION OF CROSS-BORDER EU INVESTMENTS IN LIGHT OF THE CONTINUED DEVELOPMENT OF THE CAPITAL MARKETS UNION

Date: 1st August 2018 Author: BETTER FINANCE With its Communication of July 19, the European Commission reaffirmed the illegality of intra-EU bilateral investment treaties(intra-EU BITs) and stated that ”EU investors cannot invoke intra-EU BITs, which are incompatible with Union law and no longer necessary in the single market’’. Intra-EU BITs treaties are international agreements that focus on investor protection and

Key Regulatory Aspects of MiFID II

Date: 3rd January 2018 On the day it becomes directly applicable, the long-awaited revised Markets in Financial Instruments Directive (MiFID II) gives birth to a new and healthier environment for financial services and instruments across the Single Market. Although only 11 out of 28 Member States have implemented the Directive so far, the past two years have been a race

Animated Discussion on Retail Conduct Supervision at the Joint ESAs Consumer Protection Day

Date: 23rd June 2017 Today, Alin Iacob, Chairman of the Association of Romanian Financial Services Users, vice chair of the EBA Banking Stakeholder Group and Board Member of BETTER FINANCE, participated in a Panel Discussion on Retail Conduct Supervision at the Joint ESAs Consumer Protection Day 2017. He brought the perspective from Central and Eastern Europe on this important issue

Individual Investors Victims of Uncompetitive Industry says UK Regulator

Date: 6th January 2017 When taking into account pensions and lifetime savings, many citizens have significantly more money stashed away with the asset-management industry than they do with banks, yet the industry’s oligopolistic ways have ensured that fees have remained unchanged over the years resulting in some of the highest operating margins of any industry. There is one important exception