Roberto Silvestri is EU Policy Specialist, Capital Markets Policy EMEA at CFA Institute. He helps reach out to regulators and stakeholders about the positions that CFA Institute holds and unravel the complexities of EU regulation for CFA Institute members.
Day two of the CFA Institute Financial Regulatory Symposium 2021 featured an in-depth discussion on these themes, and the measures that regulators can put in place to encourage ethical behavior.
Regulators’ push for the development of sustainable investments, however, is challenged by the lack of reliable, consistent, and verifiable ESG data.
Now is the time to review the structure of the financial supervision in the EU. Empowering the ESAs with greater direct supervisory powers and resources and turning these authorities into more independent bodies are essential steps to achieve a genuine CMU, with a truly European single supervision.
CFA Institute recently published the report “Corporate Governance and ESG Disclosure in the EU”, which looks at how corporate governance practices have evolved over the past years and examines the impact of sustainability measures that have been introduced in the European Union in the context of the Renewed Sustainable Finance Strategy and the Action Plan on Financing Sustainability Growth. The study also focuses on how companies can take into account open market perspectives while continuing to seek corporate success and create shareholder value.
CFA Institute supports the “template” approach that the European Supervisory Authorities have taken ESG disclosures ensuring they are included in the description of adverse sustainability impact of investment decisions.
Since CFA Institute has been focusing particularly on the impact of the MiFID II rules for the past two and half years (the directive entered into force on 3 January 2018), we will be looking only at the tweaks to this regulatory framework.
Despite its severity, this crisis also could represent an opportunity for regulators and financial institutions to set out measures to address inappropriate culture and behaviors, which were the factors precipitating the 2008 global financial crisis that remain present in markets today.
A few weeks ago, the new European Commission, led by Ursula von der Leyen, rolled out its first package of measures, called the European Green Deal.
The level of integration of EU capital markets is still insufficient to boost growth and investments across Europe, according to Marco Lamandini
Owing to a number of barriers and unaddressed challenges, thecapital marketsin Central and Eastern European (CEE) countries lag behind the more developed Western European markets.
In September 2015 the European Commission launched the Capital Markets Union (CMU) Action Plan with the aim of creating alternative sources of financing, that is, sources other than banking. Almost three years later this project is still incomplete,… READ MORE ›
The EC’s Action Plan was one of the main discussion topics of the high-level conference, “The Future of Capital Markets in the EU: Towards Deeper Integration?,” organised by CFA Institute at the European Parliament in Brussels on 6 June 2018.
Policymakers discussed why capital markets in the EU must be stronger and more integrated during the high-level conference, “The Future of Capital Markets in the EU: Towards Deeper Integration?,” organised by CFA Institute at the European Parliament.