14/09/2011 EuroInvestors welcomes the European Commission’s consultation on Social Investment Funds. As far as retail investors are concerned, similar retail funds already exist throughout Europe, like the “fonds solidaires” in France. The key challenges to effectively promote retail investments in social businesses will be to: define very clearly and precisely what social businesses are: the EC proposed definition is not precise enough and diverges from other existing definitions; have a neutral control on the reality of the “social” nature of any business claiming it.; grant investor information and protection rules as close as possible to those provided by MiFID and by UCITS IV Directives; have an independent and trusted rating of such funds; simplify and clarify the offerings in this field instead of just adding yet another category of retail investments of which there are already too many, creating a lot of confusion in retail investors minds; especially the difference with SRI funds must be very clearly spelled out.

Position paper:
EFI reply on Social Business Initiative consultation1317736808.pdf

09/08/2011 EuroInvestors (EFI) agrees with the European Commission (EC) that venture capital is particularly important for small and medium enterprises (SMEs) in the EU, since venture capital provides finance to companies with promising but untested business models that are confronted with high levels of uncertainty as regards their future prospects. In these circumstances, these companies often face difficulties to find access to other more traditional sources of funding, in particular innovative start-up businesses that face difficulty in accessing traditional bank lending or finance through stock exchanges. But, at the same time, EFI is concerned that by legitimately trying to ease venture capital funding for SMEs, the EC may be lowering the investors’ protection level.

Position paper:
EFI reply to EC consultation A new European regime for Venture Capital1322648214.pdf

02/01/2012 EuroInvestors fully supports the position of the GCAE, emphasizing the necessity of correct, understandable and not misleading information about pensions. “Communication with the members should also explain in simple and clear terms the principal risks implicit in the financial arrangements, how they are managed and the potential consequences of failure. Better communication regarding the purchasing power of the benefits is essential and should, in our opinion, be an important factor in disclosure.” Moreover, transparency in communication with all stakeholders should be encouraged, leading to better understanding of the complexities and risks in pension schemes. EuroInvestors agrees with EIOPA that a new KIID-like document should be introduced and extended with information on contribution arrangements, practical information and cross/references to other document. Last but not least, the opinion of GCAE is shared  stating that “the HBS should be made public and communicated to stakeholders and especially plan members (present employees , retired and reversion beneficiaries) so that the employees get a better understanding of the exact nature of the promise being made to them and asses better the financial aspects of the plan sponsor covenant”.

Position paper:
EFI answer to EIOPA consultation on CfA on the review of Directive 2003 41 EC1326295813.pdf