The meeting of the Expert Advisory Group of the Financial Services User Group at the European Commission (FSUG), composed of 20 members from 11 countries of the EU, took place last week in Brussels. VZMD President, Mr. Kristjan Verbič, also actively participated in the important meeting as a full member and the sole representative of the Republic of Slovenia in the highest professional body of the European Commission, in the field of financial services, their users and consumers. At the offices of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA) – the Expert Advisory Group and the representatives of the European Commission discussed and made proposals on various current issues and sectoral legislative procedures and Directives, including mortgage and consumer credits and remunerations, digital Euro initiatives, open finances etc.
An important and far-reaching study conducted by the European Federation of Investors and Financial Services Users (BETTER FINANCE) and the German Shareholders' Association (DSW), on the state and hurdles to the participation and exercising the rights of minority shareholders and individual investors in the EU was presented, in which VZMD was also visibly engaged, in particular with documented examples of contested practices. Correspondingly, the presentation by Christiane Holz from DSW and Agnes Le Thiec from DG FISMA was followed by a discussion - among other things, Mr. Verbič pointed out 'that the presented issues are only the tip of the iceberg and that, in practice, Slovenia is still struggling with more in-depth problems and issues, even in transferring shares between brokerage firms and with the payments of dividends etc. We truly have a wild west situation here since it seems that there are no limits for financial intermediaries, especially in terms of individual investors or small shareholders. Consequently, if there are no limits for financial intermediaries, there is no reasonable grounds why people should invest their savings in the capital market. In the EU, we have many household financial assets stored in different forms which should instead be driving the European economy!'.
In addition to the role of the financial intermediaries, Mr. Verbič also highlighted the shocking issues which VZMD is facing, along with the extremely controversial recapitalization, the squeeze-out of the shareholders (VIDEO: https://youtu.be/sbpD4J3fLpI), and the transformation of MERCATOR – all done by FORTENOVA GRUPA, owned by the Russian SBERBANK and VTB BANK – and with it the systematic violation of the EU sanctions, as is a firm belief of the associates of the Association. Furthermore, the VZMD President touched on the 9-year long agony suffered by 110,000 expropriated shareholders and subordinated bonds owners of the Slovenian banks (VIDEO: https://youtu.be/XmtwGKxlrbg), as well as the attempts of some Slovenian institutions at disabling the 'Share SUPPORT' civil society managed by the VZMD.
During the meeting, the members of the Expert Advisory Group also appointed the chairman, with the majority of votes going to Alin Iacob, the President of the Association of Romanian Financial Services Users (AURSF). VZMD and its sister association AURSF are also successfully participating in the framework of BETTER FINANCE, where both association presidents are also the members of the Executive Board. During the Romanian presidency of the Council of the EU, Mr. Verbič participated in the international conference and a meeting of BETTER FINANCE and the high meeting of the Ministers of Economy and Finance EUROFI in Bucharest (VIDEO: https://youtu.be/d0ABNd1I9gs), while Alin Iacob actively participated in last year's international conference organized in Bled by BETTER FINANCE and VZMD (VIDEO: https://youtu.be/JoaQyqZlVwg).
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