- Full text
- Tijdschrift
- Nummer 2
- Artikel
- Retail investors: how to achieve “same rule and same supervision” for “same product and same risk”?
Volume 2019 : 2
Real estate, QE and mortgage loans – Is there a perfect storm on its way?
Macroprudential measures for Belgian Residential Real Estate Exposures: context and motivation
De operationele flow van een woonkrediet, een blik achter de schermen van Crelan
De Belgische woningmarkt: moeten we ons zorgen maken?
Strengthening the EU single market for retail investment products: a summary
The role of retail financial products in safeguarding prosperity (investment products, insurance products, pension products)
Retail investors: how to achieve “same rule and same supervision” for “same product and same risk”?
Product and Conduct Regulation in practice – A multifaceted View on Impact, Effectiveness and Challenges ahead
A blue sky or investors in the dark? – Challenges ahead
Real estate, QE and mortgage loans – Is there a perfect storm on its way?
Macroprudential measures for Belgian Residential Real Estate Exposures: context and motivation
De operationele flow van een woonkrediet, een blik achter de schermen van Crelan
De Belgische woningmarkt: moeten we ons zorgen maken?
Strengthening the EU single market for retail investment products: a summary
The role of retail financial products in safeguarding prosperity (investment products, insurance products, pension products)
Retail investors: how to achieve “same rule and same supervision” for “same product and same risk”?
Product and Conduct Regulation in practice – A multifaceted View on Impact, Effectiveness and Challenges ahead
A blue sky or investors in the dark? – Challenges ahead
Jaar
2019
Volume
2019
Nummer
2
Pagina
148
Taal
Engels
Rechtscollege
Referentie
P-H. CONAC, “Retail investors: how to achieve “same rule and same supervision” for “same product and same risk”?”, BFW 2019, nr. 2, 148-153
Samenvatting
The regulatory regime for retail investors has improved dramatically since the great financial crisis of 2008. Especially, the EU legislator has introduced a single rule book (SRB) in the area of securities, banking and insurance legislation. However, the EU legislator has adopted, with a few exceptions, a “silo” approach to financial legislation. This implies that there are different levels of protection for retail investors between sectors, such as securities, banking and insurance. Therefore, there are not really “same rule and same supervision” for “same product and same risk”. In order to improve the situation, it is necessary to reduce the “Silo approach” by adopting the best benchmark. The “Silo approach” should be reduced within a sector but also cross-sectors. It appears that EU legislation developed for retail investors, such as the Markets in Financial Instruments Directive (MiFID II) are the benchmark that other sectors should follow. This does not rule out simplifications and improvements to MiFID II. However, rules are nothing without enforcement, especially when it comes to protecting retail investors. Therefore, supervisory convergence by the European Supervisory Authorities (ESAs) is key. Although, the European Securities and Markets Authority (ESMA) has been quite dynamic in this field, the results are disappointing as stated by Peer review reports. There are strong cultural differences. The situation is made worse by the governance structure of ESMA which makes it difficult to achieve significant progress. The unfortunate situation of Brexit, if it takes place, could lead to some renewed regulatory competition among Member States. This could increase the need for more supervisory convergence and trigger a reform since supervisory convergence will be difficult to achieve even after the recent ESAs review.
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