On Tuesday 23 April, MEPs will vote on the revision of a series of key texts aimed at improving the protection of small investors: the retail investment strategy.
According to the European Parliament’s rapporteur, Stéphanie Yon-Courtin (Renew Europe, French), this legislative proposal is “a major step forward” in establishing the Capital Markets Union. But for the S&D and Greens/EFA Groups, it is “unacceptable” as it stands.
Mrs Yon-Courtin’s draft report received a narrow majority in the Committee on Economic and Monetary Affairs (ECON) on Wednesday 20 March (see EUROPE 13375/29), thanks to the support of the Renew Europe, EPP, and ID Groups.
With less than a week to go before a plenary vote to confirm Parliament’s position on this issue, the left wing of the Chamber is hoping to reopen negotiations by voting against the negotiating mandate.
The Greens and Social Democrats have repeatedly stated their opposition to the draft ‘Yon-Courtin’ report, believing that the text does not legislate sufficiently on the issue of ‘inducements’ (see EUROPE 13376/36), having completely abandoned proposals to ban - partially or completely - such commissions, as is the case in the Netherlands and the United Kingdom.
“The choice is simple – protect small investors or side with the far right and protect the interests of bankers. We call on liberals and conservatives to make the right decision and vote to protect consumers, say a clear no to conflicts of interest in financial advice”, S&D Group negotiator Eero Heinäluoma (Finnish) told Agence Europe on Wednesday 17 April. (Original version in French by Bernard Denuit)