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News

FiatChrysler probed for allegedly inflating sales figures

12 August 2016 - FiatChrysler Automobiles NV (FCA) is under investigation of the US Securities and Exchange Commission (SEC) and the Department of Justice (DoJ) for alleged sales-padding by dealers. European Investors monitors developments at FCA, listed at Borsa Italiana, very closely. The criminal investigation into potential securities fraud by SEC and DOJ follows a civil lawsuit filed in Ja...
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European Investors expresses strong concerns about LSE-DB merger

4 August 2016 - In March 2016, the London Stock Exchange (LSE) and Deutsche Börse AG (DB), the two largest trading venues in Europe, announced their intention to merge. Last month shareholders of both entities approved the merger which makes approval by the European Commission the final hurde to take. European Investors appreciates the increased scale and scope that can be achieved through merger...
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European Investors, EuropeanIssuers, FESE and Invest Europe publish joint proposal on the EU Growth Prospectus Regime

7 June 2016 - European Investors, EuropeanIssuers, the Federation of European Securities Exchanges (FESE) and Invest Europe issued a joint proposal on the minimum disclosure regime for SMEs (Article 15). The associations fully support the European Commission’s willingness to ensure easier access to markets for all companies. The Prospectus Regulation proposal is an important first step to reduc...
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FAQ concerning involvement attorney-general in Mylan-Meda matter

Last week, the Dutch Investors' Association (Vereniging van Effectenbezitters or VEB) and the European Investors Association announced the filing of a request with the attorney-general at the Public Prosecutor's Office (advocaat-generaal bij het ressortsparket) in connection with the planned acquisition by Mylan N.V. of Meda AB. This publication provides answers to the most frequently asked que...
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Clarification of VEB and European Investors on Mylan’s counsel’s letter of 11 March and 30 May 2016

2 June 2016 - On 11 March 2016 Mylan N.V.'s Dutch counsel sent a letter to the Dutch Investors' Association (Vereniging van Effectenbezitters or VEB) and the European Investors Association in response to their letter of 10 March 2016. First, it was agreed that the letter of 11 March 2016 would not be published. With a view to the ongoing discussions between VEB and European Investors, and legal co...
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VEB and European Investors disapprove of Mylan’s decision to ignore its shareholders

27 May 2016 - In its letters to Mylan N.V. of 26 February 2016 and 10 March 2016 the Dutch Investors' Association (Vereniging van Effectenbezitters or VEB) and the European Investors Association asked for Mylan’s reasons for not submitting the contemplated acquisition of Meda AB to the approval of its shareholders. As expressed before, these questions were solely aimed at safeguarding the interest...
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Promoting SME and mid-cap investment in the European Union

26 May 2016 - SMEs and mid-caps that have outgrown bankfinancing often face significant regulatory obstacles when making the transition to market financing, an issue the EU aims to tackle in the framework of the so-called Capital Markets Union-initiative. European Investors supports such efforts as it may foster a diversification of companies available to invest in for retail investors. However, i...
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Dutch regulator spots expensive index huggers

13 May 2016 - Investment funds that charge high costs but make little effort to beat the benchmark. In the Netherlands, presumably 8% of all managed equity funds are index huggers, the Dutch financial markets authority concludes on the basis of its exploratory research. And the Dutch regulator is not the first one to draw such conclusions. The costs charged by Dutch fund managers are not always ...
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EU executive backs separation of research and trading costs

15 April 2016 - Last week the European Commission published the first Delegated Directive under MiFID II, dealing amongst others with the use of dealing commissions to pay for research. At the moment, research provided by brokers to investment firms is not paid for directly. Such research is paid for through transaction fees. Such research will now be considered an inducement. Under MiFIDII, fi...
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European Investors responds to ESMA consultation on draft MAR guidelines

31 March 2016 - On 28 January 2016, ESMA published its draft guidelines on the Market Abuse Regulation. These guidelines deal with (i) the requirements for persons receiving market soundings and (ii) the legitimate interests of issuers to delay disclosure of inside information and situations in which delay of disclosure is likely to mislead the public. Under the Market Abuse Regulation that ...
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