Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

EU plan to end single market obstacles disappoints industry

2022 06 28T095202Z 1 LYNXMPEI5R0E1 RTROPTP 4 BRITAIN EU INVESTMENT MARKETS - Global Banking | Finance

By Huw Jones

LONDON (Reuters) – The European Union set out plans on Tuesday to strengthen protection for cross-border investors but left business disappointed by their lack of new laws to prevent obstacles.

Insurers, retailers and other companies face hurdles to expanding across the EU beyond their own state as local laws and practices can favour domestic companies, even though the bloc is legally a single market of 27 countries.

“We see now more and more regulation makes it more difficult to operate cross-border and be locally competitive,” Ilya Bruggeman, a director at EuroCommerce, which represents retailers, told a hearing at the European Commission.

The bloc agreed in 2020 to scrap bilateral agreements between states, which had sought to guarantee that a home state would not harm foreign investors, because they were not compatible with EU law.

EU financial services commissioner Mairead McGuinness told the hearing that existing mechanisms that protect investors under the bloc’s laws would be strengthened.

Her “toolbox” included adding an investor protection dimension to the European Commission’s regular reports on how states apply the bloc’s rules, and on the quality and independence of courts in EU countries.

“We will not come forward with legislation, but we do intend to take action,” she said, but added that taking countries to the bloc’s court would be a “last resort”.

Marc Poulain, a director at AFEP, which represents large companies in France, said he was “quite disappointed” there would be no legislation to protect cross-border investors.

“We will judge upon the merit of the details that we can see in the toolbox, but at first sight it’s not really at the level of our previous expectations,” Poulain said.

Businesses have called for a new independent dispute resolution board but commission officials said on Tuesday this was not on the table.

(Reporting by Huw Jones; Editing by Robert Birsel)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post