Translation of "Association européenne de marketing financier " (French → English) :

31. Recognises the important role played by money market funds (MMFs) in the financing of financial institutions in the short run and in allowing for risk diversification; recognises the different role and structure of MMFs based in the EU and the US; recognises that the 2010 ESMA guidelines imposed stricter standards on MMFs (credit quality, maturity of underlying securities and better disclosure to investors); notes, however, that some MMFs, in particular those offering a stable net asset value to investors, are vulnerable to massive runs; stresses, therefore, that addi ...[+++]tional measures need to be taken to improve the resilience of these funds and to cover the liquidity risk; supports the October 2012 IOSCO final report in its proposed recommendations for the regulation and management of MMFs across jurisdictions; believes that MMFs that offer a stable net asset value (NAV) should be subject to measures designed to reduce the specific risks associated with their stable NAV feature and internalise the costs arising from these risks; considers that regulators should require, where workable, a conversion to floating/variable NAV, or, alternatively, safeguards should be introduced to reinforce stable NAV MMFs’ resilience and ability to face significant redemptions; invites the Commission to submit a review of the UCITS framework, with particular focus on the MMF issue, in the first half of 2013, by requiring MMFs either to adopt a variable asset value with a daily evaluation or, if retaining a constant value, to be obliged to apply for a limited-purpose banking licence and be subject to capital and other prudential requirements; stresses that regulatory arbitrage must be minimised;

financial instruments such as loans, guarantees, equity or quasi-equity, investments or participations, and risk-sharing instruments, whenever possible under the lead of the EIB in line with its external mandate under Decision No 1080/2011/EU, a multilateral European financial institution, such as the European Bank for Reconstruction and Development, or a bilateral European financial institution, e.g. bilateral development banks, possibly pooled with additional grants from ...[+++] other sources.

The Commission consulted the 32 countries participating in the Education and Training 2010 work programme, the European Social Partners, the relevant European associations, NGOs and networks, and the European industry sector associations e.g. ICT, construction, marketing etc.

With financial support or direct involvement from the European Union recent years have witnessed initiatives that support the abovementioned goals, such as the metasearch engine of the Network of the Presidents of the Supreme Judicial Courts of the European Union , the Dec.Nat and Jurifast databases of the Association of Councils of State and Supreme Administrative Jurisdictions of the European Union , the JURE (Jurisdiction Recognition Enforcement) da ...[+++]tabase of the European Commission , EUR-Lex, and the case law database of the European Union Agency for Fundamental Rights

Initiatives organised in third countries in association or cooperation with the European Year of Intercultural Dialogue, without being supported financially by it, may also receive non-financial support from the Community and use the logo and other materials associated with the European Year of Intercultural Dialogue.

[3] Report to European Financial Services Round Table : « the Benefits of a Working European Retail Market for Financial Services, www.zew.de/erfstudyresults/