ECMI-CEPS Task Forces

Task Forces are structured meetings that bring together representatives from the industry and researchers to discuss the impact of regulatory developments. These structured meetings are organised by ECMI in partnership with CEPS, the Centre for European Policy Studies, one of Europe's most renowned think tanks. To learn more about our Task Forces, including how to participate in their meetings, please follow the links below.

Supporting Long-term Investing and Retirement Savings

CEPS and ECMI wish to engage market participants, together with international experts, academics and regulators, in a discussion on long-term investing and long-term saving products, including private retirement savings. The purpose of this Task Force is to bring together a diverse group of stakeholders and deliver a list of policy recommendations to strengthen both (a) the single market for long-term savings, including private retirement savings, and (b) long-term investing in Europe, given its role in promoting growth and ensuring the provision of adequate retirement income.

Price Formation in Commodities Spot and Derivative Markets

ECMI-CEPS Task Force, 2011-2012: The unstoppable race of commodity prices comes at a critical moment, when European and US economies are languishing in regaining the ground lost as a result of the recent financial crisis. Policy makers and the public opinion are shrouded in a mist of mounting worries and anger around commodity prices. Regulators worldwide agreed in the G20 to address price volatility and are bringing forward a number of regulatory proposals to improve the regulation, functioning, and transparency of commodity markets.

Rethinking Asset Management

ECMI-CEPS Task Force, 2011-2012: The Task Force Rethinking Asset Management was set up by the Centre for European Policy Studies (CEPS) and the European Capital Markets Institute (ECMI) in late 2010 to research four topics, in view of their relevance for the European economy, the single market and investors: (a) the future of the asset management industry after the financial crisis and the adoption of the alternative investment fund managers’ directive (AIFMD); (b) product innovation in UCITS and the way forward to complete the single market and strengthe

MiFID Review: What is Next for European Capital Markets?

ECMI-CEPS Task Force, 2010-2011: Successfully finalised with the publication of its final report in February 2011 (see below), this task force brought together market participants, international experts, academics and regulators during most of 2010. It evaluated policy proposals and advanced a set of recommendations for the review of the Markets in Financial Instruments Directive (MiFID). Analyses and recommendations were included in the final report which was presented in Brussels and London where it was met with great interest.

European Investors' Working Group

ECMI-CEPS Task Force, 2010: The financial crisis has had a severe impact on European financial markets. Institutional and retail investors have suffered losses and, most notably, a diffused loss of confidence in the efficient functioning of the market. In its attempt to set out steps to restore investor confidence in European capital markets, the European Investors’ Working Group, organised by ECMI, sponsored by the CFA Institute Centre for Financial Market Integrity, has recently launched its final report in Brussels with the European institutions.

European Financial Disclosure Standards

ECMI-CEPS Task Force, 2003: The EU is well advanced in (re-)shaping the regulatory structure for securities markets. As part of this exercise, the EU is rapidly finalising a more harmonised framework for disclosure in the prospectus, market abuse and transparency directives, and has created the structure for harmonised financial reporting principles with the International Accounting Standards regulation.

Pan-European Asset Management

ECMI-CEPS Task Force, 2003: The asset management industry encompasses a broad range of businesses, in terms both of size as well as regulatory regimes. In terms of volume, the importance of the industry differs remarkably across jurisdictions, and is influenced by the wealth and savings behaviour of citizens, the existence and maturity of funded occupational pension schemes and the domestic regulatory environment.

Investment Services Directive (ISD) Review

ECMI-CEPS Task Force, 2003: In November 2000, the European Commission announced its intention to undertake a review of the Investment Services Directive (ISD). The review is the latest example in a long series of attempts by the EU to forge its segmented national securities markets into a unified market. Since the 1960s, the EU had launched various initiatives aimed at creating a common regulatory regime for investment services. Not until the end of the 1980s, however, as part of the Single Market Programme, did these efforts achieve any result: the 1993 ISD.

EU Securities Market Regulation

ECMI-CEPS Task Force, 2001: The aim of securities market regulation is to ensure proper disclosure and enforcement via a complex set of intermediaries and institutions. This is achieved not only via legislation, but also by stimulating a process of competition between intermediaries on the basis of reputation and allowing the market to take responsibility for part of the regulatory and enforcement work.