VZMD welcomes the unambiguous explanations of the Ministry of Finance, which immediately caused the removal of the illegal explanations by FURS regarding the additional taxation of the cheated and squeezed-out minority shareholders. VZMD has waited for an official response to their Call to FURS for more than three weeks and is already preparing to pay out additional compensations to the squeezed-out shareholders of ACH. Namely, the significant monetary difference to the established compensation has already been transferred to the trust account of the authorized attorney in the beginning of February; however, due to FURS' questionable opinion, the funds were held there for the matter to be clarified; otherwise, the minority shareholders would have to immediately and additionally pay a 25% advance income tax return (in case of payouts). Last week, FURS finally removed the 5th edition of the document "Other income under the Personal Income Tax Act" from January 2023 and replaced it with the 6th edition, which does not contain the paragraph 2.1 "Additional cash compensation"!

VZMD sent a letter to the Director General of the Financial Administration of the Republic of Slovenia (FURS), Mr. Peter Grum; the letter was a "Call for the correction of the unlawful new explanations published on the FURS websites". The VZMD  experts were shocked and distraught when they read the 5th edition of the document "Other income under the Personal Income Tax Act (detailed description)" which contains an ADDITIONAL SECTION regarding the "additional remuneration" which is ENTIRELY WRONG, because it also considers remuneration payments for the squeeze-out or expropriation of minority shareholders as other income under the Personal Income Tax Act.

In Brussels, a two-day meeting of the Expert Advisory Group of the Financial Services Users (FSUG) is taking place. FSUG was established by the European Commission in 2010 in order to include the financial services users in the process of preparation of the regulations, procedures, and policies at the EU level; as of now, it has 20 members from 11 EU countries, with VZMD President, Mr. Kristjan Verbič, as the sole representative from Slovenia. Yesterday, the FSUG members listened to the presentations on the efforts of individual members, and afterward, they addressed the current initiatives of the European Commission regarding the insurance services, the options to build upon the past work of the FSUG, and the main topic, which was the prices of various financial services in the EU member states, as well as the topics for the next meeting of the FSUG in Helsinki.

Last month, the representatives of the European Federation of Investors and Financial Services Users (BETTER FINANCE), of which VZMD is an active member, met with Patricia Reilly, the Head of Cabinet of the Commissioner for Financial Services, Financial Stability and Capital Markets Union. Ms. Reilly reiterated the commitment of the Commissioner Mairéad McGuinness to the key priorities of the EU Retail Investment Strategy, mainly to coherent protection of various legal instruments, building on the competitiveness and cost efficiency of products, as well as bias-free advice.

At the end of past week, VZMD brought a class action before the District court of Ljubljana against TELEKOM SLOVENIJE due to the damages caused to the carrier's subscribers in an estimated amount of EUR 122,689,762.25. According to conservative estimates of VZMD's experts, unilateral price increases to subscription plans without providing any reasonable grounds, and the method of these increases in the past five years have caused damages to over 450,000 Telekom subscribers. This month, similar actions will also be brought against A1, Telemach, and T-2, who have, according to VZMD's estimates, caused damages to approx. 800,000 subscribers.

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The International Investor Conference 'The Green Deal vs. Geopolitics' concluded with a gala banquet held at the historic Literaturhaus Frankfurt where the guests were addressed by Friederike Rotsch, the Board Member of SAP. The prominent and ever well-attended biennial conference traditionally organized by the German Shareholders' Association (DSW) and the European Federation of Investors and Financial Services Users (BETTER FINANCE), was opened as early as this Tuesday by Verena Ross, the President of the European Securities and Markets Authority (ESMA) that Mr. Verbič, the President of VZMD, has been a participant of since 2016 as a member of the consultative working groups, the Financial Innovation Standing Committee (FISC CWG) and the Corporate Finance Standing Committee (CFSC). Mr. Verbič has been attending the investor conferences in Germany since 2008, and yet again took this opportunity to speak with the distinguished speakers and guests, about numerous ongoing initiatives and proceedings of VZMD.

Last week, the General Assembly of the World Federation of Investors (WFI) was held in Ghent, Belgium, where they confirmed, among other things, the decisions of the previous meetings of the WFI in Bled (VIDEO: https://youtu.be/JoaQyqZlVwg) and in Athens. In addition to the reports of various boards and national members, there were also numerous presentations and discussions regarding sustainable investments, the factors affecting the ranking of securities, the American Depositary Receipts (ADRs) that had probably been lost for the European citizens due to the sanctions against the Russian Federation, the progress of the actions against VOLKSWAGEN where VZMD is also involved etc. This important meeting of the representatives from 14 countries was also attended by Mr. Kristjan Verbič who, as their member, had taken part in the meeting of the Executive board of the WFI on Thursday, and used both as an opportunity to put forward the efforts in the case of MERCATOR and the violations of the EU sanctions.

The VZMD President, Mr. Kristjan Verbič, attended the meeting of the Executive Board of the European Federation of Investors and Financial Services Users (BETTER FINANCE) in Brussels, and the meeting of the Executive Committee and the General Assembly of the World Federation of Investors (WFI) in Ghent. Following the informal dinner on Tuesday, the members of the Executive Board discussed the membership request of the Italian association 'New Savers' on Wednesday. They also took note on the reports and developments in various European projects where the Federation members (from 43 national associations of shareholders and financial services users) are involved in. Mr. Verbič took this opportunity to present the developments in Brussels in the past week – including the activities of VZMD at the meeting of the Expert Advisory Group of the Financial Services User Group at the European Commission (FSUG).

The meeting of the Expert Advisory Group of the Financial Services User Group at the European Commission (FSUG), composed of 20 members from 11 countries of the EU, took place last week in Brussels. VZMD President, Mr. Kristjan Verbič, also actively participated in the important meeting as a full member and the sole representative of the Republic of Slovenia in the highest professional body of the European Commission, in the field of financial services, their users and consumers. At the offices of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA) – the Expert Advisory Group and the representatives of the European Commission discussed and made proposals on various current issues and sectoral legislative procedures and Directives, including mortgage and consumer credits and remunerations, digital Euro initiatives, open finances etc.