Yesterday, the General meeting of the European Federation of Investors and Financial Services Users (Better Finance) took place at the CFA Institute in the Brussels downtown, followed by the meetings of the Legal Committee and the Executive Board. The events were also attended by the PanSlovenian Investors' & Shareholders' Association (VZMD) President, Mr. Kristjan Verbič, as a member of the Better Finance's Executive Board. He pointed out, among other things, two key issues from the vantage point of investors in Slovenia, which are also being fully addressed by the European Federation of Investors.
They refer to the elimination of injustices to more than 100,000 wiped-out holders of shares and bonds of six Slovene banks, as well as the constant amendments to the Financial Instruments Market Act (ZTFI-1) - even expressly contrary to the EU regulations - which are seriously impairing the situation of individual investors, especially minority shareholders, and are directly detrimental to the capital market and the Slovene economy in general.
While the National Assembly of the Republic of Slovenia was adopting the government-proposed Bill on Judicial Relief Granted to Former Holders of Qualified Bank Credit (ZPSVIKOB), in October, Better Finance submitted to the European Commission their own Bill on Regulating the Status of Expropriated Investors in Slovenian Banks, drafted by the VZMD associates. The Bill provides for a settlement instead of years of complex court proceedings, without burdening the state budget or the Bank of Slovenia.
Having considered the many bills for the elimination of the pressing unconstitutionality, Better Finance believes that the VZMD bill is the most appropriate. The currently adopted government-proposed act (ZPSVIKOB) is opposed not only by the expropriated individuals and the National Council (that vetoed it), but even by the Bank of Slovenia and the European Central Bank.
The other issues pointed out by Mr. Verbič at the meeting are the constant amendments to the Financial Instruments Market Act (ZTFI-1), which are irreparably damaging to domestic investors, capital market and Slovene economy in general. Unfortunately, even in this case, the numerous constructive VZMD proposals were ignored, while at the same time, the decision makers, despite the VZMD warnings (VIDEO), even adopted some amendments which are expressly contrary to the EU regulations.
So the VZMD was once again compelled to raise the pressing Slovene issue at the European level. Better Finance posted letters to the European Commission and the European Securities and Markets Authority (ESMA). In October, they received an answer from the European Commission Vice-President, Mr. Valdis Dombrovskis. He confirmed that his departments initiated an investigation with the Slovene government, and provided assurance that Better Finance would be notified of progress and results.
Last night's meeting concluded with a reception and dinner for the representatives of European associations. Today, the international conference "Sustainable Value for Money" is held at the Euronext Stock Exchange in Brussels, hosted by Better Finance together with the CFA Institute. It is also attended by the representatives of the European Parliament, Commission as well as numerous institutions and organizations.
Other Related International Activities:
VIDEO REPORT - a series of important meetings, resounding conferences and elections during Romanian Presidency of the EU — noticeable and active role of the VZMD and the European Federation of Investors - BETTER FINANCE
VIDEO REPORT - UEFA, RZS, Atlantic Grupa, Better Finance and VZMD presidents, mayors and ministers talk about sport as the business promoter
VIDEO REPORT - Opening of the »Slovenia Business Center« during the European handball championship with active participation of VZMD international programs
EXCLUSIVE VIDEO REPORT from Wroclaw - 4 days of exceptional opportunities in »Slovenian Center«, juncture for business, investment and promotional interests
SLOVENIAN CENTER IN WROCLAW - large attendance and numerous opportunities for Slovenia's promotion, as well as promising business collaborations, also within the VZMD's business-investor programs and the premiere of its PRESENTATIONAL VIDEO
VIDEO INVITATION – Opportunity for company presentations - »SLOVENIAN BUSINESS CENTER« at the European handball championship
VIDEO REPORT from 10th Bled Strategic Forum - the largest foreign affairs event in Slovenia
VIDEO REPORT on the 6th this year's tour of the VZMD's international business-investor programs and its focal part - business angels delegation in Albania, Kosovo and Macedonia
EXCLUSIVE VIDEO REPORT from Istanbul - the European Business Angels Investment Forum 2014
EXCLUSIVE VIDEO REPORT about the week of the MOSCOW-VIENNA-CAPETOWN conferences involving the following: active participation of the international business-investment VZMD programmes, signing a memorandum with the Russian Federation of Investors, and protection of rights of the Slovene and European shareholders at the Viennese conference »The Financial Repression of Savers and Investors« (Moscow, Vienna, Cape Town, October 2013)
MOSCOW – At the Slovenian Embassy about a joint investors’ conference in the fall – an arrangement between the Russian Federation of Investors, VZMD and the Slovenian Embassy (Moscow, June 2013)
KAZAKHSTAN – a successful visit of the Slovenian business delegation in Kazakhstan – strong interest displayed in the international investors’ programs of the PanSlovenian Shareholders’ Association (VZMD): investo.si and investo.international (Astana, Almaty, June 2013)
WORLD BANK – President of VZMD and EuroFinUse Board Member speaker of the first panel at the international conference about audit reform and the importance of audit committees (Bucharest, June 2013)
VIDEO REPORT – Variegated happening at the 19th financial fair KAPITAL 2013 at Cankar Hall, along two-day presentation of the international investors’ programs and the lecture of VZMD President (Ljubljana, April 2013)
INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs investo.si and investo.international also present (New Delhi, February 2013)
EXCLUSIVE VIDEO REPORT of “International Conference on Benefits and Challenges of Public Private Partnerships for improving Energy Efficiency” – key statements of prominent participants (Ljubljana, October, 2012)
EXCLUSIVE VIDEO REPORT from Slovenian - Azerbaijani Business Forum in Baku (Baku, January, 2013)
EXCLUSIVE VIDEO REPORT - Investors' week and the view of business potentials and investment opportunities during the visit of distinguished international guests at the Slovenian coast (Postojna, Koper, Piran, September, 2012)
VIDEO REPORT "Ljubljana declaration" – historic decision on unification of 50 organizations of shareholders and investors under one association and VZMD award »Polet« for »Model corporate governance in multinational corporation« to Gorenje company (Ljubljana, September 21, 2012)
Gala reception and dinner before International Conference on financial education and investors` exposition »investo Expo« (Ljubljana, September 19, 2012)
VIDEO REPORT - International Conference at the Brussels Stock Exchange Stimulated Investors' Representatives and Institutions to Participate at the Investors' Week 2012 in September in Slovenia(Brussels, March 2012)
"Slovenian Day at the Warsaw Stock Exchange (WSE)" Exceptional Interest of Funds, Investors, and the Financial Media for Slovenian Companies and Its Investment Environment - The Introduction of investo.si - Invest to Slovenia's Newly Founded Affiliate, investo.me - Invest to Montenegro(Warsaw, October 2011)
www.vzmd.si – More on the VZMD – PanSlovenian Shareholders' Association
www.vzmd.tv and www.investo.tv – Over 300 videos from VZMD.TV and investo.tv
www.investo.si – More on the investo.si – Invest to Slovenia Program
www.investo.international – More on the network of 55 national organizations of shareholders and investors
