Investissements à long terme

Definition 

Long-term investment has emerged as a regulatory theme in response to concerns about excessive short-termism in the world’s financial markets and its impact on economic performance and sustainable development. The theme connects legislative initiatives to reduce short-termism such as high-frequency trading and a financial transaction tax, to a demand-driven agenda to finance long-term real economy needs.

Legislative activity

The European Commission started work on a Green Paper on the long-term financing of the European economy in 2012, shortly before the European Council’s “Compact for Growth and jobs” on 29 June 2012 highlighted a need for more financing of the economy. Several long-term financing issues of relevance to the EU were raised the following month in a UK report into the equity markets and long-term decision making (The Kay Review).

At international level, G20 leaders meeting in Mexico in November 2012 asked the IMF, OECD, FSB and other international institutions to report in 2013 on factors affecting the availability of long-term investment financing.

The Commission’s Green Paper due in March 2013 is expected to look at ways to boost long-term financing capacity; the role of financial market intermediaries; access to capital for small and medium-sized enterprises; and the use of public funding to boost LTI objectives, among other things. One of the initiatives suggested in the paper is the creation of a framework for long-term retail investment products modelled after the successful UCITS framework, on which the Commission informally consulted stakeholders in early 2013. The Commission has also started to work on a review of the Shareholder Rights Directive, expected later in 2013. Finance Watch has provided input to the Commission on both of these initiatives.

Calendar

  • Second half of 2013 - Legislative follow-up of Green Paper
  • April-June 2013 – Commission consultation period
  • Mid-March 2013 – Publication of Commission Green Paper on LTI expected
  • 17 October 2012 – Finance Watch conference “Long Term Investing: What can the EU Learn from Kay Review?”
  • 12 September 2012 – Finance Watch and Commission workshop for FW members
  • 23 July 2012 - Kay Review published in UK
  • 7 March 2012 – Finance Watch workshop for FW Members

Publications

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Dans les médias

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