European Investors’ Working Group

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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. The Group is an independent non-political investor group composed of members from the retail and institutional investment industry community. The final report provides a framework of 46 recommendations for the EU regulatory and supervisory agenda from the investor’s perspective, guided by the six objectives of: investor protection; better transparency; market integrity; market efficiency, quality of supervision and competitiveness of EU markets.  

Mandate of the Working Group

The European Investors’ Working Group (EIWG) is composed of retail and institutional investors who commit their resources to invest directly or indirectly (through investment funds) in European capital markets. It is not a formal industry group; those groups may have a different opinion on the issues covered by this report. European capital markets include all securities markets across Europe and related areas. The mandate of the Group is to evaluate, from the investors’ perspective, both existing regulation and any reform proposals that are pending or will be proposed at the EU or Member State level in response to the financial crisis. Within the scope of this mandate, EIWG members and supporting staff stand ready to provide the input needed by the European Commission, the European Council and the European Parliament, as well as national regulators and standard‐setters.

The Group is an independent, non‐political body created by the European Capital Markets Institute (ECMI) in partnership with the CFA Institute Centre for Financial Market Integrity (the Centre). The Board of Directors of the ECMI invited Fabrice Demarigny, Member of the Board, to chair this prestigious group. Capital markets are efficient if they attract capital and investors and permit an efficient allocation of resources, aimed at boosting economic growth and prosperity. As a result, the integrity of the marketplace and the protection provided to investors are of paramount importance.   The research and recommendations contained in this report embody the overarching aim of the EIWG to restore investor confidence. We believe this can be achieved by promoting and encouraging an efficient, effective and globally competitive supervisory and regulatory model that offers European capital markets: strong investor protection; robust and coordinated oversight of market participants; strong surveillance and enforcement of marketplace rules and regulations and better transparency. A successful regulatory model must balance competing interests; providing meaningful oversight without needlessly restrictive rules imposing excessive costs on the system.  


  • Fabrice Demarigny, Attorney at Law, Global Head of Capital Markets Activities of Mazars Group, Member of the Board of ECMI and former Secretary General, CESR


  • Diego Valiante, European Capital Markets Institute (ECMI)
  • Andrea Grifoni, CFA Institute Centre for Financial Market Integrity
  • Martin Sjoberg, CFA Institute Centre for Financial Market Integrity

Final Report of the Task Force: 'Restoring Investor Confidence in European Capital Markets'