The Economy and Competitiveness Committee of the Congress will meet on Tuesday with the aim of discussing, among other issues, the socialist proposal to create Hispanicbonds to support the financing of the autonomous communities, as well as the requests of several parliamentary groups for the Government to give a solution to those affected by the commercialization of preferred shares.
Thus, the members of this parliamentary committee will meet on Tuesday from 11.30 am to discuss, first, the proposed law of the Plural Left (IU-ICV-CHA) urging the Government to coordinate with the Commission National Stock Market (CNMV) a “comprehensive review” of convenience tests.
The group asks that the “subscription contracts for any financial risk product that are not appropriate to the client’s knowledge profile or the risks that it wants to take,” be sanctioned, and that entities that “ignored the legal requirements for the commercialization of this type of products “.
In the same line, it claims that the CNMV be required to guarantee “in the future” that performs its functions in this matter, and coordinate with the Bank of Spain the necessary actions to guarantee the return of the initial capital. The Plural Left also calls for measures for financial entities to stop “systematically ignoring” the rules of conduct and a Law of Transparency and Quality in the Marketing of Financial Products, to be presented at the next session.
Protection for users
The debate on this issue will not end here, since immediately the Economic Commission will also discuss another initiative, of UPyD on this occasion, on the protection of users of financial products, in which magenta training demands “short” forms , approved and uniforms mandatory use by all financial institutions “for the contracting of this type of securities, as is already done with mortgages.
They also propose that a “greater separation” be promoted from commercialization and financial advisory activities in the entities, and that the Bank of Spain be able to “supervise the remuneration policies of financial entities, which allow them to combat the perverse incentives that generate Short-term behaviors. “
Improving the protection agencies of users of financial services by expanding their powers and means, and studying the possible unification of the currently dispersed investor protection organizations, to increase both their effectiveness and their social visibility, complete UPyD’s initiative .
The subject has already been discussed
In addition to these initiatives, other groups have presented proposals along the same lines. For example, last March, a proposal by the PSOE was rejected, in which it required guaranteeing the clients who purchased preferential shares the recovery of their initial capital and regulating the information that is given on these financial products.
Before the vote against the PP, the Socialists have chosen to register another proposal in which they ask the Government to prohibit by law the sale of preferred shares to retail investors and to guarantee those who subscribed in the past the return of one hundred percent of the nominal value of these bank securities.
CiU, for its part, has also presented a proposal -which has not yet been debated- requesting the Government to file a file with the banks that sold preferred shares to individual clients, as well as punishing those who may have violated the law, and present a bill of transparency and quality in the commercialization of banking products.
Guindos wants to give you a solution
In addition, the Attorney General of the State, Eduardo Torres-Dulce, has announced that it is studying civil, and even criminal, to typify the marketing of these products and accommodate a consumer demand in defense of the interests of the consumers and users; and the Economy Minister, Luis de Guindos, acknowledged that “they should never have placed (these titles) among the small saver”, especially when institutional investors were already rejecting them, and promised to seek “an exit as much as possible”. possible “to this situation.
In fact, a subcommittee on Transparency in Information on Financial Products and Mortgages of Credit Institutions has already been constituted in the Congress, under the Economic Commission, which will hold its third session this Wednesday starting at 5:00 p.m. , with the organization of the works as the only point of the day.
On the other hand, the Economy Committee of Tuesday also has in its agenda the debate of a proposal not law of the PSOE in which urges the Government to negotiate with the autonomous communities within the Council of Fiscal and Financial Policy ( CPFF) the best formula to support the regional debt, either with Hispanic bonds, with guarantees or with direct loans from the ICO or the Treasury.
Its objective is to improve the debt rating of the autonomous communities -which in some cases reaches the ‘junk bond’, worse than that of some of the countries intervened- and to achieve a saving in financial expenditure with which to help achieve the objective deficit of 1.5% this year.
Thus, it is requested to open the possibility to each regional executive to choose the option that best suits them, or even to make a ‘mixed’ of several, between the State issuing debt through hispanobonos and negotiating with the communities how to distribute those funds, that the Treasury or the Official Credit Institute (ICO) go on the market and then grant direct loans to the communities; or that State guarantees are given to the issuance of regional debt.
This same Friday, the Vice President of the Government, Soraya Sáenz de Santamaría, explained in a press conference that the Executive has not yet approved this tool because it requires “punctual” legal changes that are being studied, and not because it is waiting for it to materialize. the sanitation of the bank.