Debate papers
Scope 3 emissions - ISSUE 9 - May 2025
This AEFR Debate Paper on Scope 3 greenhouse gas (GHG) emissions endeavours to identify the key conditions to the pivotal role of financial institutions' (FI) financed emissions in the global transition towards a low carbon economy and, in particular, for it to be the cornerstone of capital flow in this context. Scope 3 emissions, encompassing indirect emissions from an organisation's value…
ESG Data Product Service Providers: their critical role requires an urgent EU regulatory action - Issue 8 – May 2025
In 2018, the European Union (EU) initiated a Sustainable Finance Action Plan (European Commission, 2018), putting the financial sector at the core of the transition of the European Economy and society toward the EU Carbon neutrality by 2050. That plan, as renewed and complemented later, was encompassing the main part of the value chain of players, products and services having some role in the…
Vers une SEC dans l’Union européenne : supervision unifiée ou superviseur unique ? - Numéro 7 – Décembre 2024
Plusieurs voix ont récemment évoqué la nécessité de mettre en place dans l’Union européenne (UE) une supervision unique des marchés de capitaux pour faciliter l’émergence d’une véritable Union de l’épargne et des investissements. Bien que, dans cette perspective, la Securities and Exchange Commission (SEC) aux Etats-Unis ait parfois été mise en avant, c’est en fait le Mécanisme de Supervision…
Towards an SEC in the European Union: unified supervision or single supervisor? - Issue 7 – Décembre 2024
Recently a number of calls have raised the need to establish a single European Union (EU) supervisory authority for capital markets in order to facilitate the emergence of a bona fide savings and investment union. Although the Securities and Exchange Commission (SEC) in the United States has sometimes been mentioned in this context, it is in fact the Single Supervisory Mechanism (SSM) that is the…
Le développement des Big Techs dans la finance : Opportunités ou menaces ? Quelle réponse des autorités ? - Numéro 6 – AVRIL 2024
Ce Debate Paper a été préparé par un groupe de travail spécifique (annexe) composé de représentants de membres institutionnels de l'AEFR ou non, participant à titre personnel, dont l'objectif est d'initier une discussion sur les questions que le développement d’offre de services financiers par les Big Techs soulève. Les opinions exprimées dans ce document ne reflètent pas nécessairement celles…
THE DEVELOPMENT OF BIG TECH COMPANIES IN FINANCE: OPPORTUNITIES OR THREATS? WHAT RESPONSE FROM THE AUTHORITIES? - Issue n° 6 – AVRIL 2024
This Debate Paper was prepared by a dedicated working group (annex) composed of representative’s institutional members of the AEFR or not participating in a personal capacity, whose aim is to initiate a discussion on the issues at stake regarding the development of financial services by Big Tech companies. The views expressed in this paper do not necessarily reflect those of the individual…
Transition plans: ensuring their comparability, credibility and effectiveness to accelerate the low carbon transition - Issue 5 – NOVEMBER 2023
This debate paper provides recommendations to policy makers, at national, European, and international level, as they incorporate the concept of transition plans into the climate-related regulatory framework. While transition plans are increasingly recognised as an essential tool in the transformation towards a low-carbon socio-economic system, lack of global harmonisation about their…
The Council’s position on Payment For Order Flow, a territorial approach instead of the Capital Markets Union – How did we get here, what is the way out? - Issue 4– MAY 2023
This Debate paper was drafted under the responsibility of Robert Ophèle, President of the Advisory Committee for Debate Papers of the AEFR. This Debate Paper investigates a paradox: as part of the MiFIR review, a file that is instrumental to the building of the long-awaited Capital Market Union, one of the compromises explored to bridge a contentious issue (to curb or not to curb the practice of…
A retail CBDC in Europe: the current situation and challenges - Issue 3 - APRIL 2023
By François-Régis Benois, chair of the working group, director of public affairs - La Banque Postale and Louis Bertucci, rapporteur, scientific coordinator of the Finance and Insurance Reloaded (FaIR) program – Institut Louis Bachelier The monetary and payment environment is swiftly evolving, and most central banks are exploring the concept of a retail central bank digital currency (CBDC) as a…