Activities Report 2012

As Chairman of the Board and General Manager of ECMI, it is our pleasure to introduce this report presenting the activities of the Institute in 2012 and its research programme for 2013 and beyond.

2012 has been a prolific year at ECMI. Most notable are its landmark publications on asset management and corporate governance. Published last April, Rethinking Asset Management is already established as a reference work on asset management regulation in connection with financial stability, investor protection and the real economy. More recently, A Legal and Economic Assessment of European Takeover Regulation is probably one of the most important studies ever commissioned on the subject, which is central to the system of corporate governance at large.

Both studies had in common their attention to the links between capital markets and the real economy. This crucial theme was also at the centre of the ECMI Annual Conference in 2012 «Capital Markets for Growth». The event was a great success both in terms of substance and agenda, enshrining the research agenda of ECMI for 2013 and beyond.

In 2013, ECMI will complete its recently launched project on long-term investing and retirement savings, putting forward concrete proposals to help Europe overcome both sluggish growth and the widening pension gap. And it will present a thorough report shedding light on the real drivers of price formation in commodity markets, drawing on a wealth of data gathered from market participants in the Task Force which took place in 2012.

Moreover, ECMI will continue to deliver insightful commentaries on current regulatory and market developments, together with a wealth of information, data and events for its diverse membership base.

2013 will also mark the 20th anniversary of ECMI, established as an independent non-profit organisation in 1993. ECMI has grown steadily over the past years, under the umbrella of CEPS (Centre for European Policy Studies), since 2005. The Institute is today in top condition, thanks to its strong in-house expertise, its independence and the quality of its research.

Let us end this note by congratulating the Institute for these achievements and wishing at least another 20 years of success informing policy in European capital markets.

René Karsenti, Chairman of the Board of ECMI and President of the International Capital Market Association

Karel Lannoo, CEO of CEPS and General Manager of ECMI