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Dear All,

 

ICMA/AMIC activities
 

The next AMIC conference will take place on 27 November in London and will be hosted by BlackRock. The conference will feature panel discussions led by industry practitioners on the development of the STS Securitisation market, the pension gap, PEPP and the effect of negative interest rates and a discussion on the possibility of an EU Ecolabel for funds. All market participants are welcome to attend for free however registration in advance is essential

The next AMIC Executive Committee meeting will take place on 28 November at ICMA's office in London. There will be a discussion with the FCA regarding their priorities in relation to wholesale asset management activities. Other topics which will feature on the agenda are: CSDR mandatory buy-ins, ICMA study on the corporate bond market, PRIIPS consultation and updates on the various AMIC working groups. 

Upcoming ICMA Courses

21-22 November: Fixed Income Portfolio Management 
     25 November: Portfolio Construction
       30-31 March: Collateral Management
             2-3 April: Securitisation - An Introduction

ICMA initiatives 

    20 November: ICMA Women's Network - Gender Lens Investing: A fresh perspective
    21 November: ICMA Future Leaders: How do banks and their employees stay relevant in this rapidly changing industry?
 

 

 

Fund liquidity
 
  • (04.11.2019) FCA publishes a letter about Effective Liquidity Management: good practices for AFM

The Financial Conduct Authority (FCA) has published a letter on Effective liquidity management: good practice for Authorised Fund Managers (AFM).

In the letter the regulator reminded the AFMs of their duty to ensure assets can be liquidated sufficiently quickly to meet redemption requests from investors and asked AFMs to review their liquidity management arrangements against the FCA good practices and the IOSCO 2018 liquidity recommendations

Asset management
 
  • (04.11.2019) AMF issues key figures for asset management in 2018 - Overview of investment management companies 

The Autorités des Marchés Financier (AMF) has issued key figures for asset management in 2018 where they give an overview of investment management companies.

The AMF announced that after two years of stagnation, the number of authorised investment management companies in France at the end of 2018 increased slightly to 633. AMF said there was a clear decline in the number of investment management companies created in 2018 (24 versus 35 in 2017 and 32 in 2016), this does not reflect a weakening momentum of company creations by the French industry, since more than 40 applications were presented to the AMF's Board in 2018.

MiFID II
 
  • (04.11.2019) SEC issues an extension of the 26 Oct 2017 MiFID II no-action letter on investment research to October 2023

The Securities and Exchange Commission (SEC has issued an extension of the 26 Oct 2017 MiFID II no-action letter on investment research to October 2023.

The letter was to assist market participants regarding their U.S.-regulated activities as they engage in efforts to comply with the provisions relating to research in the Markets in Financial Instruments Directive II (MiFID II) and related implementing rules and regulations.

IBOR transition
 
  • (05.11.2019) ECB working group on euro risk-free rates issues recommendations to address accounting impact of euro risk-free rate transition

The European Central Bank (ECB) working group on euro risk free rates issued recommendations to address accounting impact of euro risk-free rate transition

The recommendations cover three areas: (i) the impact of the transition from the euro overnight index average (EONIA) to the euro short-term rate (the €STR) on the modification of contracts and hedge accounting, (ii) fallbacks for EURIBOR and hedge accounting, and (iii) general accounting and financial reporting. Among the recommendations it makes, the working group on euro risk-free rates suggests that preparers of financial statements should closely monitor the IAS Board’s project on interbank offered rate reforms and any amendments or clarifications to the standards that result from it.

Brexit
 
  • (31.10.2019) EIOPA publishes responses from NCAs on their intent to comply with its recommendations to the insurance sector on UK withdrawal from EU

The European Insurance and Occupational Pensions Authority (EIOPA) has published the responses from national competent authorities on their compliance, intention to comply or non-compliance with the recommendations set out in EIOPA's 'Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union.

Sustainable Finance
 
  • (05.11.2019) Speech by Vasileios Madouros (CBI) goes towards a climate-resilient financial system

Speech by Vasileios Madouros, Director for Financial Stability at the Central Bank of Ireland (CBI), on a climate-resilient financial system. 

He talked about the reasons why Central Banks should not find excuses not to take climate change seriously.
 
  • (06.11.2019) Speech by Gerry Cross (CBI) on investment funds and the financing of sustainable economy

Speech by Gerry Cross, Director of Financial Regulation, Policy and Risk at the Central Bank of Ireland (CBI), on investment funds and the financing of sustainable economy.

He talked about the importance of interplay of financial regulation, the financing of a sustainable economy and the climate risk.

FinTech
 
  • (04.11.2019) IOSCO issues a statement on its study of emerging global stablecoin proposals

The Board of the International Organization of Securities Commissions (IOSCO) met on 30th October in Madrid. Amongst other things, it considered the risks and benefits arising from stablecoin initiatives with a potential global reach (‘global stablecoins’), and how securities market regulation may apply to such initiatives.

To support its discussions, the IOSCO FinTech Network1 produced an assessment for the Board of how IOSCO Principles and Standards could apply to global stablecoin initiatives. The detailed assessment concluded that a case-by-case approach is needed to establish which IOSCO Principles and Standards, and national regulatory regimes, would apply. A detailed understanding of how the particular proposed stablecoin is expected to operate is therefore needed, including the rights and obligations it confers on participants and the continuing obligations of the sponsor.

SFTR
 
  • (31.10.209) ESMA publishes validation rules and XML schemas for SFTR reporting

The European Securities and Markets Authority (ESMA) has published final validation rules and XML schemas for Securities Financing Transactions Regulation (SFTR) reporting.
 

The publication includes the validation rules applicable to SFTR reports as well as the XML schemas reporting entities should use, including:

Counterparty and TR data exchange;
Intra-TR data exchange; and
TR to authority data exchange.


Kind regards,

 

The AMIC Secretariat

 

Email: amic@icmagroup.org

Tel: +44 20 7213 0348

Website: www.icmagroup.org/amic

 

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