Dear All,


ICMA/AMIC activities

ICMA has updated its mapping directory of Electronic Trading Platforms (ETPs). The directory now lists a total of 41 electronic execution venues, Order Management Systems (OMS) and information networks. It is intended to help market participants understand what execution and non-execution venues are available for cash bonds. Included within the directory are brief descriptions of the system/platform, products in scope, price discovery mechanisms, trading protocols, geographical coverage, regulatory status and other additional services such as regulatory reporting under MiFID II/R.

The next AMIC conference will take place on 27 November in London and will be hosted by BlackRock. The conference will feature a keynote speech from the chair of the Next CMU High-Level Group together with 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

 30-31 March: Collateral Management
        2-3 April: Securitisation - An Introduction



Fund Liquidity
  • (20.11.2019) IAIS issues consultation on Liquidity Risk Management 

The International Association of Insurance Supervisors (IAIS) has issued a draft Application Paper on Liquidity Risk Management in the insurance sector on which it is seeking feedback through public consultation. 

As part of the development of the Holistic Framework for Systemic Risk in the Insurance Sector, the IAIS is revised certain ICPs and ComFrame material integrated therein. During this process the IAIS enhanced the Enterprise Risk Management (ERM) requirements in ICP 16 (Enterprise Risk Management for Solvency Purposes) to more explicitly address liquidity risk.
  • (21.11.2019) Speech by Gerry Cross (CBI) about focusing on investor outcomes - some regulatory themes for the funds sector

Speech by Gerry Cross, Director of Policy & Risk at the Central Bank of Ireland (CBI), about focusing on investor outcomes - some regulatory themes for the funds sector. 

Mr. Cross discusses a number of topics which are highly relevant, such as: fund governance, investor outcomes, performance fees, closet tracking, errors in investment funds, costs and performance and finally, liquidity risks and leverage  in investment funds. 
  • (22.11.2019) Speech by Steven Maijoor (ESMA) on asset management liquidity and supervision

Speech by Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), on asset management liquidity, stress testing and supervision.

In the speech, Mr. Maijoor highlighted that the issue of fund liquidity is at the core of ESMA’s activities and that the first priority is to improve their understanding of risks. 

  • (15.11.2019) ESMA publishes the SMSG's advice on UCITS performance fees

The European Securities and Markets Authority (ESMA) has publishes its Securities and Markets Stakeholders Group (SMSG) advice on UCITS performance fees, which was given as a response to ESMA’s consultation on performance fees in UCITS as part of its key supervisory priorities.

The SMSG advises ESMA to gather more data and analyses regarding the use and the effects of performance fees. The SMSG believes that it would be useful to enrich the information regarding fee structures by providing further details on the trends of fixed fees and performance fees. The SMSG encourages ESMA to finalise these Guidelines to allow for pan-European convergence in the field of performance fee calculation. The SMSG agrees with the framework proposed by ESMA and the strong link with the IOSCO principles.

IBOR transition
  • (19.11.2019) FCA issues Q&A on conduct risk during LIBOR transition

The Financial Conduct Authority (FCA) has published a list of Q&As on conduct risk arising from LIBOR transition, outlining their expectation that:
-firms have a strategy in place and take necessary action during LIBOR transition
customers are treated fairly by following our rules and guidance; and
-FCA supervision of firms’ transition away from LIBOR is focused on firms effectively managing the risks arising from transition, including prudential, operational and conduct risks.
  • (21.11.2019) ARRC releases appendix to SOFR FRNs Conventions Matrix and SOFR FRNs Comparison Chart 

The Alternative Reference Rates Committee (ARRC) has released an Appendix to the SOFR FRNs Conventions Matrix, which was issued in August 2019 – in conjunction with the Matrix.

The ARRC also released the SOFR FRNs Comparison Chart, which outlines conventions already being used in the market.  This new Appendix includes term sheets, which provide examples of how these conventions are used in SOFR-based FRNs and are a useful resource for issuers of (and investors in) compounded averages of SOFR; and also includes recommended fallback language for SOFR-based FRNs, that is based on the ARRC’s extensive market-wide consultation and final recommendations for new LIBOR-based FRNs. 
  • (21.11.2019) Speech by Edwin Schooling Latter (FCA) on next steps in transition from LIBOR

Speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy at the Financial Conduct Authority (FCA), on next steps in transition from LIBOR.

In his speech, Mr. Schooling Latter describes how LIBOR could cease or fail the Benchmarks Regulation ‘representativeness’ test at end-2021, and how robust contractual fall back triggers can protect market participants from risks in both scenarios. He also points out that key next steps in reducing the risks from continued use of the LIBOR benchmark include ending use of LIBOR in new sterling loans from Q3 2020, and making it standard to quote based on SONIA in sterling swap markets.

Financial Stability
  • (19.11.2019) EIOPA publishes second annual European Insurance Overview

The European Insurance and Occupational Pensions Authority has published its second annual European Insurance Overview.

The report is based on annually reported Solvency II information. This ensures that the data has a high coverage in all countries and is reported in a consistent manner across the European Economic Area. The report is objective, factual and data driven and does not contain analysis or policy messages. It provides highly-relevant and easily-accessible data at the European level.
  • (20.11.2019) ECB publishes latest Financial Stability Review

The European Central Bank (ECB) has published its latest Financial Stability Review (FSR).

This issue of the FSR contains two special features:
(1) euro area bank profitability: where can consolidation help?; and
(2) assessing the systemic footprint of euro area banks. 

It also includes eight boxes:
(1) explaining cross-border transactions in euro area commercial real estate markets;
(2) valuations in corporate bond and equity markets;
(3) implications of bank misconduct costs for bank equity returns and valuations; (4) climate risk-related disclosures of banks and insurers and their market impact; (5) the ECB’s new euro area banking sector macro-micro model;
(6) investment funds and the transmission of the global financial cycle to the euro area;
(7) portfolio rebalancing by euro area investment funds following outflow
s; and
(8) macroprudential policy and powers within the Eurosystem.

Boxes 6 and 7 should be of a particular interest. 

  • (18.11.2019) ESMA updates its Q&A on the Securitisation Regulation

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated its Questions and Answers (Q&As) on the Securitisation Regulation (Regulation 2017/2402).
The majority of Q&As in this document provide clarification on different aspects of the templates contained in the draft technical standards on disclosure which were recently published by the European Commission. In particular, the Q&As clarifies how several specific fields in the templates should be completed and also contains clarifications relating to STS notifications and securitisation repositories.

Sustainable Finance

  • (15.11.2019) Speech by Valdis Dombrovskis (European Commission) on the priorities of the new European Commission for sustainability and green finance

Speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, on the priorities of the new European Commission for sustainability and green finance. 

In his speech Mr. Dombrovskis noted that it is time to complete the Banking Union, continue progress on the Capital Markets Union (CMU) and to reflect and consult further on the long-term trends affecting where we go next with this flagship project. He then introduced the reason behind bringing together experts from industry and civil society to discuss these elements in a High-Level Forum on Capital Markets.
  • (18.11.2019) European Commission announces the composition of a High-Level Forum to take forward the Capital Markets Union

The European Commission has announced the composition of a High-Level Forum on the future of the Capital Markets Union (CMU). This group of experts will provide insight and support the Commission's goal to develop further a Capital Markets Union encompassing all Member States, so they can mobilise capital for businesses, offer better investment opportunities and boost economic growth in Europe.
  • (21.11.2019) Speech by Luis de Guindos (ECB) on implications of the transition to a low-carbon economy for the euro area financial system 

Speech by Luis de Guindos, Vice-President at the European Central Bank (ECB), on implications of the transition to a low-carbon economy for the euro area financial system.

Kind regards,


The AMIC Secretariat



Tel: +44 20 7213 0348



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