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Dear All,

 

ICMA/AMIC activities


In 2019, AMIC and EFAMA decided to update their 2016 report “Managing Fund Liquidity Risk in Europe” following important policy and regulatory developments at EU and international levels. The purpose of this updated report is to outline the practical liquidity risk management processes which fund management companies put in place when setting up a fund and implement throughout the life of the fund. Also, the report describes the existing European and international regulatory frameworks in the area of fund liquidity risk management.

The next AMIC Conference will take place in Paris on 11 March in partnership with AF2I and will be hosted by BNP Paribas Asset Management. The conference will feature panels and keynotes on fund liquidity and leverage, challenges and opportunities in the current investment environment, sustainable finance and asset allocation. The event is free to attend for all but registration in advance is essential.


The next Executive Committee meeting will also take place in Paris on 11 March.

On 14 January 2020, the Executive Committee of the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines (the Principles), supported by the International Capital Market Association (ICMA), decided to establish a working group on emerging sustainability/KPI-linked bond products.

The remit of the Working Group will be to (i) take stock of recent and ongoing developments in the market for sustainability/KPI-linked bond products (ii) establish their main characteristics including by using what has been developed in the Sustainability-linked Loan market; (iii) examine any concerns; and (iv) consider and potentially propose market guidance. The Working Group’s Terms of Reference are available on ICMA’s website.

Upcoming ICMA Courses

   25-26 February: Introduction to Green Bonds 
              2-3 April: Inflation-Linked Bonds and Derivatives
           18-22 May: Fixed Income Certificate (FIC)
           27-29 May: Fixed Income Portfolio Management
              3-5 June: Financial Markets Foundation Qualification (FMFQ)
16-17 September: Securitisation: An Introduction
 

 

 

Supervisory authorities
 
  • (19.01.2020) FSB publishes annual report on non-bank financial intermediation

The Financial Stability Board (FSB) has published the Global Monitoring Report on Non-Bank Financial Intermediation 2019.

The report presents the results of the FSB's annual monitoring exercise to assess global trends ans risks from non-bank financial intermediation (NBFI). The annual monitoring exercise is an important part of FSB's policy framework to enhance the resilience of NBFI.
 
  • (21.01.2020) ESMA publishes responses to joint consultation paper on PRIIPs KID

The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Consultation Paper concerning amendments to the PRIIPs KID.
 
  • (22.01.2020) FCA publishes Dear CEO letter on their Asset Management and Alternatives Supervision Strategies

The Financial Conduct Authority has published two Dear CEO letter on its supervision strategy:
- A letter that outlines the key risks of harm that Asset Managers pose to their customers or the markets in which they operate, such as liquidity management, firm governance, product governance, Libor transition and operation resilience; and
- A letter that outlines the key risks of harm that alternative investment firms pose to their customers or the markets in which they operate, such as: Investor exposure to inappropriate products or levels of investment risk, Client money and custody asset controls, market abuse, Market integrity and disruption and Anti-money laundering, bribery and corruption.
 
  • (23.01.2020) Speech by Nausicaa Delfas (FCA) on Global regulation and local solutions

Speech by Nausicaa Delfas, Executive Director of International at the Financial Conduct Authority (FCA), on the impact of Brexit on market fragmentation and the FCA’s ongoing commitments to bilateral engagement and financial dialogues with EU and international regulators.

Investment Environment
 
  • (20.01.2020) The IMF publishes a report on Tentative Stabilisation, Sluggish Recovery in the World Economic Outlook

The International Monetary Fund (IMF) has published a report on Tentative Stabilisation, Sluggish Recovery in the World Economic Outlook.

In the paper, they project global growth to increase modestly from 2.9 percent in 2019 to 3.3 percent in 2020 and 3.4 percent in 2021. The slight downward revision of 0.1 percent for 2019 and 2020, and 0.2 percent for 2021, is owed largely to downward revisions for India. The projected recovery for global growth remains uncertain. It continues to rely on recoveries in stressed and underperforming emerging market economies, as growth in advanced economies stabilizes at close to current levels.

Securitisation
 
  • (17.01.2020) ESMA consults on the use of no data options in securitisation reporting

The European Securities and Markets Authority (ESMA) has published a Consultation Paper on guidelines on securitisation repository data completeness and consistency thresholds.

The consultation's objective is to help market participants and securitisation repositories to understand ESMA's expected maximum use of No Data options contained within a securitisation data submission.

Sustainability
 
  • (20.01.2020) Podcast from Luiz Pereira (BIS) about "green swan" risks

Podcast by Luiz Pereira, Deputy General Manager of Bank at International Settlements (BIS), on how climate change poses new challenges to central banks, regulators and supervisors.

This book reviews ways of addressing these new risks within central banks' financial stability mandate. 
 
  • (24.01.2020) Speech by Børge Brende, on the 50th Annual World Economic Forum Meeting ending in calls for stakeholder responsibility

Speech by Børge Brende, the President of the World Economic Forum, on the 50th Annual World Economic Forum Meeting held, in Davos, which ended on 24 January 2020. Børge said this year’s forum laid the basis for a decade of delivery on stakeholder responsibility and sustainability.

FinTech
 
  • (23.01.2020) Deutsche Bundesbank and Deutsche Börse publish concept study on DLT-based collateral management

The Deutsche Bundesbank and Deutsche Börse have published a concept study on DLT-based collateral management.

The study presented the results of a concept study on the use of distributed ledger technology (DLT) in the area of collateral management. This study outlines that, in principle, DLT is capable of delivering further benefits in terms of the velocity and usability of collateral. The two institutions are thus continuing their successful cooperation in researching the capabilities offered by securities settlement based on DLT technology.

Kind regards,

 

The AMIC Secretariat

 

Email: amic@icmagroup.org

Tel: +44 20 7213 0348

Website: www.icmagroup.org/amic

 

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