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Dear All,

 

ICMA/AMIC activities
 

AMIC held on Monday 1 December a Primary Market Roundtable gathering  investors, syndicate and issuers in order to discuss new issuance timeline, the distribution post-allocation statistics (ex-retention) and efficiencies in roadshow processes.
 
AMIC held on Tuesday 2 December the inaugural meeting of its working group on sustainable finance which will be co-chaired by Patrick Simion (BNPP AM) and Carey Evans (Blackrock). 

Upcoming ICMA Courses

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

 

 


MiFID II/EMIR
 
  • (04.12.2019) ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries

The European Securities and Markets Authority (ESMA) has updated its Questions & Answers on the implementation of investor protectiontopics under the Market in Financial Instruments Directive and Regulation (MiFID II/MiFIR). The update include Q&As on costs and charges and product intervention.

The Q&As on MiFID II and MiFIR investor protection and intermediaries topics provides new answers on:
- Information on costs and charges
*Ex-post information in case of portfolio management
*Relationship Article 50(9) and Article 60 of the Delegated Regulation in case of portfolio management
- Product intervention
* The application of national product intervention measures in case of services provided on a cross-border basis
 
  • (05.12.19) ESMA recommends real-time consolidated tape for Equity

The European Securities and Markets Authority (ESMA) has published a first review report on the development of prices for market data and on the consolidated tape for equity, following the application of the Markets in Financial Instruments Directive (MiFID II) for nearly two years.

The ESMA review found that, to date, MiFID II has not devlivered on its objective to reduce the cost of market data charged by trading venues and Approved Publication Arrangements (APAs).
In order to establish a real-time consolidated tape, the following key factors are necessary:
- A high level of data quality, in particular, for OTC data
- The mandatory contribution of data by trading venues and APAs to the consolidated tape
- The consolidated tape sharing revenues with contributing entities; and 
- A strong governance framework
 
  • (05.12.2019) ESMA updated its Q&As on MiFID II and MiFIR transparency and market structures topics

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The new Q&As provide clarification on the following topics:
- Conversion of LIS/SSTI thresholds in lots;
- Member preferencing and pre-arranged transactions; and
- Scope of Commission Delegated Regulation (EU) 2017/584 (RTS7)

Benchmarks
 
  • (03.12.2019) ESMA updates its BMR Q&As

The European Securities and Markets Authority (ESMA) has issued an update of its Questions and Answers on the European Benchmarks Regulation (BMR).

The new Q&A's provide clarification on the following issues:
- Annual review of IOSCO principles for Oil Pricing Reporting Agencies (PRAs); and
- The legal representative under Article 32(3) of BMR

AIFMD
 
  • (04.12.2019) ESMA updates AIFMD Q&A

The European Securities and Markets Authority (ESMA) has updated its Questions & Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).

The Q&A provides clarification on reporting requirements on liquidity stress tests for closed-ended unleveraged Alternative Investment Fund (AIFs).

EMIR
 
  • (05.12.2019) EMIR RTS on various amendments to the bilateral margin requirements and joint statement on the introduction of fall-backs in view of the international framework

The European Supervisory Authorities (ESAs) has published joint draft Regulatory Technical Standards (RTS) to amend the Delegated Regulation on the risk mitigation techniques for non-cleared OTC derivatives (bilateral margining) as well as a joint statement on the introduction of fallbacks in OTC derivative contracts and the requirement to exchange collateral. Both RTS and the statement were developed to facilitate further international consistency in the implementation of the global framework agreed by the Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO)

Prospectus
 
  • (04.12.2019) ESMA updates its Q&As relating to the Prospectus Regulation

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers on the Prospectus Regulation with two new Q&As.

The two Q&As provide clarification on the following issues in relation to the Prospectus Regulation:
- The inclusion of pro-forma summaries in base prospectuses
- The application of prospectus disclosure annexes where securities do not fall neatly within a specific disclosure regime

CSDR
 
  • (03.12.2019) ESMA implements Q&As on Regulation (EU) No 909/2014

The European Securities and Markets Authority (ESMA) has implemented its Questions & Answers of the Regulation (EU) No 909/2014 on improving securities settlement in the EU and on central securities depositories.

MMFR
 
  • (03.12.2019) ESMA publishes a guidelines compliance table

The European Securities and Markets Authority (ESMA) has published a guidelines on stress test scenarios under the MMF Regulation (ESMA34-49-164).
 

Supervision
 

  • (02.12.2019) EC adopts a review of the supervisory framework for financial institutions

The European Council (EC) has adopted a first fundamental review of the functioning of the European system of financial supervision (ESFS).
 
Kind regards,

 

The AMIC Secretariat

 

Email: amic@icmagroup.org

Tel: +44 20 7213 0348

Website: www.icmagroup.org/amic

 

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