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Dear All,

 

ICMA/AMIC activities


The latest version of the ICMA Quarterly Report has now been published. Please particularly note the Asset Management segment, which appears on pages 68-75. This includes articles on Fund Liquidity; IOSCO’s Leverage Recommendations; ELTIFs; ESA’s review of PRIIPS; Sustainable Finance; Other Buy Side Regulatory Developments; and Buy-side Oriented Research.

AMIC has published a discussion paper on the European Long-Term Investment Fund (ELTIF) Regulation. In this discussion paper, AMIC proposes concrete regulatory changes to facilitate the take-up of ELTIFs and significantly boost their contribution towards the financing of much needed longer-term investment.

The ICMA European Repo Market and Collateral Council has published a briefing note on events in the European repo market over year end 2019. The report focuses on the euro, sterling, and USD markets, and given the significant attention on the USD repo market since September 2019 and in the build-up to year-end, this is the starting point for the 2019 review. The analysis is based on market data and accounts provided by market participants (both sell-side and buy-side).

 

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

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
 
  • (10.01.2020) ESMA starts publishing questions received through its Q&A process

The European Securities and Markets Authority (ESMA), the EU's securities regulator, has started publishing a list of questions received through its Q&A process.
 
  • (13.01.2020) ESMA publishes guidelines compliance table

The European Securities and Markets Authority (ESMA) has published guidelines on Risk factors under the Prospectus Regulation.
 
  • (14.01.2020) FCA publishes Asset Management portfolio tools

The Financial Conduct Authority (FCA) has published a report that sets out their review findings of how firms in the asset management sector selected and used risk modelling and other portfolio management tools. While they saw some good practice at most firms, their review identified in firm's processes and controls, particularly in risk model oversight and contingency planning.
 
  • (15.01.2020) AMF publishes a study assessing its action regarding the complexity of structured products

The Autorité des Marchés Financiers has published a study assessing its action regarding the complexity of structured products.

The study measures the impact of a policy published jointly with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in 2010 and updated in 2016 which has the objective of limiting the complexity of structured products offered to the public in France. It concludes that the guidance has a positive effect, but this is partially offset by an increase in the number of scenarios provided for in the payoff formula of the product.
 
  • (15.01.2020) Speech by Derville Rowland (CBI) on the role of Financial Conduct Regulation and 2020 Priorities

Speech by Derville Rowland, Director General at the Central Bank of Ireland, on the role of Financial Conduct Regulation and 2020 Priorities.

Policy priorities for 2020 include updating the Consumer Protection Code, continuing to address behavioural and cultural failings in the financial
services sector, playing a role in tackling climate change and responding to the challenges and opportunities of technological innovation.

FinTech
 
  • (10.01.2020) The IMF publishes an article on Regulation of Crypto Assets

The International Monetary Fund (IMF) has published an article on the regulation of crypto asset.

The article talked about how the rapid growth of crypto asset has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions.
 
  • (10.01.2020) The IMF publishes an article on Institutional Arrangements for Fintech Regulation and Supervision

The International Monetary Fund (IMF) has published an article on Institutional Arrangements for Fintech Regulation and Supervision.

The article talked about how Fintech developments are shaking up mandates within the existing regulatory architecture.
 
  • (10.01.2020) FCA becomes AML and CTF supervisor of UK crypoasset activities

The Financial Conduct Authority (FCA) has become the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for businesses carrying out certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs).
 
  • (17.01.2020) OECD publishes the Tokenisation of Assets and Potential Implications for Financial Markets

The Organisation for Economic Co-operation and Development (OECD) has published the Tokenisation of Assets and Potential Implications for Financial Markets.

The tokenisation of assets involves the digital representation of real (physical) assets on distributed ledgers, or the issuance of traditional asset classes in tokenised form.

Monetary policy
 
  • (15.01.2020) Speech by Michael Saunders (BoE) on risk management in a sluggish economy

Speech by Michael Saunders, Member of the Monetary Policy Committee at the Bank of England (BoE), on risk management in a sluggish economy.

In the speech, Michael Saunders looks at recent economic developments and the risks to the growth and inflation outlook. Michael then gives his view on how the Bank of England should set monetary policy to achieve the 2% inflation target.


Sustainable Finance
 
  • (16.01.2020) BaFin publishes Guidance Notice on sustainability risks

The Federal Financial Supervisory Authority has published a Guidance Notice on sustainability risks.

The Guidance Notice defines the term sustainability on the basis of ESG (environmental, social and governance) criteria, and illustrates physical and transition risks that may unfold with increasing intensity through existing risk types. “We expect supervised entities to incorporate the relevant risks into their strategic planning”, explains Frank Pierschel, BaFin’s Chief Sustainable Finance Officer.

Libor Transition
 
  • (16.01.2020) FCA publishes next steps for LIBOR transition in 2020: the time to act is now

The Financial Conduct Authority (FCA) has published next steps for LIBOR transition in 2020: the time to act is now.
 

The Bank of England (the Bank), Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents, outlining priorities and milestones for 2020 on LIBOR transition.


Kind regards,

 

The AMIC Secretariat

 

Email: amic@icmagroup.org

Tel: +44 20 7213 0348

Website: www.icmagroup.org/amic

 

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