Dear All,


ICMA/AMIC activities

AMIC and the IA wrote, on 30 January, to Executive Vice-President Dombrovskis of the European Commission, on behalf of their members, expressing concerns about the potential bond market impacts of the CSDR mandatory buy-in provisions (expected to come into force in early 2021). This regulatory initiative is widely expected to have negative implications for European bond market efficiency, liquidity, and stability, creating additional, and largely unwarranted risks for investors.

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

Upcoming ICMA Courses

       30-31 March: Collateral Management
              2-3 April: Inflation-Linked Bonds and Derivatives
           18-22 May: Fixed Income Certificate (FIC)
           27-29 May: Fixed Income Portfolio Management & Construction
              3-5 June: Financial Markets Foundation Qualification (FMFQ)
16-17 September: Securitisation: An Introduction



Supervisory authorities
  • (29.01.2020) CBI publishes the result from their survey of market expectations

The Central Bank of Iceland (CBI) has published the result of their survey of market expectations. A total of 28 agents in the bond market, including banks, pension funds, mutual and investment funds, securities brokers, and licensed asset management firms were invited to participate.

The survey findings suggest that market agents’ inflation expectations are broadly unchanged since the Bank’s October survey. According to the median response in this survey, participants expect inflation to measure 2.1% in Q1/2020 and 2.2% in both Q2 and Q3/2020. They expect inflation to measure 2.4% in one year and 2.5% in two years, as in the previous survey. Their long-term inflation expectations are also unchanged from the previous survey, and respondents continue to expect inflation to average 2.5% over the next five and ten years. The survey indicates that respondents expect the króna to depreciate slightly in the coming term, with the EURISK exchange rate measuring 140 in one year’s time.
  • (29.01.2020) European Commission adopts its 2020 Work Programme

The European Commission has adopted its 2020 Work Programme. It sets sets out the actions the Commission will take in 2020 to turn the Political Guidelines of President von der Leyen into tangible benefits for European citizens, businesses and society. The driving force behind this first Work Programme is to successfully grasp the opportunities that the twin ecological and digital transitions will bring.
  • (30.01.2020) IOSCO publishes annual work program

The Board of the International Organisation of Securities Commissions has published its 2020 annual work program to further its core objectives of protecting investors, maintaining fair, efficient and transparent markets and addressing systemic risks.

The work program calls for IOSCO to continue its efforts on five specific priorities identified by the Board for 2019 while undertaking work on a new priority concerning rising levels of corporate debt and leveraged loans and the potential resulting risks in capital markets. It also refers to other important workstreams that are currently being carried out by IOSCO’s eight Policy Committees.

Market Integration
  • (29.01.2020) Speech by Peter Griep (Deutsche Bundesbank) on Brexit - A push for market integration

Speech by Peter Griep, Director General Markets at the Deutsche Bundesbank, on Brexit and the importance of market integration.

Mr. Griep spoke about the opportunities that integrated capital markets have to offer and how the EU can press ahead with capital market integration.
  • (31.01.2020) ESMA consultation on the provision of investment services by third-country firms MiFID/MiFIR

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has launched a consultation on draft technical standards on the provision of investment services and activities in the European Union (EU) by third-country firms under MiFIR and MiFID II.

Risk Management
  • (29.01.2020) EIOPA publishes its updated Risk Dashboard

The European Insurance and Occupation Pensions Authority (EIOPA) has published its updated Risk Dashboard based on the third quarter 2019 Solvency II data.

The results show that the risk exposures of the European Union Insurance sector remained overall stable compared to October. Macro and market risks continue at a high level.

This Risk Dashboard based on Solvency II data summarises the main risks and vulnerabilities in the European Union insurance sector through a set of risk indicators of the third quarter of 2019. This data is based on financial stability and prudential reporting collected from 96 insurance groups and 2843 solo insurance undertakings.
  • (30.01.2020) ESMA launches a common supervisory action with NCAs on UCITS liquidity risk management

The European Securities and Markets Authority (ESMA) has launched a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of UCITS’ managers liquidity risk management across the European Union (EU). The CSA will be conducted during 2020.

The UCITS regulatory framework includes a broad range of liquidity risk management provisions which aim at ensuring  that UCITS investors are able to redeem their investments on request. Compliance with the UCITS liquidity risk management rules contributes to ensuring financial stability, investor protection and the orderly functioning of financial markets.

Market Integrity
  • (30.01.2020) BIS Markets Committee calls for wider adoption of global code of conduct for foreign exchange markets

The Bank for International Settlements (BIS) Markets Committee has called for more participants in the foreign exchange (FX) market to adopt the FX Global Code. Launched in 2017, the Code is a set of good market practices for the global FX market, with its turnover of more than $6.6 trillion a day.
  • (30.01.2020) FCA publishes a Dear CEO letter on its Benchmark Administrator Supervisory Strategy

The Financial Conduct Authority (FCA) has published a Dear CEO letter addressed to benchmark administrators about its Benchmark Administrator Supervisory Strategy.

The letter covers:
- Their view of harm and key drivers of harm in the portfolio;
- Their Areas of Focus; and
- Next steps.

Investment research
  • (27.01.2020) AMF publishes the report on reviving research in the wake of MiFID II

The Authorité des Marchés Financiers (AMF) is planning to clarify its policy and support certain adjustments at the European level as part of the targeted review of MiFID II. These concern the regulation of issuer-paid analysis, pricing, proportionality, third-party research and ESG research. In July 2019, the Board of the Authorité des Marchés Financiers (AMF) entrusted Mrs Jacqueline Eli-Namer, Board member, and Mr Thierry Giami, President of the French Society of Financial Analysts (SFAF), with the task of producing a diagnosis on the impact of MiFID II on research and exploring tangible ways of mobilising the marketplace and improving the current situation.

Solvency 2
  • (29.01.2020) European Commission conference to discuss the challenges and opportunities of the 2020 Solvency review

The European Commission has held a conference to discuss the challenges and opportunities of the review of the Solvency II directive. The conference furthermore aims to gather ideas on whether new risks or developments that insurers face or are going to face would require regulatory action.

Kind regards,


The AMIC Secretariat



Tel: +44 20 7213 0348



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