AMIC secretariat published its fifth COVID-19 market update podcast in which Robert Parker, Chairman of AMIC, reviews the market events of the last week, with specific focus on the oil price collapse and its economic and capital market implications, potential further actions by the ECB and investors' perception of a possible second wave of COVID-19 contagion.
AMIC secretariat published an AMIC COVID 19 regulatory grid. It provides an overview of policy measures related to the buy-side taken by several European securities regulators in the context of the global pandemic. This document will be updated regularly.
ICMA European Repo and Collateral Council (ERCC) has today published an updated version of the ICMA Recommendations for Reporting under SFTR.
ICMA publishes 38th survey of the European repo market and report on market conditions during the COVID-19 pandemic.
ICMA Asset Management and Investors Council (AMIC) Regulatory Update
20 April 2020 FSB consults on effective practices for cyber incident response and recovery
The Financial Stability Board (FSB) has published a consultation report on Effective Practices for Cyber Incident Response and Recovery, which was sent to G20 Finance Ministers and Central Bank Governors for their virtual meeting on 15 April. The toolkit of effective practices aims to assist financial institutions in their cyber incident response and recovery activities.
23 April 2020 ESAS consult on ESG disclosure rules
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued a Consultation Paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products.
24 April 2020 The AMF evaluates AIFM reporting systems in its SPOT inspections
A new series of SPOT inspections (“Supervision des Pratiques Opérationnelle et Thématique”) was carried out in 2019, allowing an assessment of the AIFM reporting systems of five asset management companies, with the objective of checking the quality of the data reported to the regulator and of the internal control procedures in place.
COVID-19: policy measures and research
22 April 2020 ECB takes steps to mitigate impact of possible rating downgrades on collateral availability
The ECB has adopted temporary measures to mitigate the effect on collateral availability of possible rating downgrades resulting from the economic fallout from the coronavirus (COVID-19) pandemic. The decision complements the broader collateral easing package that was announced on 7 April 2020. Together these measures aim to ensure that banks have sufficient assets that they can mobilise as collateral with the Eurosystem to participate in the liquidity-providing operations and to continue providing funding to the euro area economy.
22 April 2020 EBA provides further guidance on the use of flexibility in relation to COVID-19 and calls for heightened attention to risks
Following up on its strategic communications of 12th, 25th, 31st March and 2nd April, the European Banking Authority (EBA) has provided further clarity on how additional flexibility will guide supervisory approaches in relation to market risk, the Supervisory Review and Evaluation Process (SREP), recovery planning, digital operational resilience and ICT risk and securitisation. At the same time, the EBA notes the need for stringent attention by supervisors and financial institutions in relation to key risks in these areas.
23 April 2020 Central Bank publishes research on understanding SMEs in the Covid-19 pandemic
The Central Bank of Ireland has published two new Financial Stability Notes (FSNs). The first FSN, written by Niall McGeever, John McQuinn and Samantha Myers, is entitled ‘SME liquidity needs during the COVID-19 shock'. The second FSN, written by Fergal McCann and Samantha Myers, is entitled ‘COVID-19 and the transmission of shocks through domestic supply chains'.