Latest ICMA developments
- AMIC published on 20 May its weekly COVID-19 market update podcast in which Robert Parker, Chairman of AMIC, reviewed the market events of the last week, with a specific focus the French-German proposal for a €500 billion EU Recovery fund, the state of bond, equity and oil markets, and the risk of a second wave of contagion.
- AMIC secretariat published on 22 May an updated version of the 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.
- ICMA's Chief Executive, Martin Scheck, issued an audio message on 22 May about COVID-19 and its effect on capital markets, and how ICMA is adapting its approach to supporting its global membership.
- ICMA published on 21 May a note on ESMA's clarifications on the reporting of repos with EU central banks under MiFIR
- ICMA submited on 20 May a letter to European Commission and ESMA outlining industry concerns on timely implementation of CSDR mandatory buy-in provisions
- ICMA published on 21 May a briefing note on CSDR Settlement Discipline - cash compensation in the case of bond markets
- ICMA responded on 15 May to the European Commission's MiFID II/R review consultation paper.
ICMA will organise on 27 May a virtual event on "Social bonds-gaining traction". Register here.
ICMA Asset Management and Investors Council (AMIC) Regulatory Update
18 May 2020 European insurers face increased risk exposures due to Covid-19, but market perceptions and imbalances remained at medium level
EIOPA has published its updated Risk Dashboard based on the fourth quarter 2019 Solvency II data. Despite the fact that some indicators used in this Risk Dashboard do not capture the latest market development in the context of Covid-19 outbreak, the expected deterioration of the relevant indicators reflecting all available information in a forward looking perspective has been considered in the assigned risk levels. This has addressed the current situation of high uncertainty in the insurance market.
18 May 2020 ESMA – non-renewal and termination of short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC, Italian CONSOB and Spanish CNMV
ESMA has noted the non-renewal of the emergency restrictions on short selling and similar transactions by the following national competent authorities (NCAs): Finanzmarktaufsicht (FMA) of Austria; Financial Securities and Markets Authority (FSMA) of Belgium; Autorité des Marchés Financiers (AMF) of France; Hellenic Capital Market Commission (HCMC) of Greece; and Comisión Nacional del Mercado de Valores (CNMV) of Spain.
20 May 2020 ESMA calls for transparency on COVID-19 effects in half-yearly financial reports
ESMA has published a Public Statement addressing the implications of the COVID-19 pandemic on the half-yearly financial reports of listed issuers.
20 May 2020 AMF underlines some principles to respect regarding half-year accounts
The AMF has been aware of the difficulties being encountered by companies in the context of the coronavirus epidemic and is determined to provide them with effective support through this period. It has therefore published on its website some key items when addressing the presentation of the half-year financial report and the communication that accompanies them.
20 May 2020 G20/OECD Taskforce meeting on long-term investment
The G20/OECD Taskforce on Long-term Investment has held a virtual meeting to discuss the G20/OECD Collaboration with Institutional Investors and Asset Managers to promote infrastructure investment and address the infrastructure financing gap which has grown even wider in the wake of the COVID-19 pandemic.
19 May 2020 UK Government publishes draft UK-EU free trade agreement
The UK Government has published draft negotiating documents concerning the future UK-EU relationship. The draft legal texts, which seek to reflect the UK's intention to negotiate a suite of agreements governing the future relationship, includes a UK-EU Comprehensive Free Trade Agreement (CFTA) and associated annexes. The UK's proposed approach to financial services is set out in Chapter 17 of the draft CFTA. The third round of negotiations took place between 11 and 15 May 2020. The fourth round is scheduled to begin on 1 June 2020.
15 May 2020 ESMA announces open hearing on benchmarks consultation paper
ESMA has announced that they will hold an open hearing for its Consultation Paper on draft Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR) on Friday 29 May via conference call.
20 May 2020 The AMF draws up a first assessment of bond market transparency introduced by MiFID2
More than two years after MiFID II came into force, the AMF has decided to assess the bond market transparency measures introduced by the new legislation and particularly the conditions for access to and use of post-trade transparency data by market participants.
20 May 2020 ECB public consultation on its guide on climate-related and environmental risks
The ECB has published a guide for consultation that explains how it expects banks to safely and prudently manage climate-related and environmental risks and disclose such risks transparently under the current prudential framework. The ECB wants banks to account for these risks given that they drive existing prudential risk categories and can substantially impact the real economy and banks. There will be a public hearing by telephone conference on 2 September and the deadline for responses to the consultation is 25 September. An FAQ is also available.