Latest ICMA developments
AMIC published on 3 June 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 on expectations ahead of the ECB meeting (June 4), investors positioning in the context of the credit and equity rallies, and the potential risks lying ahead.
ICMA published on 2 the June first edition of FinTech Newsletter focusing on cross-cutting technology initiatives across our key market areas and provide insights into regulatory updates, consultation papers, news and other publications, and upcoming meetings and events.
AMIC ExCom will meet virtually on 9 June.
AMIC will organise on 11 June a virtual event on the "First lessons of the COVID-19 crisis for the asset management industry". Panelists will take stock of recent market events and responses in the context of the global pandemic and explore in particular the: Resilience and weaknesses revealed by this crisis, Responses from European supervisors and central banks, Investment outlook for 2020-2021.
ICMA Asset Management and Investors Council (AMIC) Regulatory Update
4 June 2020 ECB monetary policy decisions
At the meeting the Governing Council of the ECB has decided to increase the envelope for the pandemic emergency purchase programme (PEPP) by €600 billion to a total of €1,350 billion and extend the time horizon for net purchases under the PEPP to at least the end of June 2021.
4 June 2020 FCA Coronavirus (Covid-19) Financial Resilience Survey
The FCA have asked around 13,000 firms to complete a short survey to help them obtain a more accurate view of firms’ financial resilience as a result of coronavirus (Covid-19).
4 June 2020 EBA starts delivering on the implementation of the new regulatory framework for investments firms
The EBA has outlined its roadmap for the implementation of the new regulatory framework for investment firms and launched a public consultation on its first set of regulatory deliverables on prudential, reporting, disclosures and remuneration requirements. The roadmap outlines the EBA’s work plan for each of the mandates laid down in the IFR/IFD and clarifies the sequencing and rationale behind their prioritisation. Through these mandates, the EBA will contribute to the implementation of a regulatory framework that is calibrated to the size and nature of investment firms. This will strengthen supervision, which will rely more directly on the risks faced by the clients and the investment firms themselves. The consultations launched today run until 4 September 2020.
29 May 2020 AMF study on clarity of fees
The AMF has conducted a qualitative study among retail investors to assess the clarity of the information provided about fees on direct investments in securities or investments via collective undertakings.
4 June 2020 ESMA promotes convergence in the supervision of costs in UCITS and AIFS
ESMA has published a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). This briefing comes in response to the need to improve convergence across NCAs in the approach to undue costs.
29 May 2020 ESMA updates reporting instructions for MMF reporting
ESMA has published updated reporting instructions to be used for reporting under the Money Market Fund Regulation (MMFR). As indicated in the announcement published on 31 March this update follows feedback received by market participants after the publication of the first version of the XML schema.
5 June 2020 ESMA publishes final report on the assessment of the commercial terms for clearing services
ESMA has published its final report with technical advice to the European Commission (EC) on the fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms for the provision of clearing services. The EC is mandated to develop a delegated act to define the requirements for such FRANDT terms and tasked ESMA in June 2019 with producing technical advice on the FRANDT terms as input for the development of the delegated act.
5 June 2020 ESMA provides guidance on the compliance function under MiFID II
ESMA has published the final guidelines on the MiFID II compliance function. These guidelines replace the ESMA guidelines on the same topic issued in 2012 and include updates that enhance clarity and foster greater convergence in the implementation, and supervision, of the new MiFID II compliance function requirements.
3 June 2020 ESMA consults on cloud outsourcing guidelines
The draft guidelines’ purpose is to provide guidance on the outsourcing requirements applicable to financial market participants when they outsource to cloud service providers. In particular, they aim to help firms and competent authorities identify, address and monitor the risks and challenges that arise from cloud outsourcing arrangements.The consultation is open until 1 September.