AMIC Regulatory Update

Latest ICMA developments

The ICMA Education department is offering 3 to 6 months paid internship programmes for those who are seeking experience in the field of financial executive education.
ICMA published on 22 October its bi-weekly market update podcast, in which Robert Parker, Chair of AMIC, reviews the market events of the last two weeks, in light of the increase in global coronavirus cases, the upcoming US presidential election and investor positioning.
AMIC held on 23 October a virtual panel discussion "Sustainable finance: Taking stock of regulatory developments, market trends and investors' needs".  



ICMA Asset Management and Investors Council (AMIC) Regulatory Update

Sustainable finance 
21 October European Commission issues first emission of EU SURE social bonds

The EC has issued a €17 billion inaugural social bond under the EU SURE instrument to help protect jobs and keep people in work. The issuing consisted of two bonds, with €10 billion due for repayment in October 2030 and €7 billion due for repayment in 2040. There was very strong investor interest in this highly rated instrument, and the bonds were more than 13 times oversubscribed, resulting in favourable pricing terms for both bonds.
Alternative Investment Funds

19 October Review of the regulation on ELTIFs

The EC published a consultation on the review of the regulation on European long-term investment funds (ELTIFs). The consultation closes on 19 January 2021. 

22 October Review of the AIFMD

The EC published a consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD). The consultation closes on 29 January 2021.
19 October 2021 EC 2021 work programme 

The EC adopted its 2021 work programme confirming expected regulatory developments on CMU (e.g. review of Solvency and MiFID in Q3-Q4 2021) and sustainable finance (e.g. Establishment of an EU green bond standard in Q2 2021).

21 October Council agrees its position on Capital Markets Recovery Package

The EU Council adopted a series of measures to support economic recovery from the COVID-19 crisis. These include  a shorter prospectus for companies with a track record in the public market, the extension of the EU framework for simple, transparent and standardised (STS) securitisations to synthetic securitisations, the removal of regulatory obstacles to the securitisation of non-performing exposures, and exemptions related to MiFID (e.g. product governance-related information to ease the distribution of vanilla bonds to retail and professional investors, best execution reports by trading venues).
21 October Steven Maijoor delivers keynote at Irish Funds Annual Global Funds online conference

Steven Maijoor, Chair of ESMA, has delivered a keynote address at the Irish Funds Annual Global Funds Online Conference. It addresses topics such as investor protection and transparency, financial literacy and the role of pensions in the CMU.


20 October CBI publishes outcome of thematic review of fund management companies including delegate oversight

The Central Bank of Ireland has published the outcome of a thematic review of the implementation of its framework for governance, management and oversight in fund management companies (including delegate oversight). The CBI requires urgent remediation by those firms where we found shortcomings. All other fund management companies required to critically assess their position against the findings and put action plans in place by Q1 2021. 

19 October 2020 HM Treasury consults on the Future Regulatory Framework (FRF) Review

This HM Treasury consultation considers how the regulatory framework for financial services needs to adapt to be fit for the future, in particular to reflect our new position outside of the EU.

21 October FCA welcomes Financial Services Bill

The FCA  welcomed the Financial Services Bill introduced in Parliament. This bill amends the Benchmarks Regulation, which is intended to help manage and direct an orderly wind-down of critical benchmarks such as LIBOR. It also includes: the prudential regulation of investment firms, a new Overseas Funds Regime, a new framework for our regulatory relationship with Gibraltar.

21 October FCA writes joint letter on Brexit with the Bank to CEOs of insurance firms and updates its website for all firms

Jointly with the Bank of England, the FCA wrote a letter to CEOs of insurance firms on the importance of being prepared for the end of the transition period, in order to minimise disruption and ensure market stability.
Financial stability

21 October ESRB publishes EU Non-bank Financial Intermediation Risk Monitor 2020

The ESRB published the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor). This is the fifth issue in an annual series that contributes to the monitoring of a part of the financial system that has grown in recent years and accounts for around 40% of the EU financial system.


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