AMIC Regulatory Update
 


Latest ICMA developments
 

On 11 November, Robert Parker, Chair of ICMA's Asset Management and Investors Council, reviewed the market events of the last two weeks, in light of the progress made with COVID-19 vaccines, the US presidential election results and Brexit. Listen to our latest podcast.


On 12 November, AMIC Sustainable Finance Working Group met to discuss the latest EU Ecolabel for financial products  consultation and the ESMA consultation on the application of article 8 of the EU Taxonomy.

 

On 12 November,  ICMA released the results of its 39th semi-annual survey of the European repo market.

 

On 13 November, ICMA and the Japan Securities Dealers Association (JSDA) held their joint conference on the “Developments in bond markets contributing to sustainability under COVID-19 – globally and in Japan”.

AMIC press features: 

Regulation Asia: The AIFMD Review: Potential Impacts for Asia Pacific

The Desk: Risk-Redemption Shock
 

Coming up next:
 
AMIC Primary Market Working Group will meet on 20 November.
 
AMIC Executive Committee will meet on 16 December.

 

 


ICMA Asset Management and Investors Council (AMIC) Regulatory Update

Financial Stability

13 November ESMA tells fund managers to improve readiness for future adverse shocks

ESMA has published a Report on the preparedness of investment funds with significant exposures to corporate debt and real estate assets, for potential future adverse liquidity and valuation shocks. The Report identifies five priority areas for action which would enhance the preparedness of these fund categories. This Report follows a Speech given the same day by Steven Maijoor, Chair of ESMA, on EU funds’ resilience in the COVID era.
 
13 November FSB publishes annual report on implementation and effects of financial regulatory reforms

The FSB has published its 2020 report on the implementation and effects of the G20 financial regulatory reforms.
 
13 November FSB publishes 2020 G-SIB list

The FSB has published the 2020 list of global systemically important banks (G-SIBs) using end-2019 data and an assessment methodology designed by the Basel Committee on Banking Supervision (BCBS).
 
13 November ESMA sees potential for sudden reversal in investors' risk assessment

ESMA has published its second risk dashboard for 2020 which sees a continued risk of decoupling between asset valuations and economic fundamentals.
 
Supervisory Priorities
 
13 November ESMA identifies costs and performance and data quality as new union strategic supervisory priorities

ESMA, using its new convergence powers, has identified costs and performance for retail investment products and market data quality as the Union Strategic Supervisory Priorities for national competent authorities (NCAs).
 
Sustainable Finance

9 November Chancellor sets out ambition for future of UK financial services

The UK will remain an open, attractive international financial centre, and extend its global leadership in green finance and financial technology, under plans outlined by the Chancellor Rishi Sunak.
 
9 November The time to push ahead on tackling climate change - speech by Andrew Bailey

Bank of England's Governor Andrew Bailey explained what BoE is doing to ensure the financial system plays it part to tackle climate change.
 
9 November Rising to the Climate Challenge on Green Horizon Summit

FCA’s Nikhil Rathi gave a speech announcing that from 1 January 2021 new rules will be introduced requiring premium listed companies to make better disclosures about how climate change affects their businesses (consistent with the TCFD recommendations).
 
10 November Climate Thematic Review 2020

The FRC has published the results of its thematic review of climate-related considerations by boards, companies, auditors, professional bodies and investors. 

Funds' marketing

9 November ESMA consults on guidance for funds' marketing communications

ESMA has launched a consultation on guidelines on marketing communications under the Regulation on facilitating cross-border distribution of collective investment undertakings.
 
UCITS 
 
12 November ESMA publishes third annual report on use of sanctions for UCITs

ESMA has published its 2019 report on the use of supervisory sanctions by National Competent Authorities (NCAs) under the Undertakings for Collective Investments in Transferrable Securities (UCITS) Directive. 
 
AIFMD

9 November ESMA publishes first report on use of sanctions under the AIFMD

ESMA has published its first annual report on the use by National Competent Authorities (NCAs) of sanctions under the Alternative Investment Fund Managers Directive (AIFMD).

11 November Guidelines compliance table
ESMA has published guidelines compliance table on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities

13 November Virtual conference on the review of AIFMD – the way forward

The European Commission is  reviewing the effectiveness of the AIFMD and considering a range of targeted amendments to improve the functioning of the legal framework.  The European Commission will discuss this review via a live stream on Wednesday 25 November 2020, 9.20 - 12.05 (CET).
 
Brexit

4 November ESMA updates Brexit statements for the end of UK transition period

ESMA has updated three statements which address the impact on reporting under EMIR and SFTR and on the operation of ESMA databases and IT systems after 31 December 2020, the end of the UK’s transition from the EU. 

9 November ESMA updates Q&As for prospectus and transparency rules linked to Brexit

ESMA has issued Questions and Answers (Q&As) concerning the Prospectus Regulation (PR) and the Transparency Directive (TD) in the context of the Brexit transition period. ESMA has also updated prospectus Q&As as part of an ongoing Q&A revision exercise.

9 November Equivalence decisions

HM Treasury has announced that the UK will be granting a package of equivalence decisions to the European Economic Area States, including the Member States of the European Union. These will come into effect following the end of the transition period. Please consult HM Treasury’s Press Statement for the full list of decisions. For other EU withdrawal information, see our EU withdrawal webpage.

9 November FCA responds to Treasury announcement on equivalence

The Treasury has announced its intention to take equivalence decisions in respect of the European Economic Area (EEA) states across a number of financial services areas. These will come into effect at the end of the transition period.
 

10 November ESMA updates Brexit statements for the end of UK transition period

ESMA has updated three statements which address the impact on reporting under EMIR and SFTR and on the operation of ESMA databases and IT systems after 31 December 2020, the end of the UK’s transition from the EU.
 

 

Contact us

+44 20 7213 0348
amic@icmagroup.org
www.icmagroup.org/amic


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