AMIC Regulatory Update

Latest ICMA developments


20 November - ICMA Chief Executive Martin Scheck spoke to Axel van Nederveen, Treasurer, European Bank for Reconstruction and Development (EBRD) about EBRD’s role in developing robust domestic capital markets. Listen to the podcast here.


20 November - ICMA and several other trade associations have endorsed a paper calling for an extension to the end of the transition period for third country benchmarks under Article 51 of the EU Benchmarks Regulation (BMR) from the end of 2021 to the end of 2025.

24 November - AMIC SF WG met to discuss the Taxonomy Article 8 consultation paper as well as the Eco Label consultation paper.

25 November - ICMA has provided feedback regarding ESMA’s CP on the functioning of the Organised Trading Facility regime (OTF). The consultation covers OTFs and potentially forcing software and tech providers to be authorised as trading venues. 

27 November- ICMA published its latest AMIC market update podcast reviewing the market events of the past two weeks, in light of COVID-19 outbreaks, recent economic indicators and central banks' upcoming meetings.

27 November - AMIC Risk Management WG met to discuss the AIFMD review consultation paper due on the 29 January.

Coming up next:

16 December: AMIC Executive Committee meeting.

21 January: AMIC virtual panel on the Lessons from COVID-19 from a fund liquidity perspective with Steffn Kern (ESMA) as guest speaker.



ICMA Asset Management and Investors Council (AMIC) Regulatory Update

Sustainable Finance

20 November EC consultation on technical criteria to identify sustainable activities
The EC has issued a 4 week consultation on technical criteria to identify sustainable activities under the EU Taxonomy Regulation. This consultation focuses on two out of the six environmental objectives set under the EU Taxonomy: i.e. climate change mitigation and adaptation.

23 November Building trust in sustainable investments

A speech was given by Richard Monks, Director of Strategy at SRI Services and Partners ‘Good Money Week’ panel,  stating that the FCA is considering whether it would be helpful to articulate a set of guiding principles to help firms with ESG product design and disclosure.

23 November SASB and IIRC to merge in mid 2021

The SASB – Sustainability Accounting Standards Board and the International Integrated Reporting Council (IIRC) announced that they will merge in mid 2021 to simplify the corporate reporting system by creating the Value Reporting Foundation.

23 November FSB: the implications of climate change for financial stability

The FSB has published a new report assessing the channels through which physical and transition risks could impact the financial system and how they might interact. Particular focus is on the potential amplification mechanisms and cross-border effects, and on the channels that could materialise in the short-to-medium term.

Financial stability: lessons from COVID-19

20 November IOSCO Reviews Money Market Funds Recommendations and Events Arising from the March 2020 Market Turmoil

IOSCO published a diagnostic report analysing the events that occurred in the Money Market Funds (MMFs) sector during the market turmoil in March 2020. Simultaneously, IOSCO published a thematic review assessing the implementation of selected IOSCO recommendations issued in 2012 to strengthen the resilience of MMFs globally.
22 November G20 Leaders Declaration
G20 Leaders endorsed a declaration at the end of their summit welcoming among others 'the FSB’s holistic review of the March 2020 turmoil, and its forward work plan to improve the resilience of the non-bank financial sector'.
23 November IOSCO Annual Meeting addresses the impact of COVID 19 and other critical matters on securities markets

Members of the IOSCO were gathered online for the organisation´s 45th Annual Meeting last week to discuss the impact of COVID 19 on capital markets and other priority issues facing securities market regulators and supervisors today. Some 480 members from 159 jurisdictions participated in the event.

AIFMD review 
25 November AIFMD review: speech by Commissioner McGuinness
The EC held a virtual conference on the AIFMD review on 25 November (watch again here) during which Commissioner McGuinness gave an opening speech.
25 November ESMA sets out its final view on the Derivatives Trading Obligation (DTO)

ESMA has released a public statement that clarifies the application of the European Union’s (EU) trading obligation for derivatives (DTO) following the end of the UK’s transition from the EU on 31 December 2020.
Benchmark transition

20 November  FSB: reforming Major Interest Rate Benchmarks

The FSB  has issued a progress report on reforms of  Major Interest Rate Benchmarks, which covers reforms to a number of benchmarks, including the London Inter-bank Offered Rate (LIBOR) benchmark.
23 November Working group on euro risk-free rates launches two public consultations on fallbacks to EURIBOR

The working group on euro risk-free rates has released two public consultations on the topic of fallback rates to EURIBOR. Fallback rates are rates that can be relied upon in case of an unavailability of the main rate. In one consultation, stakeholders are invited to provide their views on fallback rates based on the euro short-term rate (€STR) and spread adjustment methodologies in order to produce the most suitable EURIBOR fallback measures per asset class. In the other consultation, stakeholders are invited to give their views on potential events that could trigger such fallback measures.

23 November ESAs propose to adapt the EMIR implementation timelines 
The ESAs propose to adapt the EMIR implementation timelines for intragroup transactions, equity options and novations to EU counterparties. The ESAs have developed the draft RTS on bilateral margining under Article 11(15) of EMIR, while ESMA has developed the draft RTS on the clearing obligation under Article 5(2) of EMIR.

23 November The AMF finds the effectiveness of internal control of outsourcing processes to be too disparate 

As part of its SPOT thematic inspections, the AMF examined how seven asset management companies (AMCs) outsourced internal control to three firms. The inspections were aimed at encouraging good practice in the selection and monitoring of service providers, and in the periodic review of the quality of their work.

RPI Reform
23 November A consultation on the Reform to Retail Prices Index (RPI) Methodology

The Government and the UK Statistics Authority (UKSA) have confirmed that the Retail Prices Index (RPI) will be aligned with the Consumer Prices Index including owner occupiers’ housing costs (CPIH) in February 2030.


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