AMIC Regulatory Update

Latest ICMA developments

ICMA welcomed a new staff member on 26 October 2020. Irene Rey has joined ICMA as Associate, Market Practice and Regulatory Policy. She will be working on the AMIC and will be a member of the Market Practice and Regulatory Policy team. 

The ICMA European Repo and Collateral Council (ERCC) has published, on 29 October 2020, an updated version of the ICMA Recommendations for Reporting under SFTR. This is the fifth public edition of the document, which was initially released on 24 February and last updated on 7 September.

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


26 October EC consults on sustainable corporate governance

The EC published a consultation on sustainable corporate governance. This initiative is complementary to the review of the Non-Financial Reporting Directive and aims to improve the EU regulatory framework on company law and corporate governance by better aligning the interests of companies, their shareholders, managers, stakeholders and society. 

27 October Commission disburses €17 billion under SURE to Italy, Spain and Poland

The European Commission has disbursed a total of €17 billion to Italy, Spain and Poland in the first instalment of financial support to Member States under the SURE instrument. As part of today's operations, Italy has received €10 billion, Spain €6 billion, and Poland €1 billion. Once all SURE disbursements have been completed, Italy will receive a total of €27.4 billion, Spain €21.3 billion and Poland €11.2 billion. The disbursements follow last week's inaugural social bond issuance by the Commission, marked by very strong investor interest, to finance the instrument.
29 October FSB welcomes TCFD status report

The FSB welcomed the publication of the 2020 status report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD), which reports on the further growth in TCFD-aligned disclosures by firms.
30 October SFDR to be applied on "principle-based requirements" starting 10 March 2021
In a letter to the ESAs, the EC has confirmed that the regulatory technical standards (Level 2 RTS) which underpin the EU's Sustainable Finance Disclosures Regulation (SFDR) will be delayed. The revised compliance date for the Level 2 RTS has not been specified. However, it will still be necessary for firms to comply with the high level and principle-based requirements" of the Level 1 text, as from the original compliance date of 10 March 2021.

21 October ESMA sets out final position on Share Trading Obligation

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

27 October ESMA updates statement to address credit ratings from the UK

ESMA has published an update to its March 2019 statement on the endorsement of credit ratings from the UK. The previous statement has been updated in order to provide clarity on whether endorsement can proceed following the end of the transition period on 31 December 2020 in the context of the UK's Withdrawal Agreement from the EU.
27 October ESMA adds UK venues to opinion on third-country venues 
ESMA has updated the list of third-country venues in the context of the opinions on post-trade transparency and position limits under MiFID II and MiFIR. The UK venues have received a positive assessment. 

28 October European accounting enforcers to enhance transparency on COVID-19 impact

ESMA has issued its annual Public Statement on European Common Enforcement Priorities (Statement), which sets out the priorities that EEA corporate reporting enforcers will consider when examining listed companies’ 2020 annual financial reports.


29 October ESMA submits two draft technical standards under the revised market abuse regulation to the European Commission

ESMA has published the Final Report on the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets (SME GMs). These amendments focused on liquidity contracts and insider lists for SME GMs.

Covered bonds

27 October EC proposes to amend rules for LCR and covered bonds 
The EC is consulting on a draft delegated act to mitigate the overlap between the liquidity buffer requirement introduced for Covered Bonds Directive (CDB) in 2019 and the LCR requirement introduced in 2015. Moreover, the proposed amendment to the LCR  aims also to clarify some of the existing rules, which are unrelated to the CBD.


28 October FSB virtual workshops on FinTech issues
The FSB is holding FinTech virtual workshops on 4 and 5 November from 13.00-15.00 (CET).The objective of the workshop on 4 November is to present the FSB’s work on the use of supervisory (SupTech) and (RegTech) regulatory technology by authorities and regulated institutions. The workshop will consider issues raised in the FSB’s recent report on this topic.  


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