Latest ICMA developments
On Friday 04 December, AMIC is submitting its response to the ESMA Article 8 Taxonomy regulation consultation paper.
Coming up next:
09 December: AMIC Risk Management Working Group meeting to consider response to AIFMD Review consultation
16 December: AMIC Executive Committee meeting with Vanessa Casano (AMF) as guest speaker.
21 January: AMIC virtual panel on the Lessons from COVID-19 from a fund liquidity perspective with Steffen Kern (ESMA) as guest speaker.
ICMA Asset Management and Investors Council (AMIC) Regulatory Update
30 November EIOPA consults on the implementation of article 8 of the Taxonomy regulation
EIOPA issued a consultation on the implementation of article 8 of the Taxonomy regulation which requires companies (including insurers and reinsurers) falling in the scope of NFRD to disclose their level of taxonomy alignment (turnover, capex, opex) in their non-financial statement.
1 December Commission disburses €8.5 billion under SURE to five Member States
The European Commission has disbursed €8.5 billion in the third instalment of financial support to five Member States under the SURE instrument. As part of this operation, Belgium has received €2 billion, Hungary €200 million, Portugal €3 billion, Romania €3 billion and Slovakia €300 million.
3 December State of the Planet: Latest from the United Nations Secretary-General
On 2 December, United Nations Secretary-General António Guterres delivered a landmark speech on the state of the planet at Columbia University, setting the stage for dramatically scaled-up ambition on climate change over the coming year. While warning that current environmental and climate trends are dire, he pointed to the many solutions already within reach.
30 November ICE: LIBOR transition Consultation
ICE Benchmark Administration Limited (IBA) announced it will consult on its intention to cease the publication of the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023.
30 November FCA response to IBA’s proposed consultation on intention to cease US$ LIBOR
The FCA responded to the IBA’s proposed consultation supporting the extension by panel banks and IBA, together with the proposal to consult on a clear end date to the US$ LIBOR panel, following discussions with the US$ LIBOR panel banks. This will incentivise swift transition, while allowing time to address a significant proportion of the legacy contracts that reference US$ LIBOR.
30 November Parliament and Council strike a deal on benchmark regulation amendments
Negotiators of the EP and the Council have agreed on provisions to ensure EU financial market stability, ahead of the expected cessation of the London Interbank Offered Rate (LIBOR) in 2021. The agreed text also prolongs the right of EU market participants to use benchmarks administered in a country outside the EU until the end of 2023 (with a potential 2 year extension until the end of 2025).
1 December 1 month to go: FCA reminds firms to be ready for end of transition period
The FCA has reminded firms to be ready for the end of the transition period at the end of December. To help minimise disruption, the FCA have onshored EU legislation and established temporary regimes to allow non-UK firms and funds to operate in the UK after 31 December 2020.
2 December IOSCO consults on issues and concerns regarding market data
IOSCO is seeking feedback on a consultation report on issues relating to access to market data in secondary equity markets by 26 February 2021.
2 December Speech by Robert Ophèle, AMF Chairman at ISDA Conference
Robert Ophèle gave a Speech on "Outlook for European regulation" at an ISDA conference discussing the DTO in light of Brexit.
2 December Keynote address by Verena Ross – CMU and current challenges
Verena Ross gave a speech at the International Investors Conference discussing the Capital Markets Union and its challenges.
3 December The Bank of England's supervision of financial market infrastructures - Annual Report 2020
The FMI Annual Report has set out how the Bank has exercised its responsibilities in respect of supervising financial market infrastructures since the last report.