Latest ICMA developments
14 December - Robert Parker, Chair of ICMA's Asset Management and Investors Council, reviewed the market events of the last two weeks, in light of COVID-19 rising cases and vaccines rollout, recent decisions taken by the ECB and the upcoming meeting of the Fed. Listen to this latest podcast here.
16 December - The Risk Management Working Group met to discuss AMIC’s response to the AIFMD consultation paper due on the 29 January. Members are also invited to send their comments to Arthur Carabia or Irene Rey.
16 December – The final ExCom of the year met with Vanessa Casano (AMF) as the guest speaker in which she explained IOSCO’s workstreams on fund liquidity, MMFs and ETFs in light of the COVID-19 crisis.
16 December - ICMA has updated its mapping of Electronic Trading Platforms (ETPs) available for cash bonds. The directory now includes 49 technology solutions, up from 41 in the November 2019 publication.
17 December – ICMA recorded a post-Brexit podcast, providing an overview of the implications for international capital markets from the end of the post-Brexit transition period, including changes to ICMA’s primary market documentation and the existing guidance for the Global Master Repurchase Agreement (GMRA). Listen to the podcast here.
Coming up next:
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
8 December Confirmation of compliance with guidelines - MMF stress test guidelines
ESMA published the 2020 update of guidelines on MMF stress tests under the Money Market Funds Regulation (MMFR). The updates take account of MMFs recent experience during March 2020, particularly in relation to redemption scenarios.
10 December EU agrees on MiFID quick-fix
The European Commission welcomed the agreement reached by the European Parliament and the Council on important amendments to EU rules on investor protection and commodity derivatives (MiFID) as part of the Capital Markets Recovery Package introduced during the COVID-19 crisis.
16 December Global Monitoring Report on Non-Bank Financial Intermediation 2020
The FSB has published its Global Monitoring Report on Non-Bank Financial Intermediation 2020 presenting the results of its annual FSB monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI), covering 29 jurisdictions that account for 80% of global GDP.
14 December Publication of the third report on non-financial approaches in collective investment schemes
The AMF has published its report on the major trends in the French market for funds with a non-financial approach. It provides a supplement to Position-Recommendation n°2020-03 on the information to be provided by collective investment schemes incorporating non-financial approaches.
15 December French and Dutch financial market authorities call for a European regulation of ESG data, ratings, and related services
The Autorité des marchés financiers (AMF) and its Dutch counterpart, the Autoriteit Financiële Markten (AFM), have proposed a European regulatory framework for providers of sustainability-related services, which could become one of the key measures of the European Commission's renewed sustainable finance strategy. The proposed framework is aimed at preventing misallocation of investments, greenwashing, and ensuring investor protection. It includes requirements on transparency on methodologies, management of conflicts of interest, internal control processes, and enhanced dialogue with companies subject to sustainability ratings.
17 December ESMA publishes final guidance to address leverage risk in the AIF sector
ESMA has published its final guidance to address leverage risks in the Alternative Investment Fund (AIF) sector.
14 December FCA publishes first consultation on new prudential regime for UK investment firms
The FCA has been seeking views on its proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR) for FCA prudentially-regulated investment firms (FCA investment firms).
15 December Call for Evidence on the Overseas Framework
The government has been seeking comments on the UK’s framework for cross border financial services. This is a Call for Evidence running until 11 March 2021 to understand how their current overseas framework supports their position as a global financial centre. HMT wants to ensure their legislation achieves the goal of attracting activity to the UK whilst supporting financial stability.
14 December FCA Brexit website update
The FCA has published a set of FAQs on Brexit and the temporary permissions regime to help firms prepare for the end of the transition period. The new webpage is available here.
16 December ESMA reminds users of scheduled IT operations at the end of the Brexit transition period
ESMA has published a reminder of the operations planned on its databases and systems at the end of the Brexit transition period on 31 December 2020.
14 December Steven Maijoor speaks at the third roundtable on Euro risk-free rates
The Chair of the ESMA, Steven Maijoor, has delivered a speech at the third roundtable on euro risk-free rates.