AMIC Regulatory Update
 


Latest ICMA developments
 

ICMA submitted on 10 June its response to the NFRD review consultation. Both ICMA's Corporate Issuer Forum and the Asset Management and Investors Council support the review, which provides the opportunity to achieve a greater level of standardisation of ESG disclosures, a perequisite to deliver on the EU sustainable finance action plan.
 
ICMA has published on 12 June its preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union.

AMIC published on 12 June its weekly COVID-19 market update podcast in which Robert Parker, Chairman of AMIC, reviewed the market events of the last week, with a  specific focus on the ECB announcements on 4 June, fiscal stimulus in Europe, and investors positioning.

Coming up:

AMIC will organise on 18 June a virtual event on the "First lessons of the COVID-19 crisis for the asset management industry".

 

 


ICMA Asset Management and Investors Council (AMIC) Regulatory Update
 

CMU

10 June 2020
Final report by High-Level Forum pushes for the completion of the CMU
 

The High-Level Forum (HLF) on capital markets union (CMU) has published its final report on the EU’s capital markets union. The report sets out 17 interconnected recommendations aimed at removing the biggest barriers in the EU’s capital markets. According to the report, completion of the capital markets union is particularly important now, as it can speed up the EU’s recovery from the coronavirus pandemic.The Commission has also launched a call for feedback from stakeholders on the report open until 30 June.

AIFMD

10 June 2020 Report from the Commission on the application of AIFMD
 
The EC issued on 10 June a report on the application of AIFMD reviewing  among others: the passports for depositary, the marketing passport, reporting and data regarding financial stability and the impact of the AIFMD on private equity.

Sustainable Finance

9 June 2020
EC issues a 4 week consultation on sustainability

The EC has issued a 4 week consultation on 6 delegated acts on the integration of sustainability risks into UCITS, AIFs, investment firms, insurance firms and brokers, reinsurance firms, and product governance obligations.

9 June 2020 ESAS announce public hearing on ESG disclosures

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) will organise a public hearing on 2 July on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products.

11 June 2020 ESAs respond to the consultation on the revision of the Non-Financial Reporting Directive

ESMA has submitted a response to the European Commission’s (EC) consultation on a revision of the Non-Financial Reporting Directive (NFRD). The response has recommended standardising disclosure requirements, widening the range of companies required to report and ensuring consistency between legislative initiatives on sustainable finance. EIOPA has also responded to the consultation and so did the EBA.

COVID-19

5 June 2020 ESRB COVID-19 Related Policy Actions: Implications for Investment Funds

The Banque centrale du Luxembourg (BcL) and the Commission de Surveillance du Secteur Financier (CSSF) would like to inform industry participants that on 6 May 2020 the European Systemic Risk Board (ESRB) has discussed a first set of actions in 5 priority areas identified to address the impact of COVID-19 on the financial system from a macroprudential perspective. These actions constitute a comprehensive set of policy measures that apply to different sectors of the financial system as well as across countries, and address the areas of market illiquidity, downgrades of corporate bonds, guarantee schemes and other fiscal measures, dividend payment restraints and margin call induced liquidity risks.

8 June 2020 EBA releases bank-by-bank data at the start of the COVID-19 crisis

EBA has published the seventh EU-wide transparency exercise. This additional data disclosure comes as a response to the outbreak of COVID-19 and provides market participants with bank-level data as of 31 December 2019, prior to the start of the crisis. The data confirms the EU banking sector entered the crisis with solid capital positions and improved asset quality, but also shows the significant dispersion across banks.

9 June 2020 EIOPA supports the ESRB’s call on enhanced monitoring of liquidity risks in the insurance sector

EIOPA has given support to the views expressed by the European Systemic Risk Board (ESRB) regarding the importance of improving the monitoring of liquidity risks in the insurance sector with the aim to enhance Europe’s preparedness to potential future shocks in the context of COVID-19.

10 June 2020 FCA's Chris Woolard discusses emergency regulation and learning from the coronavirus crisis

In his first Inside FCA podcast interview, Interim Chief Executive Chris Woolard has discussed how the FCA has rapidly reprioritised work in light of the coronavirus (Covid-19) pandemic, and talks about future business planning.

11 June 2020 ESMA publishes statement on MiFIR open access and COVID-19

ESMA has issued a public statement to clarify the application of the MiFIR open access provisions (OAP) for trading venues (TVs) and central counterparties (CCPs) in light of the recent adverse developments related to COVID-19.

Short selling

29 May 2020 
ESMA renews its decision requiring net short position holders to report positions of 0.1% and above

ESMA has renewed its decision to temporarily require the holders of net short positions in shares traded on a European Union (EU) regulated market to notify the relevant national competent authority (NCA) if the position exceeds 0.1% of the issued share capital.

EMIR

5 June 2020 ESMA extends deadline for responses to consultation on EMIR REFIT

ESMA has decided, in view of the effects of the ongoing COVID-19 pandemic on stakeholders and market participants, to extend the response date for the consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT to 3 July 2020.

MiFID II

8 June 2020 ESMA issues latest double volume cap data on MiFID II

ESMA has updated today its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID II).

10 June 2020 AMF’s proposals for more efficient and competitive markets on Market transparency, financial research, investor protection

After a little more than two years of supervisory experience under the Markets in Financial Instruments Directive (MiFID 2), the Autorité des Marchés Financiers has responded to the European Commission’s public consultation on the review of MiFID 2. In a document available on its website, the Authority details some of the targeted changes it is promoting.

Indices

11 June 2020 AMF publishes a study of the opportunities and risks of the financial index market

The study has presented an overview of the market in financial indices, which have a profound influence on the functioning of markets. It analyses the functioning of an industry that continues to grow with close to 3 million indices in the world.

IOSCO

9 June 2020 
IOSCO Board elects Chair and Vice Chairs for the term 2020-2022

Following its inaugural meeting, the new IOSCO Board elected its leadership for the term 2020-2022. The Board re-elected Ashley Alder, CEO of SFC Hong Kong, as its Chair and Jean-Paul Servais, Chairman of FSMA Belgium, as a Vice Chair. It also elected Heath P. Tarbert, Chairman of the US CFTC, as a new Vice Chair. They join Obaid Al Zaabi, CEO of SCA UAE, who is Vice Chair of the Board in his ex-officio capacity as Chair of the IOSCO Growth and Emerging Markets (GEM) Committee.
   



 
 

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amic@icmagroup.org
www.icmagroup.org/amic


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