Latest ICMA developments
On 12 January, ICMA published its ICMA Quarterly Report First Quarter 2021. Of particular interest to AMIC, will be the feature on the AIFMD review and the initial lessons from the COVID-19 crisis.
On 13 January, the ICMA European repo and Collateral Council (ERCC) has published a report on the performance of the European repo market at year-end 2020
On 14 January, ICMA published a report The Internationalization of the China Corporate Bond Market which is available here.
On 15 January, ICMA submitted its response to the SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers.
Coming up next:
18 January: AMIC Risk Management Working Group meeting to consider response to the ELTIF consultation.
19 January: AMIC Risk Management Working Group meeting to consider response to the ELTIF consultation.
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
25 December Establishment of the "Expert Panel on Sustainable Finance"
Japan’s FSA, is establishing an “Expert Panel on Sustainable Finance” to gather business, financial, academic experts with official sector to discuss issues and policy approach to achieve carbon neutrality by 2050.
7 January Letter to EU Commission on priority issues relating to SFDR application
ESMA has written to the EU Commission on priority issues relating to SFDR application which require urgent clarification in order to facilitate SFDR in an orderly manner on 10 March 2021.
11 January One Planet Summit
The One Planet Summit for Biodiversity, organised by France in cooperation with the UN and the World Bank, took place on January 11. You can watch the recording here.
14 January Step up action and adapt to 'new climate reality', UN environment report urges
The UN published its fifth Adaptation Gap Report looking at the progress in planning for, financing and implementing adaptation – with a focus on nature-based solutions.
Central Banks and Supervisory Authorities
11 January Let’s talk about negative interest rates - speech by Silvana Tenreyro
Silvana Tenreyro, member of the BoE MPC, gave a speech looking at the impact of negative policy rates in other countries considering how they might work in the UK, both for borrowers and savers.
13 January ESRB publishes adverse scenario for the ESMA’s MMFs stress-testing guidelines in 2020
The European Supervisory Authorities, in cooperation with the European Systemic Risk Board (ESRB), are required by legislation to conduct stress tests to assess the resilience of financial institutions or market participants to adverse market developments. As part of this cooperation, the ESRB designs scenarios of adverse economic and financial market developments which were published on 13 January 2021.
11 January The AMF has published its action and supervisory priorities for 2021
AMF Chairman Robert Ophèle presented the regulator’s priorities for the next 12 months. After a year marked by an unprecedented health crisis arising from the coronavirus pandemic, the AMF will be actively engaged in supporting economic recovery.
4 January ESMA reminds firms of the MiFID II rules on reverse solicitation
ESMA has issued a Public Statement to remind firms of the MiFID II requirements on the provision of investments services to retail or professional clients by firms not established or situated in the European Union (EU).
11 January The final countdown: Completing sterling LIBOR transition by end-2021
The FCA has updated its LIBOR transition website and published its priorities and roadmap for this final year of transition.
11 January ICE Benchmark Administration Launches ICE Term SONIA Reference Rates as a Benchmark for Use in Financial Instruments
IBA has announced its launch of its ICE Term SONIA Reference Rates as a benchmark for use in financial instruments by licensees.
12 January Evolution of OTC Derivatives Markets Since the Financial Crisis
ISDA has published a report on the evolution of OTC derivatives markets since the financial crisis and their functioning during the COVID-19 crisis.
13 January HM Treasury letter to the Chair of the Lord’s EU Committee regarding EMIR 2.2 and the recognition of CCP
HM Treasury published a letter from John Glenn MP (Economic Secretary to HM Treasury) to Lord Kinnoull (Chair of the European Union Committee, House of Lords) providing information about the deficiencies identified in the EU’s delegated acts implementing EMIR 2.2.