AMIC Regulatory Update
 


ICMA Asset Management and Investors Council (AMIC) publications


2 February – ICMA response to the review of the Central Securities Depositories Regulation (CSDR)
 

17 February – ICMA updated recommendations for reporting under SFTR
 

17 February – GBP ExCom new Q&As for sustainability- linked bonds (SLBs)


22 February – ICMA note on the draft RTS of the Sustainable Finance Disclosure Regulation (SFDR)

 

AMIC next month:
 

3 March – ICMA to submit its response to the IOSCO bond ETF survey
 

10 March –  inaugural meeting of AMIC SFDR taskforce. If you would like to join or nominate a colleague to join this group, please email Arthur Carabia or Irene Rey
 

25 March – AMIC ExCom meeting
 

 


AMIC Regulatory Update
 

Sustainable finance

2 February - IFRS Foundation Trustees announce next steps in response to broad demand for global sustainability standardsThe Trustees of the IFRS Foundation met on 1 February 2021 to review responses to their consultation paper on sustainability reporting and announced their proposed next steps.

 

4 February - ESAs publish final report and draft RTS on disclosures under SFDR: EBA, EIOPA and ESMA delivered to the European Commission (EC) the Final Report, including the draft Regulatory Technical Standards (RTS), on the content, methodologies and presentation of disclosures under the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR).

 

4 February - Eurosystem agrees on common stance for climate change-related sustainable investments in non-monetary policy portfolios: The Eurosystem central banks have defined a common stance for applying sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios that they each manage under their own responsibility. The common agreement follows extensive preparatory work within the Eurosystem and has also benefited from the analysis of the Network for Greening the Financial System (NGFS) and is aligned with its recommendations.

24 February - Building a Climate-Resilient Future - A new EU Strategy on Adaptation to Climate Change: The European Commission adopted a new EU Strategy on Adaptation to Climate Change, setting out the pathway to prepare for the unavoidable impacts of climate change.

25 February - ESAs issue recommendations on the application of SFDR: EBA, EIOPA and ESMA  have published a joint supervisory statement on the implementation between the application of SFDR (as of 10 March 2021) and the application of the RTS at a later date (1 January 2022).


25 February - China's resolute pursuit of reducing carbon emissions: China will launch a national carbon emissions trading scheme Feb. 1 as part of efforts to meet a 2060 carbon neutrality target by developing market mechanisms.

26 February - Series of webinars on the EU taxonomy – Discussion on future developments with the Platform on Sustainable Finance: This event explored a variety of key concepts and possible future policy solutions related to the Platform on Sustainable Finance’s work on the EU taxonomy. Recordings of all webinars are available on the event webpage.

COVID-19

15 February - IOSCO Reviews the Impact of COVID-19 Government Support Measures on Credit Ratings: The Board of the International Organization of Securities Commissions (IOSCO) published a report analyzing the observed impact of COVID-19-related government support measures (GSM) on the credit ratings of the three largest credit rating agencies- Fitch, Moody´s and Standard & Poor´s (collectively the “CRAs”).

15 February - Capital Markets Recovery Package: Council adopts first set of measures to help companies access funding: The Council adopted targeted amendments to the markets in financial instruments directive (MiFID) II and the prospectus regulation to facilitate the recapitalisation of EU companies on financial markets in the wake of the COVID-19 crisis.
 

25 February - FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: The FSB sent a letter to G20 setting out its ambitious work programme for 2021 which seeks to address vulnerabilities directly related to COVID-19 and to increase resilience of non-bank financial intermediation.
 

LIBOR Transition
 

2 February - Financial benchmarks: Council adopts new rules addressing LIBOR cessation:The Council adopted amendments to the Benchmark Regulation addressing the termination of financial benchmarks.

Investment Funds
 

1 February - Alternative Investment Funds (AIFs) exposures to commercial real estate: ESRB  has indicated that ESMA is recommended to publish aggregated data on the exposures of the entities subject to its supervision to commercial real estate (CRE) markets in the EU.

 

1 February - ESMA finalises rules on standardised information to facilitate cross-border distribution funds: ESMA has published a final report on implementing technical standards (ITS) under the Regulation on cross-border distribution of funds. The ITS focus on the publication of information by national competent authorities (NCAs) on their websites, the notification of information by NCAs to ESMA and the publication of information by ESMA on its website.

 

3 February - EIOPA’S board of supervisors agrees on changes to the PRIIPs key information document: ESAs submitted to the European Commission draft Regulatory Technical Standards (RTS) on amendments to the key information document for packaged retail and insurance-based investment products (PRIIPs).

 

3 February - ESMA provides input to the commission on improvements for ELTIF: ESMA has sent highlighting key topics of the ELTIF review where we see the need to consider amendments to this framework.

22 February - Financial Stability Note: Property funds and the Irish commercial real estate market: The Central Bank of Ireland has published a Financial Stability Note “Property funds and the Irish commercial real estate market”. The Note explores how Irish property funds’ investment in Irish commercial real estate has grown in recent years.


Post-Brexit
 

3 February - FCA sets out its approach to international firms: The publication explained how the FCA will assess international firms when they apply for authorisation to operate in the UK market. The FCA has considered responses to a consultation published last year (CP20/20) and today we have also published a feedback statement alongside the approach document.

 

22 February - The case for an open financial system - speech by Andrew Bailey: Andrew Bailey looked at the benefits of a global financial system, and talks about the UK’s current and future role in it.

 

FinTech

5 February - Steven Maijoor delivers keynote speech at conference on FinTech and Regulation: His speech touched upon: digitalisation: risks and opportunities; accelerating trends; and safe navigation.
 

8 February - Speech by Robert Ophèle, AMF Chairman on "Regulatory considerations in an era of digital acceleration": His speech touched upon the changes the current digital acceleration could bring about for financial markets and its players.

Retail trading

17 February - ESMA highlights risks to retail investors of social media driven share trading: ESMA has released a statement to highlight to retail investors the risks connected with trading decisions based exclusively on exchanges of views, informal recommendations and sharing of trading intentions through social networks and unregulated online platforms. 

 

24 February - Steven Maijoor delivers statement on GameStop at the ECON committee: ESMA Chair, Steven Maijoor, addressed the Members of the European Parliament within the Committee on Economic and Monetary Affairs (ECON). He was invited together with the European Commission's Director for Financial Markets, Ugo Bassi, for an exchange of views on GameStop share trading and related phenomena.

 

IOSCO

 

26 February - IOSCO publishes work programme for 2021-2022: IOSCO published its 2021 -2022 work programme to further its core objectives to protect investors, maintaining fair, efficient and transparent markets and addressing systemic risks.
 

 


ICMA Media Library
 

ICMA podcast      

ICMA Podcast - COVID-19: ICMA Asset Management & Investors Council market update
3 February 2021 Robert Parker, Chair of ICMA's Asset Management and Investors Council, reviewed the market events of the past weeks, including the highly profiled equity market bubble, along with its wider market implications and possible action from supervisors, the outcome of the ECB and the Fed January meetings, as well as the IMF and World Bank 2021 global growth forecasts.

 
ICMA podcast  

ICMA Podcast - Economic outlook for 2021 and beyond with Philippe Waechter, Ostrum Asset Management
28 January 2021 Philippe Waechter, Chief Economist of Ostrum Asset Management, shares his outlook for the economy in 2021 in the context of the persistent COVID-19 health crisis and highlights key factors to consider for European economies post-pandemic.
 

 
ICMA podcast  

ICMA AMIC Webinar recording - Lessons from the COVID 19 crisis from a fund liquidity perspective
21 January 2021 A panel of asset managers and a representative from ESMA looked at how investment funds performed from a liquidity perspective during the COVID-19 crisis and discussed the key findings of ESMA’s report assessing the resilience of corporate debt and real estate investment funds during February and March 2020.

 

Check the ICMA Media Library for more webinars and podcasts.
 

 

Contact us

+44 20 7213 0348
amic@icmagroup.org
www.icmagroup.org/amic


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