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ESMA UPDATES ITS Q&As RELATING TO THE PROSPECTUS REGULATION
February 18, 2020--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the Prospectus Regulation with two new Q&As.
The two Q&As provide clarification on the following issues in relation to the Prospectus Regulation:
The number of additional pages that can be included in a summary where there is more than one guarantor.
The number of additional pages that can be included in a summary relating to several securities, as per Article 7(7) of the PR.
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Source: ESMA
ETF issuer Rize chooses Xetra for debut in Europe
February 17, 2020--First products focus on medical cannabis industry and cybersecurity
With Rize ETF, a new issuer of exchange traded funds has entered the European market, specialising in theme-based products. For the initial listing of two ETFs on the megatrends cannabis and cybersecurity today, Rize has chosen Deutsche Börse with its trading venues Xetra and Börse Frankfurt.
The new Rize Medical Cannabis And Life Sciences UCITS ETF-USD Accumulating offers investors access to the performance of companies primarily active in the medical cannabis, hemp and CBD sectors.
The underlying Foxberry Medical Cannabis & Life Sciences Index is comprised of global listed companies active in the medical cannabis and cannabis-related life sciences sectors.
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Source: Deutsche Börse Group
ESMA updates Q&A on Implementation of CRA Regulation
February 17, 2020--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As ) on the Credit Rating Agencies Regulation (CRAR).
The Q&A provides clarification on what steps should a CRA take in order to ensure a sufficient level of quality and transparency in the periodic review of credit ratings conducted in accordance with Article 8(5) of CRAR.
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Source: ESMA
UK economy flat-lined in fourth quarter before post-election bounce
February 11, 2020--Britain's economy flat-lined in the final three months of 2019, when the country was in a deadlock over Brexit that was only broken by Prime Minister Boris Johnson's December election victory, leading to some signs of a recovery early this year.
Official figures released on Tuesday showed zero growth in the fourth quarter compared with the third, matching the median forecast in a Reuters poll of economists.
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Source: Reuters.com
Eurex launches additional ESG futures after successful first year of ESG trading
February 10, 2020--New STOXX USA 500 ESG-X Index Futures tradable at Eurex /First ESG contract covering the U.S. that excludes thermal coal/Broadest ESG offering worldwide in listed ESG derivatives
Eurex, the leading European derivatives exchange, looks back on a successful first year in ESG trading.
Investment companies are increasingly using ESG derivatives to hedge sustainably invested assets, as demonstrated by Metzler Asset Management's recently launched value protection fund. The launch of the new STOXX(R) USA 500 ESG-X Index Futures is the next step to support market participants in their sustainable investment strategies beyond Europe.
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Source: Eurex
ESMA Publishes The Final Report On MIFIR Alignments following the Introduction of EMIR Refit
February 7, 2020--The European Securities and Markets Authority (ESMA) has today published a final report suggesting amendments to the trading obligation under MiFIR following the introduction of EMIR Refit.
The recent changes introduced to EMIR via Refit modify the scope of counterparties subject to the clearing obligation-exemption for small financial counterparties and modified determination of non-financial counterparties. The introduction of EMIR Refit has not been accompanied by direct amendments to MiFIR, which currently leads to a misalignment between the scope of counterparties subject to the clearing obligation (CO) under EMIR and the derivatives trading obligation (DTO) under MiFIR.
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Source: ESMA
ESMA updates on progress on compliance with the MiFIR pre-trade transparency requirements in commodity derivatives
February 7, 2020--ESMA has today published a statement to provide an update on the implementation of the supervisory briefing on pre-trade transparency in commodity derivatives.
The Supervisory Briefing was developed after ESMA became aware that the requirements were not implemented in a consistent manner across the European Union.
It aims to increase supervisory convergence among national competent authorities (NCAs) in their implementation of the requirements and to provide a common timetable for the enforcement of the commodity derivatives pre-trade transparency regime, with the objective of ensuring a level playing field across EU trading venues.
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Source: ESMA
From climate change to cyber-attacks: incipient financial-stability risks for the euro area
February 6, 2020--The European Central Bank's November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to euro-area financial stability, we highlight issues that deserve more attention.
First, the assessment of risks in the housing market should be more nuanced. Current housing markets relative to those pre-crisis seem to be far less driven by mortgage credit, and the size of the construction sector has not increased. This is possibly good news for financial stability because a house price correction would transmit less into mortgage defaults and corrections to economic activity.
Second, there should be greater emphasis on changes in market expectations of interest rates, which can have substantial effects on asset prices. This could be particularly relevant if interest rate changes are not driven by real-economy developments.
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Source: bruegel.org
ESMA sets out its strategy on sustainable finance
February 6, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its Strategy on Sustainable Finance. The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) factors in its work.
The key priorities for ESMA include transparency obligations, risk analysis on green bonds, ESG investing, convergence of national supervisory practices on ESG factors, taxonomy, and supervision.
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Source: ESMA
Climate risks to European banks: a new era of stress tests
February 4, 2020--Several European central banks have begun assessing the impact of adverse climate scenarios on banks' capital. Comparable work at EU or euro area level has evolved more slowly. Supervisors need build up a distinct and more complex type of analysis, and should engage with banks now.
The release of a proposed methodology for assessing climate risks within UK banks and insurers by the Bank of England just before Christmas has fuelled calls for a similar 'climate stress test' for European banks.
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Source: bruegel.org
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