European Union

ESMA consults on guidance to address leverage risk in the AIF sector

Saturday, March 28, 2020 - 12:02am

27 March 2020

Key Points: 
  • 27 March 2020

    Fund Management

    The European Securities and Markets Authority (ESMA), the EU securities regulator, has today launched a public consultation on its draft guidance to address leverage risks in the Alternative Investment Fund (AIF) sector.

  • The consultation is part of the ESMA response to the recommendations of the European Systemic Risk Board (ESRB) in April 2018 to address liquidity and leverage risk in investment funds.
  • Steven Maijoor, Chair, said:

    In situations when financial markets are under severe stress, highly leveraged alternative investment funds can further amplify systemic risk.

  • Next steps

    ESMA is seeking stakeholders feedback on the proposed principles to set leverage limits under Article 25 of Directive 2011/61/EU.

ESMA confirms application date of equity transparency calculations

Saturday, March 28, 2020 - 12:02am

27 March 2020

Key Points: 
  • 27 March 2020

    COVID-19

    MiFID - Secondary Markets

    MiFID II: Transparency Calculations and DVC

    Press Releases

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged.

  • ESMA has recently been asked by some stakeholders to postpone the date of application required by MiFIDII/MiFIR to apply from 1 April, on the basis of the extraordinary market circumstances created by the COVID-19 pandemic.
  • The results of the MiFID II/MiFIR transparency calculations for equity instruments were published on 28 February 2020.
  • As announced on that date, ESMA will also publish ahead of 1 April the result for several instruments that were not published then due to data quality limitations.

Close UK-EU cooperation needed in financial services after Brexit

Saturday, March 28, 2020 - 12:02am

As part of its review of financial services after Brexit, the Committee took evidence from the financial regulators, insurers, bankers, asset managers, academics, representatives from industry bodies and the Economic Secretary to the Treasury, John Glen MP.

Key Points: 
  • As part of its review of financial services after Brexit, the Committee took evidence from the financial regulators, insurers, bankers, asset managers, academics, representatives from industry bodies and the Economic Secretary to the Treasury, John Glen MP.
  • Evidence gathered by the Committee emphasises the need to stabilise the future UK-EU relationship in financial services whilst also making the most of the opportunities after Brexit.
  • The Government should delegate more powers to the financial regulators after Brexit, to give the UKs regulatory regime more flexibility and increase its ability to respond to changes.
  • The UK should take a leadership role in promoting international cooperation in financial services after Brexit by promoting global standards.

EU Justice Committee issues update on Brexit negotiation concerns

Saturday, March 28, 2020 - 12:01am

The EU Justice Sub-Committee has published a review of progress made in the ongoing discussions about the future UK-EU relationship.

Key Points: 
  • The EU Justice Sub-Committee has published a review of progress made in the ongoing discussions about the future UK-EU relationship.
  • Since the EU referendum in June 2016, the Committee has been scrutinising the impact of leaving the EU on the different sectors within its remit.
  • Members have now produced a short summary, outlining progress made in each of these fields - citizens' rights, civil and criminal justice, consumer protection and intellectual property - as well as highlighting remaining areas of concern.

EU Justice Committee issues update on Brexit negotiation concerns

Saturday, March 28, 2020 - 12:01am

The EU Justice Sub-Committee has published a review of progress made in the ongoing discussions about the future UK-EU relationship.

Key Points: 
  • The EU Justice Sub-Committee has published a review of progress made in the ongoing discussions about the future UK-EU relationship.
  • Since the EU referendum in June 2016, the Committee has been scrutinising the impact of leaving the EU on the different sectors within its remit.
  • Members have now produced a short summary, outlining progress made in each of these fields - citizens' rights, civil and criminal justice, consumer protection and intellectual property - as well as highlighting remaining areas of concern.

Highlights - Exchange of views with Commissioner Thierry Breton on COVID-19 outbreak - Committee on the Internal Market and Consumer Protection

Friday, March 27, 2020 - 8:00pm

On 2 April at 10.30, Members will exchange views with Thierry Breton, Commissioner for Internal Market, on the measures taken by the Commission to address COVID-19 outbreak.

Key Points: 
  • On 2 April at 10.30, Members will exchange views with Thierry Breton, Commissioner for Internal Market, on the measures taken by the Commission to address COVID-19 outbreak.
  • The IMCO Committee already called for further actions to be taken to tackle the COVID-19 crisis and stressed the importance to use all the available tools of the Internal Market to ensure the free flow of goods and the provision of services and to enforce consumer protection in its letter addressed on 23 March to the
    EU Commission Executive Vice-President Margrethe Vestager (Europe Fit for the Digital Age), Commissioners Thierry Breton (Internal Market) and Didier Reynders (Justice), as well as to the Croatian Presidency of the Council.

ESMA issues guidance on financial reporting deadlines in light of COVID-19

Friday, March 27, 2020 - 1:03pm

27 March 2020

Key Points: 
  • 27 March 2020

    COVID-19

    Transparency

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has issued a Public Statement on the implications of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive.

  • The Statement acknowledges the difficulties encountered by issuers in preparing financial reports and the challenges faced by auditors in carrying out timely audits of accounts due to the COVID-19 pandemic, which may impair the ability of issuers to publish within the legislative deadlines.
  • On that basis, the Statement recommends National Competent Authorities (NCAs) to apply forbearance powers towards issuers who need to delay publication of financial reports beyond the statutory deadline.
  • ESMA, together with NCAs, will continue to monitor the situation and re-assess the need to extend the forbearance period.

fsab-letter-publication

Friday, March 27, 2020 - 1:02pm

Evidence gathered by the Committee emphasises the need to stabilise the future UK-EU relationship in financial services whilst also making the most of the opportunities after Brexit.

Key Points: 
  • Evidence gathered by the Committee emphasises the need to stabilise the future UK-EU relationship in financial services whilst also making the most of the opportunities after Brexit.
  • There should be regular and structured dialogue to provide a forum for discussion and resolve any possible disagreements.
  • The UK may wish to make some targeted adjustments to ensure that the regulatory regime is fit for purpose.
  • The UK should take a leadership role in promoting international cooperation in financial services after Brexit by promoting global standards.

Close UK-EU cooperation needed in financial services after Brexit

Friday, March 27, 2020 - 1:02pm

As part of its review of financial services after Brexit, the Committee took evidence from the financial regulators, insurers, bankers, asset managers, academics, representatives from industry bodies and the Economic Secretary to the Treasury, John Glen MP.

Key Points: 
  • As part of its review of financial services after Brexit, the Committee took evidence from the financial regulators, insurers, bankers, asset managers, academics, representatives from industry bodies and the Economic Secretary to the Treasury, John Glen MP.
  • Evidence gathered by the Committee emphasises the need to stabilise the future UK-EU relationship in financial services whilst also making the most of the opportunities after Brexit.
  • The Government should delegate more powers to the financial regulators after Brexit, to give the UKs regulatory regime more flexibility and increase its ability to respond to changes.
  • The UK should take a leadership role in promoting international cooperation in financial services after Brexit by promoting global standards.

ECB appoints Fernando Monar Lora as Director Risk Management

Friday, March 27, 2020 - 12:07am

PRESS RELEASE

Key Points: 
  • PRESS RELEASE

    ECB appoints Fernando Monar Lora as Director Risk Management

    26 March 2020

    The European Central Bank (ECB) today announced the appointment of Fernando Monar Lora as Director Risk Management.

  • Mr Monar Lora is currently Head of the Risk Analysis Division in the Directorate Risk Management (D-RM), a post he has held since 2016.
  • In this position he also deputised for the director and chaired the Risk Management Committee.
  • Prior to that he was adviser in the same division having held a number of other positions in Risk Management from 2007 onwards.