Systemic risk

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Securities and Markets Authority (ESMA), the EU securities regulator, has today launched a public consultation on its draft guidance to address leverage risks in the Alternative Investment Fund (AIF) sector.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

CG Oncology Announces License and Commercialization Agreement with Kissei Pharmaceutical Co., Ltd. for CG0070 in Japan and Other Asian Countries

Friday, March 27, 2020 - 12:00am

CG Oncology, Inc. has announced today an exclusive license, development and commercialization agreement with Kissei Pharmaceutical Co., Ltd. ("Kissei") for its oncolytic immunotherapy drug CG0070 for Japan, South Korea, Taiwan and other Asian countries with the exception of China.

Key Points: 
  • CG Oncology, Inc. has announced today an exclusive license, development and commercialization agreement with Kissei Pharmaceutical Co., Ltd. ("Kissei") for its oncolytic immunotherapy drug CG0070 for Japan, South Korea, Taiwan and other Asian countries with the exception of China.
  • CG Oncology has completed an investigational Phase 2 study of CG0070 in the United States in patients with BCG-unresponsive, non-muscle-invasive bladder cancer (NMIBC).
  • In addition, CG Oncology is studying the use of CG0070 in combination with immune checkpoint inhibitors in bladder cancer and other solid tumors.
  • In addition, CG Oncology is exploring the use of CG0070 in combination with immune checkpoint inhibitors in different solid tumors.

ESMA consults on technical standards on Trade Repositories under EMIR REFIT

Friday, March 27, 2020 - 12:06am

Proposed RTS and ITS

Key Points: 
  • Proposed RTS and ITS

    EMIR as amended by EMIR REFIT contains a series of empowerments for ESMA to develop draft technical standards.

  • In particular, it mandates ESMA to develop:

    1.

  • RTS on the procedures to be applied by the TRs to reconcile and validate the data; and

    4.

  • Considering the above mandate, ESMA developed the draft technical standards, by either amending the existing provisions or by including new ones stemming from the extended empowerments.

Manufacturers Bank Reports 2019 Year-End Earnings

Thursday, March 26, 2020 - 2:12pm

Manufacturers Bank (the Bank) is a California commercial bank with total assets of $4.39 billion.

Key Points: 
  • Manufacturers Bank (the Bank) is a California commercial bank with total assets of $4.39 billion.
  • The Bank reported record net income for the year ended December 31, 2019, of $30.1 million compared to $24.5 million in 2018.
  • The Bank successfully achieved and surpassed the loan growth target established for 2019.
  • Bauer Financial Inc., an independent bank rating company, has awarded a depository rating, Excellent 5 Star, to Manufacturers Bank.

Carter’s, Inc. Announces Actions Taken to Address COVID-19 Outbreak

Thursday, March 26, 2020 - 10:25am

Carters is taking steps to address the challenges related to the current global health crisis, said Michael D. Casey, Chairman and Chief Executive Officer.

Key Points: 
  • Carters is taking steps to address the challenges related to the current global health crisis, said Michael D. Casey, Chairman and Chief Executive Officer.
  • To support thousands of dedicated store employees affected by this decision, the Company plans to continue their compensation and benefits through early April.
  • To support consumer demand, the Company will continue to make its brands available 24/7 online at www.carters.com , www.oshkosh.com , or www.skiphop.com .
  • To improve near-term liquidity, the Company has drawn substantially all of the $750 million available under its revolving credit facility.

ICL Provides Business and Operational Update Related to the COVID-19 Pandemic

Wednesday, March 25, 2020 - 5:03pm

Specifically:

Key Points: 
  • Specifically:
    Manufacturing continues at the Company's sites around the world, including the Company's Chinese operations that are working at full capacity.
  • As of today, the extent of the capacity curtailment is immaterial to the Company's business.
  • The Company has a significant level of available liquidity, including cash and deposits and unused credit facilities.
  • During January 2020, the Company issued bonds in the amount of approximately $110 million, further enhancing its financial profile.

Real Estate Roundtable Urges All Building Owners to Proactively Assist Residential and Business Tenants Adversely Affected by COVID-19; Coordinated Federal Regulatory Support Is Critical

Tuesday, March 24, 2020 - 11:02pm

These proactive building owner actions are intended to recognize that millions of individuals and countless business operations are not able to meet their rent obligations due to the COVID-19 crisis.

Key Points: 
  • These proactive building owner actions are intended to recognize that millions of individuals and countless business operations are not able to meet their rent obligations due to the COVID-19 crisis.
  • They should not fear negative implications for their personal or business credit rating during this stressful time.
  • Similarly, The Real Estate Roundtable calls on the nation's financial system regulators to encourage all providers of credit in the economy to proactively work with their business borrowers to address their financial liabilities without undue added penalties.
  • This approach enables lending sources, building owners and their tenants to soften the tremendous negative near term and systemic human and economic impact posed by the COVID-19 pandemic.

Orrstown Financial Services, Inc. Announces: Initiatives To Assist Clients, Employees and Communities Affected By COVID-19; Changes to Annual Shareholder Meeting; Loan Concentration Data; Suspension of Share Repurchase Activity

Tuesday, March 24, 2020 - 10:56pm

For more information aboutOrrstown Financial Services, Inc.andOrrstown Bank, visit www.orrstown.com .

Key Points: 
  • For more information aboutOrrstown Financial Services, Inc.andOrrstown Bank, visit www.orrstown.com .
  • For more information aboutWheatland Advisors, Inc., visit www.wheatlandadvisors.com .
  • Forward-looking statements reflect the current views of the Company's management with respect to, among other things, future events and the Company's financial performance.
  • Accordingly, you should not place undue reliance on any such forward-looking statements.

ESMA extends consultations response dates

Saturday, March 21, 2020 - 12:05am

20 March 2020

Key Points: 
  • 20 March 2020

    Market Abuse

    MiFID - Investor Protection

    MiFID - Secondary Markets

    Securitisation

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided to extend the response date for all ongoing consultations with a closing date on, or after, 16 March by four weeks.

  • The outbreak of the COVID-19 impacted significantly the activities of all market stakeholders imposing a reprioritisation of efforts to address the crisis and in such circumstances, ESMA has found it appropriate to ensure that input to consultation papers is not altered by the ability of stakeholders to provide responses.
  • This announcement concerns the following consultations:

    Consultation on Guidelines on Internal Controls for CRAs

    Consultation on MiFIR report on SI

    Guidelines on securitisation repository data completeness and consistency thresholds

    Consultation on MiFID II/ MiFIR review report on the transparency regime for equity

    Draft Regulatory Technical Standards under the Benchmarks Regulation

    Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR

    Consultation paper on MiFIR Review Report on Transparency for Non-equity TOD

    The revised dates are reflected on the relevant page where the answers must be uploaded.