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ESMA updates Brexit statements for the end of UK transition period
November 10, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has updated three statements which address the impact on reporting under EMIR and SFTR and on the operation of ESMA databases and IT systems after 31 December 2020, the end of the UK's transition from the EU.
Previously published in preparation for a no-deal Brexit scenario in 2019, the following statements have now been updated:
Statement on issues affecting EMIR and SFTR reporting-covering issues affecting reporting, recordkeeping, reconciliation, data access, portability and aggregation of derivatives under Article 9 EMIR and of securities financing transactions reported under Article 4 of SFTR;
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Source: ESMA
An early stablecoin? The Bank of Amsterdam and the governance of money
November 10, 2020--Summary
Focus
Trust is the bedrock of a sound monetary system. This paper examines the rise and fall of the Bank of Amsterdam (1609-1820) to gain insights on the central bank underpinnings of money. It sheds light on the governance of digital currencies.
Contribution
This paper draws lessons from the Bank of Amsterdam for the governance of money. The early operational framework of the Bank of Amsterdam resembled a "stablecoin"- where account-based money is backed by assets of stable value and where the money stock is managed passively by the inflows and outflows of assets. Over time, the Bank began to use its balance sheet in a more elastic manner, and to take on some functions of a central bank, including lending activity through overdrafts. In the 1780s, the Bank's lending activity grew excessive, and led ultimately to its downfall.
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Source: BIS
Interim Report and Roadmap for implementing the recommendations of the Taskforce on Climate-related Financial Disclosures
November 9, 2020--In June 2017 the Financial Stability Board's Taskforce on Climate-related Financial Disclosures (TCFD) published a set of recommendations to support complete and comparable disclosures that will be useful in decision-making.
The UK Government was one of the first to endorse the TCFD's recommendations.
In its 2019 Green Finance Strategy, the Government set an expectation that all listed issuers and large asset owners would be disclosing in line with the TCFD's recommendations by 2022. A Government-Regulator TCFD Taskforce (the taskforce), of which the Bank of England is a member, was established to consider how this expectation could be met.
New World Bank Report Explores Europe's Digital Options for Boosting Competitiveness, Inclusion, and Convergence
November 9, 2020--In emerging markets, debt levels rose to over 248% of GDP, with Lebanon, China, Malaysia and Turkey experiencing the biggest rises in non-financial-sector debt.
Digital technologies are transforming economic opportunities, a trend being accelerated as businesses and workers respond to the COVID-19 pandemic.
The potential to raise productivity and to expand opportunities for firms that are small or in less developed locations is real. But it is not being fully realized according to Europe 4.0: Addressing the Digital Dilemma, launched today.
The evidence shows a tension in the region's presence in the digital space and in building a vibrant digital economy that benefits more people. Those technologies where European firms are most competitive are those where the benefits are most concentrated in larger firms and existing production hubs; those technologies with the greatest potential for inclusion are those where European firms are less competitive.
view the World Bank Europe 4.0: Addressing Europe's Digital Dilemma report
Source: World Bank
ESMA consults on guidance for funds' marketing communications
November 9, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today launches a consultation on guidelines on marketing communications under the Regulation on facilitating cross-border distribution of collective investment undertakings.
The purpose of the draft guidelines is to specify the requirements for marketing communications sent to investors in order to promote UCITS and AIFs, including EuSEFs, EuVECAs and ELTIFs. These requirements are that the material shall:
be identifiable as marketing material;
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Source: ESMA
EU set to impose tariffs on $4 billion U.S. goods next week
November 6, 2020-The European Union is poised to move next week to impose tariffs on $4 billion of U.S. imports in retaliation for U.S. subsidies for planemaker Boeing BA.N, EU diplomats said, teeing up an eleventh-hour showdown with U.S. President Donald Trump.
A majority of EU governments have backed imposing the widely expected tariffs once EU trade ministers meet next Monday-the latest twist in a transatlantic trade saga that has spanned 16 years and four U.S. presidents.
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Source: ca.reuters.com
ESMA publishes first Q&As on SFTR Reporting
November 5, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its first set of Questions and Answers relating to reporting under the Securities Financing Transactions Regulation (SFTR).
The purpose of this Q&A is to provide greater clarity to market participants on how to comply with their reporting requirements under SFTR. The Q&A includes clarifications on how reporting of certain business events should be performed, such as:Reporting of fields related to time and applicable calendars
Reporting of settlement legs
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Source: ESMA
ESMA publishes translations for Guidelines on performance fees in UCITS and certain types of AIFs
November 5, 2020--The European Securities and Markets Authority (ESMA) has issued today the official translations of its guidelines on performance fees in UCITS and certain types of AIFs.
National Competent Authorities (NCAs) to which these Guidelines apply must notify ESMA whether they comply or intend to comply with the Guidelines, within two months of the date of publication by ESMA of the Guidelines in all EU official languages.
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Source: ESMA
ESMA publishes its first reports on CSDR implementation
November 5, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its first two reports on the implementation of the Central Securities Depositories Regulation (CSDR) covering central securities depositories'(CSDs) cross-border services and handling of applications as well as internalised settlement.
Report on Cross-Border Services and Application Handling
The Report on cross-border services and handling of applications highlights the findings related to the provision of services by CSDs in other Member States, and considers the responses to the ESMA survey addressed to National Competent Authorities (NCAs), CSDR relevant authorities and trade associations, in June and July. The report also uses the data collected by ESMA to determine the substantial importance of a CSD for host Member States.
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Source: ESMA
UK official holdings of international reserves: October 2020
November 4, 2020--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets. These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: gov.uk