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EU financial regulators warn of an expected deterioration of asset quality
March 31, 2021--The three European Supervisory Authorities (EBA, EIOPA and ESMA- ESAs) issued today their first joint risk assessment report of 2021 . The report highlights how the COVID-19 pandemic continues to weigh heavily on short-term recovery prospects. It also highlights a number of vulnerabilities in the financial markets and warns of possible further market corrections.
Macroeconomic conditions improved in the second half of 2020, supported by ongoing fiscal and monetary policy efforts, but the resurgence of the COVID-19 pandemic since the last quarter of 2020 has led to increasing economic uncertainty.
The start of the rollout of vaccinations provides a crucial anchor for medium-term expectations, but insufficient production capacities, delays in deliveries as well as risks related to mutations of the virus are weighing heavily on short-term recovery prospects.
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Source: ESMA
ESMA updates EMIR Q&As
March 31, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers document on practical questions regarding reporting issues under the European Markets Infrastructure Regulation (EMIR).
This Q&A document aims to ensure that the supervisory activities of the competent authorities under the Regulation converge along the lines of the responses adopted by ESMA.
It should also help investors and other market participants by providing clarity on EMIR requirements.
The updated Trade Repository (TR) Q&A 51 provides further clarifications on two aspects related to intragroup transactions (IGT) reporting exemption:
Reporting of details of derivatives when the IGT reporting exemption ceases to be valid; and
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Source: ESMA
ESMA updates UCITS Q&As
March 30, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the application of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive)
ESMA has added two new Q&As on the ESMA's guidelines on performance fees in UCITS and certain types of AIFs ("the guidelines").
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Source: ESMA
ESMA updates AIFMD Q&As
March 30, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).
ESMA has added two new Q&As on the ESMA's guidelines on performance fees in UCITS and certain types of AIFs ("the guidelines").
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Source: ESMA
ESMA proposes amendments to MiFIR transactions and reference data reporting regimes
March 29, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published the Final Report on the review of transaction and reference data reporting obligations under MiFIR.
The final report contains recommendations and possible legislative amendments to MiFID II/MiFIR with a view to simplifying the current reporting regimes whilst ensuring quality and usability of the reported data. It aims to achieve this through:
The replacement of the trading on a trading venue (TOTV) concept with the SI approach for OTC derivatives, taking into account the conclusions of ESMA's Final Report on the transparency regime for non-equity instruments and the trading obligation for derivatives;
The removal of the short sale indicator;
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Source: ESMA
ESMA Updates Emir Validation Rules
March 29, 2021--The European Securities and Markets Authority (ESMA) has updated today the European Markets Infrastructure Regulation (EMIR) validation rules relating to the reporting of Variation margin received.
The removal of the short sale indicator;
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Source: ESMA
IMF-COVID-19: How Will European Banks Fare?
March 26, 2021--Summary:
This paper evaluates the impact of the crisis on European banks' capital under a range of macroeconomic scenarios, using granular data on the size and riskiness of sectoral exposures.
The analysis incorporates the important role of pandemic-related policy support, including not only regulatory relief for banks, but also policies to support businesses and households, which act to shield the financial sector from the real economic shock.
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Source: IMF
Monetary developments in the euro area: February 2021
March 25, 2021--March 25, 2021--Annual growth rate of broad monetary aggregate M3 decreased to 12.3% in February 2021 from 12.5% in January
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 16.4% in February, compared with 16.5% in January.
Annual growth rate of adjusted loans to households stood at 3.0% in February, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 7.1% in February from 6.9% in January
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 12.3% in February 2021 from 12.5% in January, averaging 12.4% in the three months up to February. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 16.4% in February, compared with 16.5% in January.
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Source: ECB
How has COVID-19 affected inflation measurement in the euro area?
March 24, 2021-COVID-19 has complicated inflation measurement. Policymakers need to take this into account and should look at alternative measures of inflation to understand what is actually happening in the economy.
It might seem minor alongside the huge damage to people and economies done by COVID-19, but one of the consequences of the pandemic has been to throw into disarray the measurement of inflation. Eurostat's final estimate for inflation in the euro-area in January 2021 showed the biggest increase for a decade, from -0.3% year-on-year to 0.9% between December 2020 and January 2021, essentially due to one off factors. But while this attracted the most attention, the new composition of the consumption basket that will be used to calculate the price level throughout the year 2021, also published on 23 February by Eurostat, attracted much less. This yearly change usually goes unnoticed because consumption patterns evolve slowly. But the pandemic has changed consumption patterns dramatically.
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Source: bruegel.org
ESMA assesses the compliance with UCITS liquidity rules and highlights areas for vigilance
March 24, 2021-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes the results of the 2020 Common Supervisory Action (CSA) on UCITS liquidity risk management (LRM).
The CSA showed that the overall level of compliance with the applicable rules is satisfactory in most cases, but there is scope for improvement in liquidity management for some UCITS analysed. The exercise also highlighted areas where ESMA will work to further promote convergence across National Competent Authorities (NCAs).
This exercise was launched on 30 January 2020. Its purpose was for all NCAs to conduct coordinated supervisory activities to assess whether UCITS managers comply with their LRM obligations. The CSA was also an opportunity to strengthen the ongoing exchange of supervisory knowledge and experience among NCAs.
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Source: ESMA
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