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ESMA UPDATES EMIR Q&A'S
January 29, 2021--January 28, 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).
The updated Trade Repository (TR) Q&A 3b explains how to report the direction of derivatives in specific cases that are described.
A new Q&A for Trade Repositories clarifies the steps to be taken for the due termination of derivatives when the reporting counterparty ceases to exist. It also specifies how to deal with non-terminated reports of inactive (dissolved) counterparties to ensure that accurate information is provided to the authorities.
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Source: ESMA
ESMA calls for legislative action on ESG ratings and assessment tools
January 29, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has written to the European Commission (EC) sharing its views on the main challenges in the area of ESG ratings and assessment tools. ESMA highlights the need to match the growth in demand for these products with appropriate regulatory requirements to ensure their quality and reliability.
ESMA identifies the following key points for consideration:
The market for ESG ratings and other assessment tools is currently unregulated and unsupervised. When combined with increasing regulatory demands for consideration of ESG information, there are increased risks of greenwashing, capital misallocation and products mis-selling.
There should be a common definition of ESG ratings that covers the broad spectrum of possible ESG assessments currently on offer. This will help future-proof any regulatory framework and mitigate against possible obsolescence.
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Source: ESMA
Euro area economic and financial developments by institutional sector: third quarter of 2020
January 28, 2021--Euro area net saving decreased to €534 billion in four quarters to third quarter of 2020, from €618 billion one quarter earlier
Household debt-to-income ratio at 95.7% in third quarter of 2020, up from 93.5% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) at 83.8% in third quarter of 2020, up from 79.3% one year earlier.
Total euro area economy
Euro area net saving decreased to €534 billion (5.9% of euro area net disposable income) in the four quarters to the third quarter of 2020 compared with €618 billion in the four quarters to the previous quarter.
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Source: ECB
UK pension schemes face new climate risk reporting rules
January 27, 2021--Government pushes trustees to assess environmental impact of their investment portfolios
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Source: FT.com
New Xtrackers ETFs on Xetra: Eurozone companies with a focus on sustainability and US companies with a sector focus
January 27, 2021--Since Wednesday, four new exchange traded funds issued by Xtrackers are tradable on Xetra and Börse Frankfurt.
With the Xtrackers MSCI EMU ESG UCITS ETF 1C, investors invest in medium-sized and large companies from ten industrialised nations in the Eurozone that excel in the areas of environmental, social and corporate governance performance.
In addition, these companies have a low carbon footprint compared to competitors.
For investors interested in US companies in the communications services and industrials sectors, the Xtrackers MSCI USA Communication Services UCITS ETF 1D and the Xtrackers MSCI USA Industrials UCITS ETF 1D are available. The communications services sector includes, for example, technology stocks, telecommunications providers, streaming services and film producers. The industrial sector includes manufacturers of machinery, equipment and supplies for the manufacturing sector.
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Source: Xetra
Britain starts work on post-Brexit asset management sector
January 26, 2021--Britain set out options on Tuesday for increasing the global attractiveness of its 9.9 trillion pound ($13.59 trillion) asset management sector after Brexit put European Union retail fund investors out of reach.
The finance ministry said in a public consultation paper that ideas for change include exempting authorised funds from tax and creating an unauthorised tax-exempt fund structure for investment in alternative assets.
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Source: reuters.com
New Amundi ETF on Xetra: Japanese equities with ESG focus and currency hedging
January 26, 2021--Since Tuesday, a new exchange traded fund issued by Amundi is tradable on Xetra and Börse Frankfurt.
The Amundi Index MSCI Japan SRI UCITS ETF DR-Hedged EUR (C) gives investors access to large and medium-sized Japanese companies that distinguish themselves from comparable companies through their sustainable profile in the environmental, social and corporate governance areas.
Companies with significant business activities in the areas of tobacco, alcohol, gambling, weapons, adult entertainment, nuclear energy and fossil fuels are excluded from the index.
The weighting of a stock is limited to a maximum of five per cent. Currency risks to the euro are minimised.
Name: Amundi Index MSCI Japan SRI UCITS ETF DR-Hedged EUR (C)
Asset class: Equity ETF
ISIN: LU2269164310
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Source: Xetra
UK government plans post-Brexit reform of investment industry
January 26, 2021--Tax changes and new alternative investment funds will help keep Britain's £9.9tn asset management sector competitive.
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Source: FT.com
Turkey: Staff Concluding Statement of the 2021 Article IV Mission
January 25, 2021--As in all other countries, the pandemic has inflicted a heavy human and economic toll on Turkey. The policy reaction, which focused on monetary and credit expansion, led to a strong rebound in growth after the initial shock, but at the same time exacerbated pre-existing vulnerabilities.
This left the economy more susceptible to domestic and external risks. The recent policy pivot away from rapid money and credit growth is welcome. Buffers could be rebuilt more quickly if this pivot persists, and is combined with additional pandemic-focused fiscal support that is temporary and targeted, a credible plan for medium-term fiscal consolidation, as well as focused financial sector and structural reforms. Structural reforms should focus on mitigating the risk of long-term adverse effects of the pandemic, and should include targeted measures to support the most vulnerable, encourage labor market flexibility and facilitate corporate debt relief.
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Source: IMF
ECB sets up climate change centre
January 25, 2021--New unit, operational as of early 2021, to strengthen and bring together ECB work on climate
Decision reflects growing importance of climate change for the economy and the ECB's policy
Climate change centre will shape and steer climate agenda
The European Central Bank (ECB) has decided to set up a climate change centre to bring together the work on climate issues in different parts of the bank.
This decision reflects the growing importance of climate change for the economy and the ECB's policy, as well as the need for a more structured approach to strategic planning and coordination.
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Source: ECB
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