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ESMA reminds firms of the MiFID II rules on reverse solicitation
January 13, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is issuing a Public Statement to remind firms of the MiFID II requirements on the provision of investments services to retail or professional clients by firms not established or situated in the European Union (EU).
With the end of the UK transition period on 31 December 2020, some questionable practices by firms around reverse solicitation, where the product or service is marketed at the client's own exclusive initiative, have emerged.
For example, some firms appear to be trying to circumvent MiFID II requirements by including general clauses in their Terms of Business or through the use of online pop-up "I agree" boxes whereby clients state that any transaction is executed on the exclusive initiative of the client.
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Source: ESMA
Euro area securities issues statistics: November 2020
January 13, 2021--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 8.2% in October 2020 to 7.5% in November.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.2% in November 2020, compared with 1.0% in October.
New issuances of debt securities by euro area residents totalled EUR 605.1 billion in November 2020. Redemptions amounted to EUR 635.2 billion and hence net redemptions to EUR 30.0 billion. The annual growth rate of outstanding debt securities issued by euro area residents decreased from 8.2% in October 2020 to 7.5% in November.
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Source: ECB
Invesco expands ESG ETFs with Japan and Pacific funds
January 12, 2021--Asset manager seeks to capitalise on momentum of green thinking with new strategies.
Invesco has further expanded its ESG-focused ETFs with the launch of two new funds, which will cover listed companies in Japan and the Pacific ex-Japan region.
The funds will be passive physically invested ETFs, which will follow the performance of customised versions of MSCI ESG Universal indices. They will operate in the same way as similar funds focused on the European, US and world equity products.
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Source: citywireselector.com
ESMA Working Paper No. 2, 2021 Equity Funds and Derivatives: Evidence from Linked Fund-Trade Data
January 12, 2020--ESMA Working Paper No. 2, 2021 Equity Funds and Derivatives: Evidence from Linked Fund-Trade Data.
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Source: ESMA
City of London to bring back Swiss stock trading following EU exit
January 9, 2021--The UK will bring trading in Swiss shares back to London in the coming weeks, marking the first significant split from EU policy on financial services since the end of the Brexit transition period.
British officials will launch legislation in parliament as soon as next week to reverse a previous EU ban on the practice, the Treasury said.
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Source: swissinfo.ch
UK fintech review to propose changes to visa and listing rules
January 7, 2021--Government has identified buoyant sector as a priority following Brexit
A government-backed review into the UK's financial technology industry will recommend measures to support fast growing companies after Brexit including special visas for skilled workers and changes to the UK's listing rules.
The review, which was launched by chancellor Rishi Sunak at the Budget last March and is being led by former Worldpay chief executive Ron Kalifa, has been tasked by ministers to come up with ideas on how to support the UK’s buoyant fintech sector.
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Source: FT.com
UK official holdings of international reserves: December 2020
January 6, 2021--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
Monetary developments in the euro area: November 2020
January 5, 2021--Annual growth rate of broad monetary aggregate M3 increased to 11.0% in November 2020 from 10.5% in October
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 14.5% in November from 13.8% in October
Annual growth rate of adjusted loans to households stood at 3.1% in November, compared with 3.2% in October
Annual growth rate of adjusted loans to non-financial corporations stood at 6.9% in November, compared with 6.8% in October
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 11.0% in November 2020 from 10.5% in October, averaging 10.6% in the three months up to November. 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, increased to 14.5% in November from 13.8% in October.
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Source: ECB
When the future changes the past: fiscal indicator revisions
January 5, 2021--The 2020 pandemic economic shock has led to reassessment of fiscal policy measures in 2018 and earlier, because of faulty measurement of unobserved output gaps and structural balances. The current period of suspension of EU fiscal rules should be used to design a better fiscal framework.
The COVID-19 pandemic and the subsequent economic distress caught everyone by surprise. In late 2019, forecasts suggested some economic growth in Europe and elsewhere in 2020, while current projections suggest a 7.4% drop in European Union GDP in 2020. No forecaster should be blamed for not foreseeing the pandemic.
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Source: bruegel.org
Publication of financial instruments reference data after the end of the Brexit transition period
January 5, 2021--The European Securities and Markets Authority (ESMA) has published today its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period.
The FIRDS delta files (DLTINS) published by ESMA contain information about:
Termination of all UK financial instruments: (ISIN, MIC) records for MICs in the UK and which were still active have been terminated and their termination date has been set to 31 December 2020 at 22:59:59 UTC;
Updated Relevant Competent Authority (RCA) for all financial instruments which previously had GB as RCA and which will continue to be traded in the EU.
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Source: ESMA
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