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Pimco integrates European ETF business into global unit
April 27, 2020--Asset manager ends distribution agreement with Invesco and focuses on expanding its European offering in the passive space.
Pimco has integrated its Ucits-compliant European ETFs business into its wider global operations as part of plans to expand its specialist fixed income coverage.
The arrangement sees Pimco end its European distribution partnership with Invesco, which will conclude on 12 June 2020. The companies agreed a seamless transition process in 2019.
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Source: citywireselector.com
U.K. Labor Market Outlook Is 'Horrendous,' Economists Warn
April 23, 2020--Output shrinking faster than in financial crisis, PMIs show
Outlook for jobs is 'horrendous,' former BOE policy maker says.
The price the U.K. is paying for the coronavirus lockdown is becoming clearer as output shrinks at the fastest pace in decades and the government rolls out a borrowing plan that dwarfs the response to the global financial crisis.
The outlook for jobs is "horrendous" and the contraction could become the worst in several centuries, current and former Bank of England policy makers said on Thursday. A quarter of the labor market is already effectively out of work, and the government’s rescue program will force public debt to surge, reports showed.
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Source: bloomberg.com
ESAs consult on Environmental, Social and Governance disclosure rules
April 23, 2020--The three European Supervisory Authorities (EBA, EIOPA and ESMA -ESAs) have today issued a Consultation Paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products.
These standards have been developed under the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR), aiming to:
strengthen protection for end-investors;
improve the disclosures to investors from a broad range of financial market participants and financial advisers; and
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Source: ESMA
ECB Could Be Europe's Back Door to Sharing Its Debt Burden
April 22, 2020--Euro-zone leaders who oppose sharing the costs of the coronavirus crisis might end up doing so anyway--through the European Central Bank.
The idea that the ECB could absorb the massive debt that builds up in the recession is gaining traction among some economists. If done carefully and over a long period, they say, it could get around the legal ban on so-called monetary financing.
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Source: bloomberg.com
How Countries Can Expand Access to Digital Financial Services
April 22, 2020--Digital financial services, powered by fintech, have the potential to lower costs by maximizing economies of scale, to increase the speed, security and transparency of transactions and to allow for more tailored financial services that serve the poor.
This report-Digital Financial Services-describes the tools of digital finance, the successful business models and policies for encouraging their growth. It explores risks and challenges of new types of services and the legal and regulatory frameworks needed for confronting them. Finally, it includes country experiences with promoting the expansion of digital financial services and the obstacles along the way.
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Source: World Bank
Investors pull record 250bnEUR from European funds
April 22, 2020--Pimco battered in March as bond funds suffer wave of redemptions
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Source: FT.com
European regulators ramp up scrutiny of investment fund liquidity
April 20, 2020--Heavy redemptions during coronavirus-induced sell-off spark concerns
Regulators across Europe are asking asset managers for reams of new information about their ability to meet investor redemptions as they seek to stave off a liquidity crunch sparked by the coronavirus market sell-off.
The French and German financial watchdogs have started demanding daily updates of investor withdrawals from open-ended funds, while the regulators of Europe's two largest fund hubs, Luxembourg and Ireland, have also stepped up their monitoring of the sector.
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Source: FT.com
ESMA Newsletter-No. 13
April 20, 2020--Welcome to the thirteenth edition of ESMA's Newsletter.
This month ESMA has launched its new page on COVID-19 as it continues to closely monitor the situation in view of the impact the virus is having on EU financial markets.
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Source: ESMA
ECB-Euro area monthly balance of payments: February 2020
April 20, 2020--In February 2020 the current account of the euro area recorded a surplus of €40 billion, compared with a surplus of €32 billion in January 2020.
In the 12-month period to February 2020, the current account recorded a surplus of €339 billion (2.8% of euro area GDP), compared with a surplus of €361 billion (3.1% of euro area GDP) in the 12 months to February 2019.
In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €482 billion in the 12-month period to February 2020 (up from €87 billion in the 12 months to February 2019). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €508 billion (up from €23 billion).
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Source: ECB
ESMA exposes the shortcomings of Europe's non-financial reporting regulation
April 20, 2020--It appears that merely acknowledging concrete risks is enough to clear NFRD requirements, argues Filip Gregor
The European Securities and Market Authority (ESMA) has published its report "“Enforcement and regulatory activities of European enforcers in 2019", which includes the results of its assessment and actions taken to ensure the correct implementation of the reporting requirements introduced by the EU Non-Financial Reporting Directive.
The report's findings relate to a sample of 145 European issuers.
The report frequently mentioned shortcomings such as the lack of quantitative disclosure, objective targets and accompanying assessment of whether the issuer was meeting those targets. Similarly, they referred to insufficient or missing descriptions of due diligence processes-particularly in relation to human rights and social matters-and mentioned insufficient description of risks and disclosures on environmental and climate change-related matters.
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Source: responsible-investor.com
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