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An equity fund for a zombie-free and EU-wide recovery
May 26, 2020--Four guiding principles can help ensure a well designed EU equity fund.
Illuminated open signs are going out all over Europe, some will not be lit again in our life-time. Many however will reignite, but only thanks to last-minute acts of life-saving economic engineering. But without careful attention, today's rescuers could become the inadvertent architects of tomorrow's ruin.
Why might this happen and what can we do to stop it?
As Europe recovers from the peaks of the Coronavirus pandemic, policymakers who shut down heaven and earth to contain the virus must now move mountains to save the economy. Governments initially rushed to keep firms afloat, mostly by providing loans. But, with spiraling debts abound, government loans may not be enough to keep companies solvent and equity (part-ownership) is now on the table.
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Source: bruegel.org
ESMA updates Q&AS on MiFID II investor protection
May 22, 2020-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The Q&As on MiFID II and MiFIR investor protection and intermediaries' topics includes a new answer on ‘MiFID inducements'.
More specifically, the new Q&A provides clarification on the application of the MiFID definition of "acceptable minor non-monetary benefits".
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Source: ESMA
ESMA updates its Questions and Answers on the Securitisation Regulation
May 22, 2020-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the Securitisation Regulation (Regulation 2017/2402).
The majority of the new Q&As in this document provide clarification on different aspects of the templates contained in the draft technical standards on disclosure which are published on the website of the European Commission.
In particular, the document clarifies how several specific fields in the templates should be completed, including questions which are specific to fields in the ABCP template. The document also contains clarifications addressed to securitisation repositories.
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Source: ESMA
ECB-Euro area investment fund statistics: first quarter of 2020
May 22, 2020--In the first quarter of 2020 the outstanding amount of shares/units issued by investment funds other than money market funds was €11,463 billion, €1,485 billion lower than in the fourth quarter of 2019.
This decrease was mainly accounted for by -€1,328 billion in price and other changes.
The outstanding amount of shares/units issued by exchange-traded funds (ETFs) was €704 billion, which was €149 billion lower than in the fourth quarter of 2019.
The outstanding amount of shares/units issued by money market funds was €1,251 billion, €14 billion higher than in the fourth quarter of 2019.
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Source: ECB
A Just Transition Fund-How the EU budget can help with the transition
May 22, 2020--On 14 January 2020, the European Commission published its proposal for a Just Transition Mechanism, intended to provide support to territories facing serious socioeconomic challenges related to the transition towards climate neutrality. This report provides a comprehensive analysis of how the EU can best ensure a 'just transition' in all its territories and for all its citizens with the tools at its disposal.
It provides an overview and a critical assessment of the Commission's proposal, and suggests possible amendments based on best practices from other just-transition initiatives.
Background
President von der Leyen's Commission has made the ambitious commitment of making Europe the first climate-neutral continent while ensuring that the transition to this new green growth model is just and fair for all European Union citizens and territories. The climate policies enacted by the EU will have an uneven impact on European regions, communities, sectors and workers, which is why they need to be accompanied by social and economic policies to ensure no one is left behind.
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Source: bruegel.org
Official Statistics-Forecasts for the UK economy: May 2020
May 20, 2020--A comparison of independent forecasts for the UK economy in May 2020.
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Source: gov.uk
European Semester Spring Package: Recommendations for a coordinated response to the coronavirus pandemic
May 20, 2020--The Commission has proposed today country-specific recommendations (CSRs) providing economic policy guidance to all EU Member States in the context of the coronavirus pandemic, focused on the most urgent challenges brought about by the pandemic and on relaunching sustainable growth.
The recommendations are structured around two objectives: in the short-term, mitigating the coronavirus pandemic's severe negative socio-economic consequences; and in the short to medium-term, achieving sustainable and inclusive growth which facilitates the green transition and the digital transformation.
A refocussed European Semester package
The Annual Sustainable Growth Strategy outlined the Commission's growth strategy, based on promoting competitive sustainability to build an economy that works for people and the planet. With the outbreak of the coronavirus crisis this remains of utmost importance. The recommendations cover the four dimensions of competitive sustainability-stability, fairness, environmental sustainability and competitiveness-and also place a specific emphasis on health.
St James's Place to launch first passive funds
May 17, 2020--Britain's largest wealth manager attempts to stave off competition from cheaper rivals
St James's Place, Britain's largest wealth manager, is planning to branch out into low-cost passive-style funds as the blue-blooded organisation modernises its offering to fight off competition from aggressive new entrant Vanguard.
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Source: FT.com
Coronavirus is strengthening the hand of ESG investors
May 16, 2020--Just a few months ago, it seemed as if the fight against climate change had built some real momentum. But now, with coronavirus bringing global commerce to a screeching halt, sustainability is feeling like an unaffordable luxury for some cash-strapped companies.
"I suspect an awful lot of the environmental agenda and targets will be put on the back burner for a number of years," said Michael O'Leary, chief executive of Ryanair, the Irish carrier, at an event hosted this week by the Financial Times. "[That is] not because we all care less about the environment. I think the much greater political issue is going to be massive unemployment across Europe [and] massive government indebtedness."
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Source: Technocodex.com
Vanguard overtakes Pimco and M&G in Europe
May 16, 2020--Vanguard, the disruptive US asset manager, has leapfrogged traditional active houses M&G and Pimco to become one of Europe's largest retail investment groups, underscoring its rapid growth just over a decade since entering the market.
Low-cost fund specialist Vanguard overtook Pimco, the bond giant made famous by its outspoken co-founder Bill Gross, to become the sixth-largest investment group in Europe by assets, according to data provider Morningstar.
The ranking, which applies only to retail and exchange traded funds, meaning it excludes the impact of institutional mandates, shows Vanguard managed €163bn in assets at the end of March, more than double the amount it managed five years ago. Pimco's European assets stood at €156bn.
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Source: technocodex.com
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