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ESMA adopts MAR standards on supervisory cooperation
October 8, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has issued today its final report on a set of Regulatory Technical Standards (RTS) on the application of the Market Abuse Regulation (MAR).
ESMA's RTS cover cooperation arrangements between national competent authorities and their counterparts in third-countries for the purpose of efficiently exchanging information and enforcing the obligations related to market abuse.
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Source: ESMA
Monday Morning Memo: Index Funds Are On the Rise
October 7, 2019--With the rise of ETFs, index mutual funds had been out favour with European investors until the year 2015. But even as index funds got some positive momentum since 2016, ETFs still experienced higher inflows.
While I was analysing the year-to-date flows at the end of August, I was surprised that index funds (+€52.5 bn) enjoyed higher estimated net inflows than ETFs (+€42.8 bn), as this means that index funds have been the passive investment vehicle of choice for European investors so far for 2019. If this trend continues until the end of the year, they will beat ETFs in terms of net inflows for the first time in history.
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Source: Refinitiv
ESMA Opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions
October 4, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, as today published an opinion on frequent batch auctions (FBAs) and the double volume cap mechanism. ESMA's Opinion reflects the conclusions of its Final Report on Periodic Auctions (June 2019) which identified several shortcomings of FBA systems in the area of pre-trade transparency and the price determination.
ESMA's Opinion aims to provide sufficient clarification regarding the application of the pre-trade transparency requirements by FBA systems and the price determination process of FBA systems, ensuring consistent application throughout the EU.
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Source: ESMA
ESMA publishes updates its Q&As on investor protection issues
October 4, 2019--The European Securities and Markets Authority (ESMA) 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 update answers on:
Best execution-Disclosure of reports to the public
Other issues-Drafting change on understanding the term "ongoing relationship"
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Source: ESMA
ESMA updates EMIR Q&A
October 2, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding data reporting issues, stemming from the European Markets Infrastructure Regulation (EMIR).
The Q&As clarify:
OTC Question 2(h) on when counterparties that start taking positions in OTC derivatives need to notify the relevant NCAs and ESMA;
OTC Question 4 on whether counterparties not subject to the clearing obligation should also obtain representation;
OTC Question 13 on how a counterparty should determine whether an entity established in a third country would be an FC+/- or NFC+/- if it was established in the Union;
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Source: ESMA
ESMA updates its CSDR Q&As
October 2, 2019--October 2, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).
The updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime.
The latest CSDR Q&A clarifies the scope of the cash penalties regime and more precisely the exemption applicable to insolvent participants. In particular, it specifies that it applies only to settlement fails caused by that participant or to those relating to the liquidation of its position.
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Source: ESMA
Financial advisers and the 'wealth tax' toll
October 1, 2019--A wealth tax has always been anathema to UK governments. The closest was Labour's capital transfer tax, which ran from 1974 to 1986.
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Source: FT.com
FCA eyes liquidity reforms to avert replay of Woodford crisis
October 1, 2019--The UK regulator has fired the starting gun on a shake-up of investment fund liquidity rules following a number of high-profile fund suspensions-a move that could have far-reaching consequences for the future of daily traded investment funds.
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Source: FT.com
ESMA prepares for new responsibilities in 2020
October 1, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published its 2020 Work Programme (WP), setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.
The key issue facing ESMA in 2020 is the implementation of its new mandates, and enhanced role, in areas including direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation.
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Source: ESMA
ESMA analyses use of derivatives by UCITS equity funds
September 30, 2019--The European Securities and Markets Authority (ESMA), the EU's securities market regulator, has conducted a study on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM).
The study, included in the latest Trends, Risks and Vulnerabilities report uses data collected under the EMIR framework, and finds that the tendency, and frequency, of these funds to trade derivatives is explained to a large extent by asset managers characteristics, such as fund family and fund family size. Over time, cash inflows as well as currency risk seem to have a significant influence, which suggests that derivatives are used for transaction costs or risk reduction purposes.
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Source: ESMA
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