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IMF-Switzerland: Staff Concluding Statement of the 2019 Article IV Mission
April 1, 2019--The renewed prospect of global "low-for-long" interest rates and the possibility of a resurgence in international economic and political risk could trigger safe haven pressures on the Swiss franc and push inflation into negative territory.
To increase policy space, the current balance between the utilization of monetary and fiscal policies—stretched monetary policy and underutilized fiscal policy—should be adjusted. Assigning a greater role to fiscal policy, including by increasing public sector spending within the existing framework, would better cushion the economic cycle, support longer-term growth, and prepare the economy for demographic and technological change.
Research from data provider Morningstar shows that in the first two months of this year flows into dividend-focused ETFs globally hit €1.55bn, with €1.1bn of this going into European domiciled funds.
view more ESMA clarifies format for disclosure of risk factors in prospectuses view the Final Report-ESMA Guidelines on risk factors under the Prospectus Regulation ESMA advises Commission on information document for takeover, merger and divisions view more ESMA Q&As clarify benchmark disclosure obligations for UCITS view more S&P Dow Jones Indices Europe Dashboard view more
BNP Paribas Asset Management Launches THEAM Quant Europe Climate Carbon Offset Plan, The First UCITS Fund Established Under French Law* With A Carbon Offset Mechanism view more
ESMA updates AIFMD Q&As view more If you are looking for a particuliar article and can not find it, please feel free to contact us
March 30, 2019--Investors on the hunt for yield are boosting European demand for "smart beta" funds
European investors are piling into exchange traded funds that are focused on dividend returns, as fears of a global economic slowdown put pressure on markets.
Source: FT.com
March 29, 2019--The European Securities and Markets Authority (ESMA) has published its final guidelines on how national competent authorities (NCAs) should review risk factors, as required by the new Prospectus Regulation (PR).
The guidelines aim to encourage more appropriate, focused and streamlined risk factor disclosures for securities, which is presented in an easy to analyse, concise and comprehensible form.
Source: ESMA
March 29, 2019--The European Securities and Markets Authority (ESMA) has today published its technical advice on the minimum information content of documents describing a takeover, merger or division.
Under the Prospectus Regulation (PR), issuers may offer/admit securities in connection with takeovers, mergers or divisions without publishing a prospectus, provided that a document is made available to investors describing the transaction and its impact on the issuer.
Source: ESMA
March 29, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the application of the Undertakings in Collective Investments in Transferable Securities (UCITS) Directive.
The updated Q&As clarify the UCITS KIID benchmark and past performance obligations, namely that:
Benchmark disclosure
1.UCITS should clearly indicate, in the KIID, whether their strategy is 'active' (or 'actively managed') or 'passive' (or 'passively managed');
2.A UCITS managed in reference to a benchmark is one where the benchmark plays a role in the management of the UCITS, for example, in the explicit or implicit definition of its portfolio composition and/or performance objectives and measures (this clarification led to repeal of an existing Q&A on past performance); and...
Source: ESMA
March 29, 2019--Europe
European equities got off to a strong start in 2019, recovering from the late 2018 pullback on the heels of dovish central bank statements and better-than-feared earnings reported by the region's blue-chips.
Despite an economic slowdown in the region, and seemingly endless confusion over which form of "Brexit" the U.K. will eventually plump for, the S&P Europe 350(C) notched in a double-digit Q1 return.
Sovereign bond indices were up across the board this month, and this quarter. With inflation expectations ticking up, U.K. inflation linked gilts had a rip-roaring month, gaining 7%.
Source: mondovisione.com
March 29, 2019--A Major Innovation: The Fund Aims To Combine Financial Returns From The European Equity Market With A Positive Impact On Climate Change.
THEAM Quant Europe Climate Carbon Offset Plan is managed using a systematic investment strategy designed to capture the performance of European liquid equities with high Environmental, Social and Governance (ESG) standards and selected according to their carbon footprint and the robustness of their energy transition strategy. The fund also aims to offset the carbon footprint of this investment strategy (Scope 1 and Scope 2 emissions); this offsetting of the carbon footprint can be considered as partial.
Source: BNP Paribas Asset Management
March 29, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).
ESMA has added two new Q&As on calculation of leverage under AIFMD.
The Q&As provides clarification on:
the treatment of short-term interest rate futures for the purposes of AIFMD leverage exposure calculations according to the gross and commitment methods;
Source: ESMA
