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Monday Morning Memo: The pitfalls of the UCITS regulation
October 8, 2018--Undertakings for Collective Investments in Transferable Securities (UCITS) is a well-known brand for mutual funds and ETFs, and investors all over the world appreciate the regulation scheme. Investors from inside and outside the E.U. expect that all funds under the UCITS regulation are treated the same.
But are all UCITS funds really treated equally? Obviously not, since the UCITS regulation was created to leave room for the needs of local markets in the E.U. The UCITS regulation creates a minimum standard, and local regulators can extend this basis with stricter rules or adopt local rules if they don't interfere with the UCITS guidelines. In addition, there are some parts of the fund business not explicitly regulated within the UCITS framework that can be a topic of interest for local regulators.
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Source: Thomson Reuters
Xetra-Gold exceeds mark of 1,000 deliveries
October 8, 2018--Since the introduction of Xetra-Gold (ISIN: DE000A0S9GB0) in 2007, more than 1,000 investors have opted for delivery of their physically deposited gold. The total volume currently amounts to a total of 4.9 tonnes. For every single Xetra-Gold certificate, exactly one gram of gold is deposited in the central vault depository for German securities in Frankfurt.
On request, investors can however have their securitised gold delivered to their custodian bank. Especially private investors make use of this option. With current gold holdings of 179.1 tons, Xetra-Gold is Europe's leading gold-backed security. At the beginning of the year, holdings were at 175.0 tonnes. The holdings always increase when investors buy Xetra-Gold certificates via the stock exchange. Of all ETPs traded on the Xetra venue, Xetra-Gold is the security with the highest turnover. In the first half of 2018, order book turnover amounted to €1.29 billion. Profits from the sale or redemption of Xetra-Gold after a minimum holding period of one year are not subject to withholding tax, as announced by the German Federal Fiscal Court in September 2015.
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Source: Deutsche Börse Group
Equities are an 'endangered animal', says ETFs chief
October 4, 2018---The lower levels of free-floating equities means robo-advisory can exploit a gap created in younger investors' future plans which won't involve investing directly in equities, according to ETF specialist Ossiam's chief executive officer.
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Source: citywireselector.com
JPM AM makes active ETF debut with trio of funds
October 4, 2018--JP Morgan Asset Management made its first push into the world of actively managed ETFs with the launch of a trio of funds covering the European, US and global markets.
The new funds, which will be formally launched on October 16, are intended to offer index-like portfolios but will have a 65-strong analyst team behind it taking small overweights and underweights in specific names.
The funds are:
JPM Europe Research Enhanced Index Equity (ESG) Ucits ETF...
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Source: citywireselector.com
ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics
October 4, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The new Q&As provide clarification on the following topics:
Classification of derivatives on derivatives for transparency purposes;
Default liquidity status of bonds (amendment to an existing Q&A);
Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR;
Market Making activities and incentives to be provided during stressed market conditions;
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Source: ESMA
ESMA updates AIFMD Q&As
October 4, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application Alternative Investment Fund Managers Directive (AIFMD).
ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing umbrella AIFs on a cross-border basis.
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Source: ESMA
ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries
October 3, 2018--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 provides new answers on:
Best execution-Reporting for firms using a venue's RFQ system to agree a trade; and,
Investment advice on an independent basis-Use of a 'look-through' approach.
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Source: ESMA
Passing on research costs under Mifid II is a dangerous practice
October 3, 2018--Few asset managers make their clients pay and there are significant risks in doing so.
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Source: FT.com
National Statistics: UK official holdings of international reserves: September 2018
October 3, 2018--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: HM Treasury
ESMA updates market abuse Q&As
October 1, 2018-The European Securities and Markets Authority (ESMA) has updated its Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR).
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. Today's Q&A include an update of the Q&A on clarifying delayed disclosure of inside informationview more
Source: ESMA