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ESMA clarifies format for disclosure of risk factors in prospectuses
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.
view the Final Report-ESMA Guidelines on risk factors under the Prospectus Regulation
Source: ESMA
ESMA advises Commission on information document for takeover, merger and divisions
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.
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Source: ESMA
ESMA Q&As clarify benchmark disclosure obligations for UCITS
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...
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Source: ESMA
S&P Dow Jones Indices Europe Dashboard
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%.
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Source: mondovisione.com
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
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.
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Source: BNP Paribas Asset Management
ESMA updates AIFMD Q&As
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;
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Source: ESMA
New First Trust-ETF on Xetra: eurozone shares
March 29, 2019--Since Friday, a new Exchange Traded Fund of First Trust is tradable via Xetra and Börse Frankfurt.
The First Trust ETF-First Trust Eurozone AlphaDEX UCITS ETF offers an investment in the performance of companies from eurozone countries.
The benchmark index is the NASDAQ AlphaDEX Eurozone Index: a balanced index with the aim of achieving a higher return than the classic NASDAQ Eurozone Index through a rule-based selection methodology. The weighting of the benchmark index takes into account asset and growth factors as well as size factors.
The earnings of the equity ETF are reinvested.
Name: First Trust Eurozone AlphaDEX UCITS ETF
Asset class: Equity ETF
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Source: Deutsche Börse Cash Market
ESMA updates on its preparations for a possible no-deal Brexit scenario on 12 April
March 28, 2019--The European Securities and Markets Authority (ESMA) has published a statement updating on its preparations for a no-deal Brexit scenario in view of recent developments on timing.
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Source: ESMA
ESMA provides guidance on the new EMIR Refit regime for the clearing obligation
March 28, 2019--The European Securities and Markets Authority (ESMA) has published today a statement on the Implementation of the new EMIR Refit regime for the clearing obligation for financial and non-financial counterparties.
This statement is addressed to all financial and non-financial counterparties subject to Regulation (EU) No 648/2012 (EMIR).
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Source: ESMA
Turkey's Problems Appear to Be Ring-Fenced
March 27, 2019--Last year, Turkey's economic woes contributed to a febrile international climate that undermined investor confidence in emerging market currencies generally. While the lira's slump at the end of last week shows the nation's challenges persist, this time the issues are ring-fenced, making the drama a purely domestic affair. For now, at least.
There are two big differences that should prevent any new weakness in the lira from becoming contagious. The country's runaway inflation, which peaked at 25 percent, is now back below 20 percent and its huge current account deficit has all but disappeared. Just as important, the central bank has been swift to act after Friday's selloff.
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Source: Washington Post
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