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ESMA proposes changes and updates timeline for its Guidelines on funds' names
December 14, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today provides an update on the status of ESMA's guidelines on ESG and sustainability-related terms in fund names, including details on the timing of their publication.
Since the launch of the work on the guidelines, the AIFMD and UCITS Directive reviews have progressed. ESMA has decided to postpone the adoption of the Guidelines to ensure that the outcome of these reviews may be fully considered.
In particular, the text of the provisional agreement resulting from the interinstitutional negotiations contains two new mandates for ESMA to develop guidelines specifying the circumstances where the name of an AIF or UCITS is unclear, unfair, or misleading.
ESMA plans to adopt the Guidelines shortly after the date of entry into force of those amended legal texts and is publishing this statement to highlight the key content of the guidance that it intends to provide in the forthcoming Guidelines.
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Source: ESMA
ESAs put forward amendments to sustainability disclosures for the financial sector
December 4, 2023--The three European Supervisory Authorities (EBA, EIOPA and ESMA-ESAs) are today publishing their Final Report amending the draft Regulatory Technical Standards (RTS) to the Delegated Regulation supplementing the Sustainable Finance Disclosure Regulation (SFDR).
The ESAs propose adding new social indicators and streamlining the framework for the disclosure of principal adverse impacts of investment decisions on the environment and society.
The ESAs also suggest new product disclosures regarding "greenhouse gas emissions reduction" targets.
Additionally, the ESAs propose further technical revisions to the SFDR Delegated Regulation:
Improvements to the disclosures on how sustainable investments "Do No Significant Harm" (DNSH) to the environment and society;
Simplification of the pre-contractual and periodic disclosure templates for financial products; and
Other technical adjustments concerning, among others, the treatment of derivatives, the calculation of sustainable investments, and provisions for financial products with underlying investment options.
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Source: ESMA
The ESAs provide clarity and tips to consumers on sustainable finance
November 30, 2023--The three European Supervisory Authorities (EBA, EIOPA and ESMA-ESAs) today published an interactive factsheet that answers consumers' most frequently asked questions about sustainable finance. The factsheet provides tips to consumers considering buying financial products with sustainability features, including loans, investments, insurances and pensions.
The factsheet provides answers to frequently asked questions and steps consumers can take to understand how their financial choices could contribute to a more sustainable future.
In addition, the factsheet provides four tips consumers should take into account before choosing financial products with sustainability features. Consumers are encouraged to:
decide how important sustainability is for them and what financial goals they want to achieve before they choose a product;
pay attention to the conditions and the sustainability features, to avoid being misled by 'greenwashing';
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Source: ESMA
ECB-Monetary developments in the euro area: October 2023
November 28, 2023--Annual growth rate of broad monetary aggregate M3 was -1.0% in October 2023, compared with -1.2% in September
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at -10.0% in October, compared with -9.9% in September
Annual growth rate of adjusted loans to households decreased to 0.6% in October from 0.8% in September
Annual growth rate of adjusted loans to non-financial corporations decreased to -0.3% in October from 0.2% in September
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 was -1.0% in October 2023, compared with -1.2% in September, averaging -1.2% in the three months up to October. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits' stood at -10.0% in October, compared with -9.9% in September
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Source: ECB
ECB-Meeting of 25-26 October 2023 Account of the monetary policy meeting of the Governing Council of the European Central Bank
November 23, 2023--Held in Athens on Wednesday and Thursday, 25-26 October 2023
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel started her presentation by noting that the market's immediate response to the dramatic geopolitical upheaval in the Middle East, following the terrorist attacks on Israel on 7 October 2023, had so far been contained.
Bolstered by continued robust economic growth in the United States, the surge in global long-term bond yields that started over the summer had continued in recent weeks, as investors were increasingly internalising the prospect of interest rates staying high for longer. At the same time, expectations for the future path of short-term interest rates had remained broadly unchanged.
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Source: ECB
New equity ETFs from SPDR on Xetra: access to information technology and healthcare companies worldwide
November 20, 2023--Since Monday, two new exchange-traded funds issued by State Street Global Advisors have been tradable on Xetra and via the trading venue Börse Frankfurt.
The two ETFs give investors access to large and mid-cap companies from developed countries around the world that are either in information technology or healthcare. The maximum weighting of one issuer is 35 per cent and all other companies 20 per cent.
The SPDR MSCI World Technology UCITS ETF invests in information technology companies, which include hardware, storage and peripherals, systems software and semiconductors, and are the most represented at over 20 per cent each.
The SPDR MSCI World Health Care UCITS ETF focuses on healthcare companies. The most strongly represented business areas include pharmaceuticals, healthcare equipment, biotechnology and managed health care.
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Source: Xetra
ECB-Euro area investment fund statistics: third quarter of 2023
November 17, 2023--This release on investment fund statistics is being discontinued. As of November 2023, investment fund statistics are published on a dedicated page on the ECB's website, which features comprehensive charts containing the information previously available in this release.
In third quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds fell to €15,207 billion, down €92 billion on previous quarter
Net redemptions in quarter amounted to €15 billion, with €852 billion in gross issuances and €867 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds rose to €1,563 billion, up €56 billion on previous quarter
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Source: ECB
New equity ETF from UBS on Xetra: access to UK companies with currency hedging
November 17, 2023--Since Friday, a new exchange-traded fund issued by UBS Asset Management has been tradable on Xetra and the trading venue Börse Frankfurt.
The UBS (LU) MSCI United Kingdom UCITS ETF (hedged to EUR) allows investors to invest in a portfolio of UK large-and mid-cap companies.
The underlying benchmark index currently includes 83 companies from various industries, with consumer goods, financial services, energy, and healthcare being the most represented. The three largest companies are Shell, AstraZeneca and HSBC Holdings.
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Source: Xetra
Forecasts for the UK economy: November 2023
November 15, 2023--A comparison of independent forecasts for the UK economy in November 2023.
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Source: gov.uk
New equity ETF from Invesco on Xetra: access to the stock performance of the Nasdaq 100 index
November 14, 2023--Since Tuesday, a new exchange-traded fund issued by Invesco has been tradable on Xetra and via the trading venue Börse Frankfurt.
The Invesco NASDAQ-100 Swap UCITS ETF offers investors the opportunity to participate in the performance of the 100 largest U.S. and international non-financial companies by market capitalisation that are traded on the NASDAQ stock exchange.
The underlying benchmark index, the NASDAQ-100, contains companies from major industries, including computer hardware and software, telecommunications, retail and wholesale, and healthcare. The three largest companies include Apple, Microsoft, and Amazon.
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Source: Xetra
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