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ESMA identifies scope for greater EU harmonisation in prospectuses approval
June 30, 2016--The European Securities and Markets Authority (ESMA) has today published a peer review on the efficiency and effectiveness of European Union (EU) national securities markets regulators' approval of prospectuses, the disclosure documents prepared by issuers when they want to market their securities to EU investors.
Overall, ESMA found that, while national regulators were in general sufficiently resourced and approved prospectuses within legal deadlines, there were differences in national practices which would benefit from greater convergence.
view the Peer Review Report on Prospectus Approval Process
Source: ESMA
Amundi details post Brexit situation
June 30, 2016--Vincent Mortier, Deputy CIO, Global Head of Multi-Asset Amundi and Pascal Blanqué, CIO, Global Head of Institutional Division Amundi have issued a joint statement on the situation post Brexit.
They write that a few days after the surprise vote in the UK, uncertainty remains high and that they believe it won't ease anytime soon given the complexity of the subjects to be dealt with.
Policy paper: Post implementation review of the UK's implementation of the UCITS IV Directive
June 30, 2016--This post implementation review sets out the government's views on the effectiveness of the UK's transposition of the Recast Undertakings for Collective Investments in Transferable Securities (UCITS IV) Directive 2009/65/EC.
It explores the extent to which the regulation is achieving its objectives, the impacts that have resulted from the regulation and whether there have been any unintended consequences.
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Source: HM Treasury
Infographic-Brexit Fever Spreads: Austria and Holland are Next Up to Leave EU
June 30, 2016--Europe's got a fever,and the only prescription is...more referendums.
Eurasia Group, a geopolitical risk consultancy, shared this map today after analyzing EU countries for the potential of further Brexit-like events:
view infographic
Source: visualcapitalist.com
IMF-Germany:Financial Sector Assessment Program-Fund Management: Regulation, Supervision and Systemic Risk Monitoring-Technical Notes
June 29, 2016--Summary: The sector is the third-largest in Europe, as measured by all managed assets, and comprises a broad range of management companies and funds. Full account is taken of the requirements set out in EU legislation and the standards and principles developed by IOSCO, with some adjustments to reflect the specificities of the German market and priorities of the main supervisor of the sector, BaFin.
Bafin is seen as a well-respected and authoritative body which understands the asset management industry well and supervises it in a firm but fair manner. BaFin is sufficiently well-resourced that it can maintain close contact with asset managers and depositaries. This contact could be intensified even further through a program of more frequent on-site inspections.
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Source: IMF
Trading spiked 550% on platform founded by Brexit backer
June 28, 2016--Co-founder of Hargreaves Lansdown had backed the 'Leave' campaign to the tune of £3.2 million.
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Source: Financial News
Crystal Palace fan wants to make Vanguard a European champion
June 28, 2016--US investment giant is building a UK retail platform that could take it up the league table.
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Source: Financial News
Monday Morning Memo: Review of the European ETF Market, May 2016
June 27, 2016--After a rough start for the year 2016 the assets under management in the European exchange-traded fund (ETF) industry recovered during April (+€8.1 bn) and May (+€9.0 bn) to €454.6 bn. The increase of €9.0 bn for May was mainly driven by the performance of the underlying markets (+€8.7 bn), while net sales contributed only €0.3 bn to the overall growth in assets under management in the ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€306.6 bn) held the majority of the assets, followed by bond funds (€122.6 bn), commodity products (€14.5 bn), "other" funds (€6.7 bn), money market funds (€3.4 bn), mixed-asset funds (€0.4 bn), and alternative UCITS products (€0.4 bn).
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Source: Lipper
S&P strips Britain of perfect AAA credit rating
June 27, 2016--S&P Global Ratings has cut the UK's top credit grade by two levels after the country voted to leave the European Union last week.
UK Referendum on Membership of the European Union: Questions & Answers
June 24, 2016--The European Commission takes note of the outcome of the UK Referendum.
Now that the UK has voted to leave the European Union, what happens next?
The European Commission takes note of the outcome of the UK Referendum. Proceedings under Article 50 of the Treaty on European Union will have to be launched.
The terms of the UK Settlement agreed at the European Council of 18-19 February 2016 have ceased to exist.
During negotiations under Article 50, European Union Treaties and law continue to apply to the UK. If no agreement is reached within 2 years of the UK activating Article 50, the UK would leave the EU without any new agreement being in place.
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Source: European Commission
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