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ESMA publishes consolidated UCITS Q&A
February 5, 2015--The European Securities and Markets Authority (ESMA) has published a consolidated Questions and Answers (Q&A) on the application of the Undertakings for the Collective Investment In Transferable Securities Directive (UCITS).
The consolidated Q&A include new questions on additional documents funds need to provide for UCITS V. This new Q&A also brings together the following four existing ESMA Q&As on UCITS:
The Key Investor Information Document (KIID) for UCITS (2015/631);
Q&A on ESMA's guidelines on ETFs and other UCITS issues (2015/12);
Notification of UCITS and exchange of information between competent authorities (2012/428); and
view the Questions and Answers-Application of the UCITS Directive
Source: ESMA
Lyxor cuts Fixed Income ETF TERs as low as 0.07%
February 5, 2016--As of January 29th, Lyxor has cut fees on its longstanding
Gilt and Treasury ETFs to just 0.07%
and UK & US Corporate Bond ETFs to just 0.09% in order to improve value for fixed income investors.
With EUR 112bn invested1, Fixed Income ETFs represent approximately 25% of the total European ETF market, but with more than 35% of last year's new assets collected in Fixed Income exposures,
this is an increasingly important part of the market.
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Source: Lyxor
ESMA-Guidelines on complex debt instruments and structured deposits
February 4, 2016--ESMA has published the Guidelines on complex debt instruments and structured deposits.
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Source: ESMA
ESMA updates its EMIR Q&A
February 4, 2016--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The updated Q&A includes new answers regarding CCP's default management, competent authorities' access to trade repository data and reporting of notional in position reports.
European Commission-Winter 2016 Economic Forecast: Weathering new challenges
February 4, 2016--The European economy is now entering its fourth year of recovery and growth continues at a moderate rate, driven mainly by consumption.
At the same time, much of the world economy is grappling with major challenges and risks to European growth are therefore increasing.
The Commission's winter forecast shows that the overall growth outlook has changed little since the autumn but that the risk that growth could turn out worse than forecast has risen, mainly as a result of external factors. In the euro area, growth is projected to increase to 1.7% this year from 1.6% last year, and to climb to 1.9% in 2017. EU economic growth is forecast to remain stable at 1.9% this year and rise to 2.0% next year.
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Source: European Commission
Capita Asset Services moves to automated cash and portfolio reconciliation
February 4, 2016--Capita Asset Services is working with Irish fintech start-up, Fund Recs, to automate its cash and portfolio reconciliation process.
The cloud-based software will automatically reconcile broker and custodian data to Capita's fund accounting system.
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Source: myinforms.com
ETF Barometer-January 2016
February 4, 2016--The European ETF Market started the year slowly with limited flows in January 2016. Net New Assets (NNA) during this month amounted to EUR1.9BN, 64% below the one year average of EUR5.2BN.
Total Assets under Management are down 4% vs. the end of 2015, reaching EUR432.8BN, and including a negative market impact (-4.5%). In volatile markets hammered by concerns over China, oil price evolution and Emerging Markets worries, positive flows were mainly concentrated toward European ETFs while Emerging Markets ETFs saw significant outflows...
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Source: Lyxor
National Statistics: UK official holdings of international reserves: January 2016
February 3, 2016--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets.
These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: HM Treasury
EU probe into asset managers uncovers potential mis-selling
February 2, 2016--Nearly a sixth of equity funds in Europe have potentially been mis-sold to investors, according to the European markets watchdog, raising the prospect of costly legal action and fines against some of the world's largest asset managers.
The European Securities and Markets Authority began an investigation of the asset management industry in 2014 after several investor rights groups complained that funds were charging high fees for active management but simply mimicking an index.
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Source: FT.com
ESMA updates on supervisory work on closet index tracking
February 2, 2016--The European Securities and Markets Authority (ESMA) has published a Statement providing details of its work on closet index tracking funds.
Closet indexing, also known as index hugging, refers to the practice of fund managers claiming to manage portfolios actively when in reality the fund stays close to a benchmark.
ESMA is concerned the practice may harm investors as they are not receiving the service or risk/return profile they expect based on the fund's disclosure documents while potentially paying higher fees compared to those typically charged for passive management.
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Source: ESMA
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