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ESMA reminds firms of the impact of inflation in the context of investment services to retail clients
September 27, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes a statement reminding firms to consider inflation and inflation risk when applying relevant MiFID II requirements in the interest of investor protection.
Over the past months inflation rates have risen in the EU, as in the rest of the world, and this growth in inflation has impacted households both in their daily lives and in their investments and investment decisions.
ESMA notes that from an investor protection perspective, this trend poses a risk for retail investors, as some of them will not fully appreciate the link between inflation and financial markets and may not fully understand how considerations on inflation should be factored in when they make saving and investment decisions.
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Source: ESMA
ECB-Monetary developments in the euro area: August 2022
September 27, 2022--September 27, 2022-- Annual growth rate of broad monetary aggregate M3 increased to 6.1% in August 2022 from 5.7% in July (revised from 5.5%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 6.8% in August, unchanged from previous month
Annual growth rate of adjusted loans to households stood at 4.5% in August, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 8.7% in August from 7.6% in July
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 6.1% in August 2022 from 5.7% in July, averaging 5.8% in the three months up to August. 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 6.8% in August, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 4.6% in August from 3.3% in July. The annual growth rate of marketable instruments (M3-M2) increased to 2.6% in August from 0.7% in July.
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Source: ECB
ESMA updates Q&As on MiFID II and MiFIR commodity derivatives topics
September 23, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers (Q&As) on commodity derivatives topics under the MiFID II and MiFIR.
The revised Q&A document reflects mainly the amendments introduced by the Recovery Package for commodity derivatives, including those introduced by the entry into force of the latest technical standards and the Commission Delegated Regulation on the ancillary activity criteria (CDR 2021/1833) replacing RTS 20 which became applicable in November 2021.
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Source: ESMA
ESMA publishes final guidelines on MiFID II suitability requirements
September 23, 2022-The European Securities and Markets Authority (ESMA), the EU's Securities Markets Regulator, has published its Final Report on Guidelines on certain aspects of the MiFID II suitability requirements].
The assessment of suitability is one of the most important requirements for investor protection in the MiFID framework.
It applies to the provision of any type of investment advice, whether independent or not, and to portfolio management.
The main amendments introduced to the MIFID II Delegated Regulation and reflected in the guidelines on the topic of sustainability are:
Information to clients on the sustainability preferences-Firms will need to help clients understand the concept of sustainability preferences and explain the difference between products with and without sustainability features in a clear manner and avoiding technical language;
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Source: ESMA
Official Statistics: Forecasts for the UK economy: September 2022
September 21, 2022--A comparison of independent forecasts for the UK economy in September 2022.
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Source: gov.uk
New equity ETF from iShares on Xetra: access to sustainable companies from the S&P 500 Index with best-in-class approach
September 16, 2022--A new exchange-traded fund from iShares has been tradable on Xetra and via the Frankfurt Stock Exchange trading venue since Friday.
The iShares S&P 500 ESG UCITS ETF offers exposure to US companies from the S&P 500 Index that have a particularly high ESG rating in the areas of environmental protection, social responsibility and corporate governance compared to their peers.
The best-in-class approach is used for selection in order to achieve a similar sector group weighting as in the parent index. The index is weighted by market capitalisation.
Companies with a poor ESG score or those with business activities in areas such as tobacco, thermal coal, or controversial weapons are excluded.
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Source: Xetra
New equity ETF from iShares on Xetra: access to sustainable companies from the S&P 500 Index with best-in-class approach
September 16, 2022--A new exchange-traded fund from iShares has been tradable on Xetra and via the Frankfurt Stock Exchange trading venue since Friday.
The iShares S&P 500 ESG UCITS ETF offers exposure to US companies from the S&P 500 Index that have a particularly high ESG rating in the areas of environmental protection, social responsibility and corporate governance compared to their peers.
The best-in-class approach is used for selection in order to achieve a similar sector group weighting as in the parent index. The index is weighted by market capitalisation.
Companies with a poor ESG score or those with business activities in areas such as tobacco, thermal coal, or controversial weapons are excluded.
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Source: Xetra
WisdomTree Expands Thematic Range with a Blockchain UCITS ETF
September 14, 2022--The ETF aims to provide pure access to companies primarily focused on blockchain and cryptocurrency technologies
WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor, has announced the launch of WisdomTree Blockchain UCITS ETF (WBLK). Listed on the London Stock Exchange, Börse Xetra and Borsa Italiana,
WBLK seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Blockchain UCITS Index (the "Index") and has a total expense ratio of 0.45%.
The proprietary Index leverages WisdomTree’s heritage of innovation and self-indexing and is designed to track the performance of companies primarily focused on blockchain and cryptocurrency technologies and that also meet WisdomTree's ESG1 criteria.
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Source: ir.wisdomtree.com
Irish regulator may be open to reviewing ETF disclosure rules, says lawyer
September 14, 2022--Relaxing stance requiring daily holdings reporting would boost growth of active ETFs
The Central Bank of Ireland is considering reviewing its requirement for exchange traded funds to fully disclose their daily holdings, according to a lawyer, in a move seen as key to the growth of actively managed ETFs.
Stephen Carson, partner in the asset management and investment funds group at A&L Goodbody, said the CBI had "expressed a desire to engage with market participants and to review the requirement".
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Source: ft.com
New Equity ETF from Amundi on Xetra: access to Japanese Companies in Compliance with Climate Regulation
September 13, 2022--A new exchange-traded fund from Amundi Asset Management has been tradable on Xetra and via the Frankfurt Stock Exchange trading venue since Tuesday.
The Amundi Index MSCI Japan ESG Broad CTB UCITS ETF invests in Japanese companies with large and medium market capitalization whose products have no negative social or environmental impact
The selection and weighting of the individual companies is made with the aim of meeting the minimum requirements of the EU Climate Transition Benchmark (EU CTB) Regulation. Compared to the MSCI Japan Index, the carbon footprint is to be reduced by at least 20%.
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Source: Xetra
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