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The ESAs recommend actions to ensure the EU's regulatory and supervisory framework remains fit-for-purpose in the digital age
February 7, 2022--The three European Supervisory Authorities (EBA, EIOPA and ESMA) published today a joint report in response to the European Commission's February 2021 Call for Advice on Digital Finance.
The proposals put forward aim at maintaining a high level of consumer protection and addressing risks arising from the transformation of value chains, platformisation and the emergence of new 'mixed-activity groups' i.e. groups combining financial and non-financial activities.
The ESAs note that the use of innovative technologies in the EU financial sector is facilitating changes to value chains, that dependencies on digital platforms are increasing rapidly, and that new mixed-activity groups are emerging. These trends open up a range of opportunities for both EU consumers and financial institutions, but also pose new risks.
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Source: ESMA
Amundi defends passive approach to ESG after ETF assets soar
February 2, 2022-French asset manager became the second-biggest provider of ETFs in Europe following Lyxor acquisition.
Amundi has rejected climate campaigners, criticism of its Lyxor acquisition, saying there is scope for including environmental, social and ...
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Source: ft.com
ESG ETFs to Double Inflows in 2022
February 2, 2022--Jason Xavier, head of EMEA ETFs Capital Markets at asset manager Franklin Templeton, expects environmental, social and governance exchange-traded funds to double their inflows in 2022.
Xavier said in a blog that nearly every ETF launch in 2021 had an ESG tilt, and that the momentum behind ESG investing in Europe continues to dominate many conversations.
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Source: marketsmedia.com
Majority of planned ETFs in Europe to have ESG tilt, PwC says
February 1, 2022--Survey of 60 global providers reveals companies are responding to regulatory pressure as well as investor demand
The majority of exchange traded fund launches in Europe over the next year will use an environmental, social or governance tilt for their construction, according to a new report.
Of the some 60 ETF providers that responded to a global survey carried out by PwC, 80 per cent in Europe say more than half of their products will invest with an ESG angle.
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Source: ft.com
ECB-Euro area economic and financial developments by institutional sector: third quarter of 2021
January 27, 2022--Euro area net saving increased to €776 billion in four quarters to third quarter of 2021, compared with €714 billion one quarter earlier
Household debt-to-income ratio grew to 97.0% in third quarter of 2021 from 95.4% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) decreased to 79.8% in third quarter of 2021 from 81.9% one year earlier
Total euro area economy
Euro area net saving increased to €776 billion (8.1% of euro area net disposable income) in the four quarters to the third quarter of 2021, compared with €714 billion in the four quarters to the previous quarter. Euro area net non-financial investment grew to €440 billion (4.6% of net disposable income), owing to higher investment by non-financial corporations and households, while net investment by financial corporations and government was broadly unchanged (see Chart 1).
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Source: ECB
ECB-Monetary developments in the euro area: December 2021
January 28, 2022--Annual growth rate of broad monetary aggregate M3 decreased to 6.9% in December 2021 from 7.4% in November (revised from 7.3%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 9.8% in December from 10.0% in November
Annual growth rate of adjusted loans to households stood at 4.1% in December, compared with 4.2% in November
Annual growth rate of adjusted loans to non-financial corporations increased to 4.2% in December from 2.9% in November
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Source: ECB
ESMA consults on the review of MiFID II suitability guidelines
January 27, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is consulting on certain aspects of suitability requirements under the Markets in Financial Instruments Directive (MiFID II), in order to update its guidelines following amendments to MiFID II relating to sustainability.
The assessment of suitability is one of the most important protections for investors under MiFID II and applies to the provision of all types of investment advice (whether independent or not) and portfolio management.
Proposed Guidelines on certain aspects of the MiFID II suitability requirements
The main amendments introduced to the MIFID II Delegated Regulation and reflected in the guidelines on the topic of sustainability are:
Collection of information from clients on sustainability preferences-Firms will need to collect information from clients on their preferences in relation to the different types of sustainable investment products to what extent they want to invest in these products;
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Source: ESMA
ECB-Meeting of 15-16 December 2021
January 20, 2022--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday,15-16 December 2021
1. Review of financial,economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 27-28 October 2021 and put these developments into the context of the broader financial stability landscape, in line with the outcome of the ECB's strategy review.
In response to the discovery of Omicron, stock markets worldwide had suffered marked losses. The volume of put options on the EURO STOXX 50 had hit its highest level since the outbreak of the coronavirus (COVID-19) pandemic in March 2020, as investors looked for protection against further losses.
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Source: ECB
Official Statistics: Forecasts for the UK economy: January 2022
January 19, 2022--A comparison of independent forecasts for the UK economy in January 2022.
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Source: gov.uk
Switch to ESG indices has not pleased all European investors
January 19, 2022--Industry observers say repurposing an ETF can affect the client relationship and destroy trust
Some of Europe's largest exchange traded fund providers, including iShares, DWS and BNP Paribas, have changed indices on some of their products.
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Source: FT.com
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