On 7 March 2019, ALFI published to its members Guidelines on clearing and collateral arrangements in relation to OTC derivatives under EMIR requirements. An updated version of this document will be issued after the publication of the endorsed EMIR Refit text in the Official Journal of the European Union. Read the document.
On 19 February 2019, ALFI answered to ESMA’s consultation paper on integrating sustainability risks and factors in the UCITS Directive and AIFMD.
The consultation seek stakeholders’ input on draft technical advice for the integration of sustainability risks and factors into the AIFMD and UCITS Directive. The consultation focus on environmental, social and good governance considerations with regards to investment firms, investment funds and CRAs. Read the document.
IOSCO closed the consultative period on 1 February 2019 for respondents to comment on the proposed framework to help measure leverage used by investment funds, which in some circumstances could pose financial stability risks.
The consultation followed on from recommendations published by the Financial Stability Board (FSB) in January 2017 to address risks to global financial stability arising from potential structural vulnerabilities that may result from asset management activities.
IOSCO’s proposed framework aimed to achieve a meaningful and consistent assessment of global leverage, in two steps:
- Excluding from consideration funds that are not likely to create stability risks to the financial system and identifying a subset of funds for further analysis; and
- Conducting a risk-based analysis on this subset of funds.
On 12 February 2019, ALFI responded to the ESMA Consultation on Draft Guidelines on the Reporting to Competent Authorities under Article 37 of the Money Market Funds Regulation.
Click here to read the document.
On 25 January 2019, ALFI answered the first stakeholder questionnaire on the product scope and criteria definition of the EU Ecolabel for financial products. Led by the European Commission Joint Research Group (JRC), this questionnaire is designed to inform about the development of EU Ecolabel criteria for financial products addressed to retail investors.
The EU Ecolabel criteria will define the minimum environmental performance of this product group and will be based on the requirements of the EU Ecolabel Regulation 66/2010, with the objective of awarding the label to financial products that show the best environmental performance. The EU Ecolabel can also include social criteria.
The findings from this questionnaire will be used by JRC to inform about the development of the first draft proposals for the scope, investment strategies and economic activities and will be complemented by information concerning the marketing of these products and user behaviour. These proposals and findings are an intermediate step in the EU Ecolabel criteria development process and will be discussed at the first stakeholder meeting in April 2019. Further on, the JRC will work towards the development of a detailed criteria proposal which should be discussed at the second stakeholder meeting, anticipated for autumn 2019.
The document is available here.