This is the second report published by ESMA since the application of MiFIR in 2018.
The report includes an analysis based on waivers for equity and equity-like instruments for which ESMA issued an opinion to the competent authority in the period between 1 January and 31 December 2019. It also includes an overview of the deferral regime for equity and equity-like instruments applied across the different EU Member States.
Main findings:
- the LIS (Large In Scale) waiver is the most used;
- shares are the instrument type for which waivers are requested most frequently;
- the volume under the waivers, both in turnover and number of transactions, is for largely executed in shares;
- ETFs are the instruments with the highest percentage of dark trading with respect to the overall volume traded in those instruments;
- compared to 2018, the percentage of segment MICs applying the LIS deferral regime slightly fell; and
- the UK was the country that submitted the highest number of waiver notifications in 2019.
The Basel III regulation explicitly prescribes the use of Hodrick-Prescott filters to estimate credit cycles and calibrate countercyclical capital buffers. However, the filter has been found to suffer from large ex-post revisions, raising concerns on its fitness for policy use.
The filtering errors are persistent and hence predictable. This can be exploited to construct real-time estimates of the cycle that are less subject to ex-post revisions, forecast financial crises more reliably, and stimulate the build-up of bank capital before a crisis.
As of 31 December 2020, upon the end of the transition period provided for in the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union, the interest rate benchmark London Interbank Offered Rate (LIBOR) no longer qualifies as a critical benchmark under Regulation (EU) 2016/1011.
In view of the fact that LIBOR will no longer be a critical benchmark within the meaning of Regulation (EU) 2016/1011 as of 1 January 2021, implementing powers should be conferred on the Commission to designate a replacement for a benchmark to replace all references to that benchmark in contracts, or in financial instruments as defined in Directive 2014/65/EU, that have not been renegotiated by the date of application of the implementing act.
(only in Italian)
Gli interventi di modifica sono finalizzati a:
- allineare la rappresentazione segnaletica di alcune categorie di attività finanziarie a quanto già previsto per le segnalazioni armonizzate europee (FINREP);
- integrare gli schemi segnaletici con l’introduzione di alcune nuove voci volte a soddisfare esigenze di vigilanza micro e macro-prudenziale;
- rivedere alcuni dettagli informativi per meglio allinearli al quadro normativo comunitario di riferimento;
- aggiornare i riferimenti alla disciplina della crisi d’impresa e dell’insolvenza a seguito della pubblicazione del D.Lgs. 14/2019.
Le Circolari interessate dalla consultazione sono:
- Circolare n. 115 del 7 agosto 1990 “Istruzioni per la compilazione delle segnalazioni di vigilanza su base consolidata”;
- Circolare n. 272 del 30 luglio 2008 “Matrice dei conti”;
- Circolare n. 148 del 2 luglio 1991 “Manuale delle Segnalazioni Statistiche e di Vigilanza per gli Intermediari del Mercato Mobiliare”;
- Circolare n. 189 del 21 ottobre 1993 “Manuale delle Segnalazioni Statistiche e di Vigilanza per gli Organismi di Investimento Collettivo del Risparmio”;
- Circolare n. 217 del 5 agosto 1996 “Manuale per la compilazione delle Segnalazioni di Vigilanza per gli Intermediari Finanziari, per gli Istituti di pagamento e per gli IMEL”.
Bank of Italy has published the article entitled ‘The impact of COVID-19 on the European short-term rental market’, written by its researchers.
