(Only in Italian)
Pubblicati in Gazzetta Ufficiale n. 108 del 10 maggio 2022, i comunicati del Ministero della transizione ecologica relativi alla:
- Proroga del termine dell’avviso pubblico finalizzato alla selezione di proposte progettuali inerenti attività di ricerca fondamentale nell’ambito del Piano nazionale di ripresa e resilienza (PNRR), Missione 2 «Rivoluzione verde e transizione ecologica», Componente 2 «Energia rinnovabile, idrogeno, rete e mobilità sostenibile», Investimento 3.5 «Ricerca e sviluppo sull’idrogeno», finanziato dall’Unione europea – Next Generation EU a valere sul decreto 23 dicembre 2021, articolo 1, comma 5, lettera A;
- Proroga del termine dell’avviso pubblico finalizzato alla selezione di proposte progettuali inerenti attività di ricerca e sviluppo, da finanziare nell’ambito del Piano nazionale di ripresa e resilienza (PNRR), Missione 2 «Rivoluzione verde e transizione ecologica», Componente 2 «Energia rinnovabile, idrogeno, rete e mobilità sostenibile», Investimento 3.5 «Ricerca e sviluppo sull’idrogeno», finanziato dall’Unione europea – Next Generation UE a valere sul decreto 23 dicembre 2021, articolo 1, comma 5, lettera B.
The International Swap and Derivatives Association (ISDA) has published a document which analyzes the amount and type of initial margin (IM) and variation margin (VM) posted for non-cleared derivatives.
The survey also reviews the quantity of IM posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions.
The latest survey finds that the 20 largest market participants (phase-one firms) collected $286.0 billion of IM for their non-cleared derivatives transactions at year-end 2021. Of this amount, $203.5 billion was collected from counterparties currently in-scope of the regulatory IM requirements. A further $82.5 billion (independent amount, or IA) was collected from counterparties and/or for transactions not in scope of the non-cleared margin rules, including legacy transactions.
In addition to the regulatory IM and IA, phase-one firms collected $936.5 billion of VM for their non-cleared derivatives transactions at year-end 2021, including $527.9 billion of regulatory VM and $408.7 billion of discretionary VM.
The survey also finds that $323.4 billion of IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2021.
The new additions include ISDA’s 1998 FX and Currency Option Definitions and 15 other related documents. They join the 2021 ISDA Interest Rate Derivatives Definitions, the 2002 ISDA Master Agreement, and the 2022 ISDA Securities Financing Transactions Definitions and SFT Schedule Provisions, which are already on the platform.
Features of MyLibrary include:
- Comparison Tools: The electronic format allows ISDA to revise and update its new documents in full each time an amendment is required, avoiding the need to publish separate supplements. Users can easily view the prevailing version of the document as of any date and can compare different versions in blackline as they are published.
- Navigation and Search: Firms can navigate through the documents via index links and can perform complex searches based on words, phrases or categories across all documents on the platform. Embedded links within the text allow users to view definitions of terms via pop-up boxes, while links to external resources provide access to useful materials, including video explainers.
- Bookmarks: Users can bookmark documents and topics, and the list of bookmarks will be preserved for each user. Firms can also save collections of documents, parts of documents or different versions of the same document for future reference.
Automation of derivatives markets is one of the main themes of this year’s AGM, with sessions on the digitization of documentation and digital regulatory reporting. Other issues covered include crypto derivatives, sustainable finance and benchmarks.
The expectations put forward in the supervisory statement aim at improving the quality of descriptions provided by PRIIPs manufacturers and thereby contribute to better protection of retail investors.
The ESAs have identified a range of poor practices in how PRIIP manufacturers describe products under this section. Most issues relate to a general lack of clarity in the text, which makes it difficult for retail investors to understand the key features of products.
The supervisory statement provides an overview of these issues and sets out the authorities’ expectations in each area to ensure that information is presented to retail investors in an adequate, clear and accessible manner.
Some of the main issues identified include:
- the use of overly broad, general categories when specifying the type of product;
- poor practices regarding the overall clarity of the language and layout of the text, including as a result of automation in creating such texts;
- insufficient information regarding capital protection levels and potential losses for the investor;
- imprecise description of early termination features;
- lack of clarity concerning the nature and timing of the coupon payments;
- limited information about the specific nature of the underlying assets to which investors are exposed;
- inadequate description of any leverage factors and the risks related to them;
- undifferentiated and abstract descriptions for the ‘intended retail investor’.
The EBA is making the template available for voluntary use by the relevant national competent authorities and by the EU Commission, with the aim to promote a convergent approach and to reduce any associated reporting costs, especially for cross-border banks.
It should be noted that this template is not part of the EBA reporting framework and will not be supported by any formal tools or legal documents. In addition, the EBA will not be part of any data collections and will not provide a technical package for the template and reporting process.
