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GC Asia
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The week in review: China extends AM rule deadline, MoF to penalise Luckin, Ant faces possible antitrust probe ahead of listing
In this round-up, Chinese financial institutions are given another year to comply with new asset management rules due to the Covid-19 pandemic, Luckin Coffee will be punished by the Ministry of Finance for inflating its sales figures, and Ant Group faces a potential antitrust probe that could derail its upcoming jumbo IPO.
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China policy round-up: Politburo sets tone for H2 policies, Hong Kong bars 12 LegCo candidates, MoF tells governments to speed up bond issuance
In this round-up, China emphasises proactive fiscal policies and flexible monetary policies, Hong Kong disqualifies a dozen pro-democracy candidates from the upcoming legislative council election and the Ministry of Finance tells local governments to use up their special-purpose bond quotas by October.
31 Jul 2020 -
US-EU trading venue deal could signal path to come for UK
A decision by the US Commodity Futures Trading Commission (CFTC) last week regarding European Union multilateral trading facilities (MTFs) and organised trading facilities (OTFs) could be a glum preview of the UK’s cross-border regulatory affairs.
30 Jul 2020 -
DoL proposal misses the mark on ESG
The US Department of Labour (DoL) has proposed what it characterises as a reiteration of what has always been required of retirement fiduciaries — that they act in the best interest of their beneficiaries — urging them to disregard ESG considerations in investment decisions. In doing so, it appears not to have noticed the last decade in financial markets, which has shown that ESG investing is very much in investors’ interests.
30 Jul 2020 -
Investors plead with US government over 'chilling' ESG rule
The US Department of Labour is nearing the end of a comment period for a proposed rule that would hinder some investors’ ability to allocate money to environmental, social and governance (ESG) assets. Investors and advocacy groups have shown their alarm by pouring in requests for an extension to Thursday's deadline, writes Max Adams.
30 Jul 2020 -
The EU is gaining credibility as a banking jurisdiction
The Single Supervisory Mechanism has been making all the right moves during the coronavirus crisis.
30 Jul 2020 -
National adoption of covered bond directive still on track
The transposition of the covered bond directive into national legislative frameworks is expected to have been completed by all member states within the next six months. But the clock is ticking, and a decision on whether to postpone implementation will be discussed in September.
30 Jul 2020 -
LCR amendment to help covered bonds
After reaching a provisional agreement with member states, the European Commission is expected to open a consultation to amend the liquidity coverage ratio (LCR) for banks during the fourth quarter. The revision is expected to improve the efficiency of covered bond funding as issuers will now be able to count the same 30 day liquidity held within their covered bond programme towards the LCR too.
30 Jul 2020 -
ESG covereds due post-Taxonomy take off
The primary market for covered bonds with environmental, social or governance (ESG) purposes has been exceptionally strong this year, and with the European Union’s Taxonomy regulation recently coming into force and strong execution happening even in difficult market conditions, there are high hopes that issuance will scale new heights.
29 Jul 2020 -
BRRD 2 could crush MREL volumes in the Nordics
Subordinated bond issuance could decline dramatically among Nordic banks following implementation the EU’s new bank recovery and resolution directive (BRRD 2), Fitch said this week.
29 Jul 2020
