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Liberated issuers will still have to follow European regulations if they want to sell in EU
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Established, well-known corporates could be among the first to use new regime
An accurate picture of liquidity could help London compete for listings
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Financial specialists will have two years to work out how to implement the European Union’s Taxonomy of Sustainable Economic Activities, which now looks certain to become law in the coming months. But investors, companies and banks are likely to start using the huge document much sooner than that, in a wide variety of ways.
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European member states have voted to approve the law introducing the Taxonomy of Sustainable Economic Activities at the second time of asking, after France and other objectors won concessions in favour of nuclear power that pro-green observers insisted were nothing to worry about. -
Retail investors who bought two minibond issues from Chilango, a London-based Mexican food chain, are set to lose their money, with either a 90% writedown or debt-for-equity swap heading their way. This was grimly predictable, based on a cursory glance at the deal documents, but the issue shows how messed up our investor protection rules are.
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The Bank of England said it will increase the countercyclical buffer by 100bp for UK banks after disclosing the results of its latest stress test this week. As the sector performed well in the test, the new capital requirements are being interpreted as a ‘Brexit buffer’ to help institutions withstand the risk of economic turmoil at the end of 2020.
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Fidelity, the US asset manager, warned the European Securities and Markets Authority that Europe’s Market Abuse Regulation lacks clarity, and that even public side information on leveraged loans could potentially contain material non-public information.
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The European Securities and Markets Authority (ESMA) has launched a consultation on the rules surrounding penalties for third-country central counterparties (TC-CCPs), trade repositories (TRs) and credit rating agencies (CRAs).
