IPE's EU Coverage – Page 12
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Special ReportOutlook: Future of hydrocarbons
The OECD remains critically dependent on Russian oil and gas – and finding alternative sources will be very hard
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Special ReportOutlook: Good riddance to negative interest rates
The net effect of setting interest rates below zero is negative, and central banks may be wary of such policies in the future
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NewsEU securities watchdog delivers anti-greenwashing supervisory briefing
Briefing described as ‘to-do list’ for national supervisors on how best to deal with greenwashing in asset management
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NewsDutch query EC due diligence proposal pension fund scope, fit
Pensioenfederatie calls for clarification and amendment of Commission’s proposed corporate sustainability due diligence directive proposal
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NewsEFRAG flags SFDR PAI links in draft corporate reporting standards
Draft EU corporate sustainability reporting standards out for consultation
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Opinion PiecesRobust central clearing is critical for millions of Europeans
Derivatives like interest rate swaps are now a central component of risk management best practice. According to a 2018 paper by ISDA and PensionsEurope, the percentage of hedged pension liabilities in Denmark, the Netherlands and the UK ranges from 40-60% of total liabilities.
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Opinion PiecesSeesawing rates pivot European pension funding ratios
Many pension funds throughout Europe have had insufficient funding ratios for many years in part due to falling interest rates, even though pension funds’ investment choices and contribution levels also play a role.
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FeaturesInvestors grapple with sustainability in short selling strategies
The recent move by the EU to exclude derivatives from sustainable strategies has focused attention on the role of short selling in promoting lower carbon emissions
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NewsEIOPA proposes new pensions info-gathering to close ‘important’ data gaps
Regulator says its capacity to analyse emerging risks is currently limited
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News
EU institutions urged to mandate transition plans in final CSRD
Eurosif, PRI write to EU institutions as they negotiate over the corporate reporting directive
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NewsEC follows through with derivatives exclusion in final SFDR RTS
Exposures through derivatives not allowed to be reported as sustainable elements of strategy
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NewsEIOPA launches climate risk-focused 2022 pension fund stress test
Stress test also aims to assess the effects of a rise in inflation on retirement income
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Asset Class Reports
Credit: EU raises the green bond stakes
The EU is considering making its Green Bond Standard mandatory
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Features
The case for an EU consolidated tape
Liquidity. Equality. Fragility. With apologies to the French Republic, these three words almost act as a lodestone in discussions about a consolidated tape (CT) for EU securities. The need for such a tape is becoming more apparent than ever, but it could still be three years or so before it become a reality, according to Susan Yavari, regulatory policy adviser at the European Fund and Asset Management Association (EFAMA) and the author of a detailed official position paper on the subject published in mid-February.
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News
Investor bodies join NGOs in call to MEPs to broaden scope of EU CSRD
Groups want Directive to include all listed SMEs as well as non-listed SMEs in high-risk sectors
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News
EC advisers adjust proposed social taxonomy structure given feedback
Social taxonomy would help by clearly defining what constitutes a social investment
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Special ReportSpecial Report - Regulation
Europe’s flagship SFDR regime for ESG was never intended to become a fund-labelling framework. So as Susanna Rust also writes in this issue, it is a relief that the EU is now consulting on minimum requirements for Article 8 funds. In this Special Report, we look in some depth at how asset managers have embraced SFDR, taking in the broad reclassification exercise that has taken place to relabel existing funds, and the short-term risks of greenwashing. In the longer term, the hope is for much more standardisation and there are signs that this is already happening.
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Special ReportCSDR’s settlement penalties kick in
New regulations attempt to clarify and standardise securities settlement procedures
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Opinion PiecesViewpoint: Greenwashing needs to be pinned down
On 10 March 2022, the EU’s Sustainable Finance Disclosure Regulation (SFDR) turns one. In terms of how it was drafted and how it has been implemented, it hasn’t exactly covered itself in glory, although it was high time regulators got involved to try to bring some order into ESG-land.
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FeaturesAccounting: DB sponsors at a crossroads
If a decade ago the talk was of defined-benefit (DB) scheme sponsors locked in an infernal struggle against the dizzying gravity of spiralling accounting deficits, thoughts now are turning to the end game.
