ESMA

Liquidity stress testing – ESMA releases the final pieces of the puzzle

This article was written together with Gianmarco Gioia. Following consultations initiated in April 2019, ESMA published the final guidelines on liquidity stress testing (LST) in UCITS and AIFS on 2 September. The newly released guidelines will take effect from 30 September 2020. UCITS and AIFS (including ETFs that operate as UCITSs or AIFs), as well as […]

The less obvious sides of ESMA’s enforcement priorities

Seeing as the dust hasn’t quite settled around IFRS 9, 15 and 16, it can be easy to focus all your attention on compliance with these standards and to sweep everything else under the rug for now. Good news: to a limited extent, you can! ESMA has indeed announced that their main enforcement priorities will involve the three standards mentioned above. However […]

What IFRS disclosure priorities to expect from the CSSF

In October, the European Securities and Markets Authority (ESMA) released its 2018 enforcement priorities for listed entities. They mainly focus on IFRS 9 and IFRS 15, which are effective from 1 January 2018, as well as on IFRS 16, which goes live in about a month, on 1 January 2019. Why are these priorities important in Luxembourg? Well, anyone who looks int […]

ESMA to release new liquidity stress testing guidance in early 2019

For the most part, asset managers deal with risks according to market best practices. But what about risks for which best practices haven’t yet been fully established? Liquidity risks are one such area, and consequently regulators have been focusing on providing more guidance. To that end, in February 2018, following the work of the Financial Stability Boar […]

Don’t neglect this one aspect of IFRS 16 (Leases)!

As I’m sure everyone is well aware, IFRS 16 is now effective for annual periods beginning on or after 1 January 2019. Although for most of you this means a very real impact only in your 2019 financial statements, there are the (un)lucky few that have to prepare half year reports. But even before we hit that mark, there is the future impact assessment—require […]

European authorities ask institutions to get ready for a “no deal” Brexit

The European Banking Authority’s (EBA) opinion on the preparations for the withdrawal of the United Kingdom (UK) from the European Union (EU), published on 25 June 2018, is a clear wake-up call for the financial sector. According to the EBA, there is a real risk that a ratified withdrawal agreement may not be reached despite the best efforts from both sides […]