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期货和衍生品行业监管动态

ESMA Responds to the European Commission Consultation on Non-Bank

Financial Intermediation (NBFI)（2024/11/22）

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor sent today its response to the European Commission

(EC) consultation on assessing the adequacy of macroprudential policies for NBFI.

In its response to the consultation, ESMA makes key proposals in several areas,

as follows:

Liquidity Management: ESMA recognises the progress made with the revised

Undertakings for Collective Investments in Transferable Securities (UCITS) and the

Alternative Investment Fund Manager (AIFM) Directives. This is especially the case

with the provisions on liquidity management tools.

ESMA however still considers that there is a need to address some remaining

issues concerning liquidity mismatches in open-ended funds (OEFs). In particular,

competent authorities could require funds that invest in assets that are not liquid to be

structured as closed-ended funds. This is why ESMA fully supports the

Recommendation of the Financial Stability Board related to the classification of OEFs

based on asset liquidity and calls for appropriate efforts to ensure the convergent and

consistent application of these recommendations in the EU.

Money Market Fund Regulation (MMF) Review: ESMA reiterates its position on

the necessity to complete the reform of the MMF Regulation, considering the

vulnerabilities identified in its Opinion.

Supervision and Data: ESMA proposes to progress towards data driven

supervision, first by harmonising the framework to analyse risks posed by investment

funds (especially regarding liquidity risks), and second by developing an EU

system-wide stress test across NBFI and the banking sector. These proposals imply

having comprehensive and good quality data to assess financial stability risks.

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