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CORPORATE GOVERNANCE, SOCIAL RESPONSABILITY AND MORE...
Corporate governance, social responsability and commercial law. News and materials.
Sunday 11 February 2018
Fondos de inversión. Anotaciones
- Inversión indirecta y fondos de inversión
- Se ha distinguido entre inversión directa, es decir, la adquisición de acciones en los mercados regulados, y la inversión indirecta mediante la configuración de patrimonios conjuntos a partir de aportantes diversos . Y, dentro de esta última se diferencian los modelos corporativos, como la Sociedad de Inversión de Capital Variable o SICAV (una Sociedad de capital variable para posibilitar una continua inversión y liquidación de la inversión ), y un modelo que podemos denominar personalista o “fiduciario”, el de los fondos de inversión, en el que las aportaciones de los inversores forman un patrimonio variable formado con activos distintos. Se disocia la titularidad del patrimonio y su gestión. Ese patrimonio se confía a una Entidad Depositaria (ED) sobre la que recaen deberes de vigilancia, administración y gestión sobre la gestora y que ejecuta las órdenes de administración y disposición de la entidad encargada de la gestión profesional, la Sociedad Gestora (SG). La autonomía del Fondo de Inversión implica que el patrimonio de inversión sólo venga afectado a la satisfacción de las deudas que se deriven de obligaciones que contraigan en el ejercicio de sus funciones como tal. Así, la garantía patrimonial de los acreedores de las obligaciones del FI queda exclusivamente limitada al patrimonio personal del FI.
- En España dice el art. 3.1 de la Ley 35/2003 que los FI son patrimonios separados sin personalidad jurídica, pertenecientes a una pluralidad de inversores. En virtud del art. 5.1 de la misma, la condición de partícipe se adquiere mediante la realización de la aportación al patrimonio común. La participación es cada parte alícuota en que se divide el patrimonio del fondo (Art 7.1 ). El FI es un conjunto de bienes de naturaleza jurídica heterogénea con una función instrumental a la inversión. No existe una organización personificada alrededor de un patrimonio objetivamente destinado a un fin. Por el contrario, estamos más bien ante un objeto , un bien patrimonial unitario integrado por diferentes bienes económicos de inversión (o derechos evaluables en dinero), que son los elementos de los que se servirán la SG y la ED para el desarrollo de la inversión colectiva. En cuanto a su administración, está excluida la representación orgánica
Monday 15 May 2017
ISDA's AGM. FSB General Secretary on Derivatives Markets reform
At the ISDA's AGM , 10th May 2017, the General Secretary of FSB delivered a talk on the prospectives and needs for a future global reform on derivative markets.(Download here)
Whilst at international level, post crisis policy reforms are almost complete (Central Counter Parties resilience, recovery and resolution, it is now time to assess the effects and effectiveness of the reforms.
Among the works that lie ahead data collection by Trade Repositories is a fundamental issue. As is it known, the FBS is developing governance options for Unique Product Identifier (UPI) , Unique Transaction Identifier (UTI) and other data elements.
Post crisis reforms have resulted in more CCPs offering the services of clearing of OTC derivatives, also on a cross-border basis. Also,there has been developments in risk-control post-trade services (such as portfolio reconciliation, compression and valuation services, as well as better documentation practices).
In relation with main market structures, the crisis and reform brought increased rates of participation in central clearing. But also CCP clearing members are imposing very high revenue thresholds and/or imposing requirements related to testing of leveraged rations among others. Such new conditions can be unsurmountable barriers to smaller firms. Other aspects that require attention from the public authorities are related to market fragmentation, for instance its impact on liquidity and trading costs and other consequences still to be fully identified
Whilst at international level, post crisis policy reforms are almost complete (Central Counter Parties resilience, recovery and resolution, it is now time to assess the effects and effectiveness of the reforms.
Among the works that lie ahead data collection by Trade Repositories is a fundamental issue. As is it known, the FBS is developing governance options for Unique Product Identifier (UPI) , Unique Transaction Identifier (UTI) and other data elements.
Post crisis reforms have resulted in more CCPs offering the services of clearing of OTC derivatives, also on a cross-border basis. Also,there has been developments in risk-control post-trade services (such as portfolio reconciliation, compression and valuation services, as well as better documentation practices).
In relation with main market structures, the crisis and reform brought increased rates of participation in central clearing. But also CCP clearing members are imposing very high revenue thresholds and/or imposing requirements related to testing of leveraged rations among others. Such new conditions can be unsurmountable barriers to smaller firms. Other aspects that require attention from the public authorities are related to market fragmentation, for instance its impact on liquidity and trading costs and other consequences still to be fully identified
Thursday 30 March 2017
* HAIRCUTS IN SECURITIES FINANCING. ESMA
EU Regulation on Transparency of Securities Financing Transactions and of Reuse aims at reducing financial stability risks . Within its development ESMA has published a research paper about Trends, Risks and Vulnerabilities (on shadow banking) We extract this paragraph related to descuentos (haircuts) in SFT
"Securities financing transactions (SFTs), which include
mainly repurchase agrements (repos) and securities lending, involve the temporary exchange of cash
or securities against collateral. EU SFT markets are very large, with the value of collateral used in SFTs
amounting to several trillions of euros. To cover for risks related to the characteristics of the collateral
and counterparty creditworthiness, a discount known as a haircut is usually applied to the value of
collateral. Haircuts are helpful risk management tools, but haircut levels are also part of the negotiation
between counterparties trading bilaterally. Haircuts may thus change over time to reflect the evolution
of market conditions, and can contribute to procyclicality and financial instability by reinforcing asset
price movements.
"Haircuts are often, but not systematically, used
as a pricing mechanism following internal
discussions between the credit (or risk)
department and trading desks. In securities
lending markets, some entities rely on haircut
grids pre-determined internally, from which
traders can deviate up to a certain percentage,
but the tolerance band for such deviations
depends on the characteristics of the collateral
and the entity’s risk appetite. Collateral and counterparty analysis are the two
key components used to determine haircuts.
Counterparty credit risk plays a role prior to the
transaction, in deciding whether or not to trade,
and during negotiation on the terms of the trade.
Factors considered in the counterparty analysis
include creditworthiness, exposures and
concentration. Factors considered in the
collateral analysis include historical volatility of
the asset, residual maturity, market risk, wrongway
risk, currency mismatch, and asset class (for
tri-party repos). Other minor factors may also
influence haircuts, including for example the type
of collateral ownership (title transfer versus
collateral pledge).
Following the internal risk assessment, trading
desks usually engage in negotiations with their
counterparty, which often include haircuts.
Haircuts are one of the price components,
together with repo rates or securities lending
fees, that traders may use to strike a deal."
- More , at ESMA's site
Tuesday 7 June 2016
SUPERVISORY BENCHMARKING
The European Banking Authority (EBA) published a Decision on data for supervisory benchmarking. It comes after the publication of the amended technical standards on benchmarking of internal approaches and requires Competent Authorities to submit data for the 2016 benchmarking exercise, focusing on High Default Portfolios and with reference to end-2015 data.
- Data submitted to the EBA according to this Decision shall be covered by the EU law framework of professional secrecy and confidentiality as applicable to the EBA. Access to this data shall be provided in conformity with the EBA Regulation.
- This Decision is without prejudice to the EBA’s power (Article 35 of the EBA Regulation) to request the competent authorities to submit other data or data from institutions
Saturday 7 May 2016
NEW EU DATA PROTECTION REGULATION
After a long pre legislative process the EU General Data protection Regulation was published on the 4th may
- The right to the protection of personal data is not an absolute right but framed in relation to its function in society and be balanced against other fundamental rights, in accordance with the principle of proportionality.
- This Regulation is set to respect the EU Charter of Fundamental Rights as enshrined in the Treaties, in particular:
- the respect for private and family life, home and communications,
- the protection of personal data, freedom of thought, conscience and religion, freedom of expression and information,
- the freedom to conduct a business,
- the right to an effective remedy and to a fair trial,
- cultural, religious and linguistic diversity.
- See comment (Spanish, Noticias jurídicas)
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