监管/Regulations_新浪财经

监管\Regulations

√欧洲取消卖空禁令

√CFTC对保证金合规救济给出建议

√Esma呼吁提高半年度报告的透明度

欧洲取消卖空禁令

法国、比利时、奥地利、希腊和西班牙的监管机构终止了3月份为解决Covid-19疫情导致的市场剧烈波动而推出的临时卖空禁令。欧洲证券和市场管理局(Esma)在5月18日的一份声明中宣布，上述国家监管机构颁布的紧急限制措施将不被继续，其实施的卖空限制于5月18日(星期一)格林尼治标准时间21：59时到期。意大利国家证券交易委员会也提前终止了原本6月18日到期的卖空禁令。尽管卖空禁令被取消，但Esma要求净空头头寸持有者按已发行股本的0.1%上报新仓位的决定仍然有效。

CFTC对保证金合规救济给出建议

商品期货交易委员会(CFTC)表示，在未清算衍生品初始保证金规则早期实施阶段的经验应该应用到最后两个阶段。CFTC认为，在Covid-19危机导致市场前所未有的波动性、追加保证金要求和交易量变动的情况下，美国市场已经证明了他们的应变能力。在第五阶段，CFTC小组委员会建议取消对货币市场基金的某些抵押品资格限制，取消对种子基金的合并要求，并提供宽限期。第六阶段的建议包括每个独立管理账户（separately managed account，SMA)客户应适用单独的初始保证金门槛，以及与最低转账额度相关的减免规则。

Esma呼吁提高半年度报告的透明度

欧洲证券和市场管理局(Esma)在一份声明中表示，考虑到Covid-19带来的重大挑战，因此呼吁企业在半年度业绩报告中保持透明度。该声明在企业开始按照国际财务报告准则(IFRS)和2020年半年度中期管理报告要求编制中期财务报表之际发布，旨在强调发行人“需要”提供对投资者有利的最新信息，以“充分反映当前疫情对发行人的财务状况、业绩和现金流的影响和预期影响”，确保发行人向市场参与者提供可比较的、有相关性的和可靠的信息，向市场参与者提供足够的信息披露和透明度。

Europe lifts short selling bans

The French, Belgian, Austrian, Greek and Spanish regulators have put an end to their temporary short selling bans, which were introduced in March due to extreme market volatility that came as a result of the Covid-19 pandemic. In a statement on May 18, the European Securities and Markets Authority (Esma) announced the “non-renewal” of the emergency restrictions from regulators of above countries. The restrictions imposed by those regulators mentioned are due to expire at 2159 GMT on Monday, May 18. Italy’s regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), has also terminated its short selling ban earlier, as it was due to expire on June 18.Despite the lift on the bans, Esma’s decision requiring net short position holders to report new positions of 0.1% of the issued shares capital is still in force.

CFTC gives suggestions to margin compliance relief

Commodity Futures Trading Commission suggested lessons learned in the early phases of the initial margin regime for uncleared derivatives should be applied to the final two phases. CFTC view that US markets have proved their resiliency amid unprecedented volatility, margin calls and trading volume due to the Covid-19 crisis.One of the recommendations of the CFTC’s Subcommittee on Margin Requirements for Non-Cleared Swaps was the possibility of providing relief from initial margin calculations for small covered swap entities. In phase five, the subcommittee recommends the removal of certain collateral eligibility restrictions on money market funds, the removal of consolidation requirements for seeded funds and the provision of a grace period.Among recommendations for phase six are the application of a separate initial margin threshold to each separately managed account (SMA) of an SMA client, and the codification of relief related to the minimum transfer amount.