La croissance du PIB de la planète pourrait atteindre 2,9% en 2023, soit un peu plus que prévu en octobre, pronostique le FMI.

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DÉCRYPTAGE - Le gouvernement est embarrassé, alors que certains députés se préparent déjà à monter au créneau.

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DÉCRYPTAGE - Les partenaires sociaux ont encore quelques jours pour discuter du partage de la valeur ajoutée. L’idée d’un dispositif contraignant hérisse petits et grands patrons.

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Le secrétaire général de FO compte sur la mobilisation pour que le gouvernement retire son projet de réforme des retraites.

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EXCLUSIF - A la veille de la seconde journée de grève et de manifestations contre la réforme des retraites, Alternatives Economiques donne la parole aux leaders des cinq principaux syndicats.

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Réformer les retraites exigerait de mettre tout le monde à contribution, à commencer par les entreprises qui reçoivent des aides publiques sans contrepartie, estime le président confédéral de la CFE-CGC.

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Le pacte de responsabilité est-il vraiment le symbole du virage social-libéral de François Hollande? La réponse d'un économiste proche du président de la République, Daniel Cohen, professeur à Normal'Sup.

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Pour la Cour de Justice européenne, le tarif de rachat de l'électricité éolienne est contraire aux règles communautaires. L'Etat va-t-il devoir rembourser ces surfacturations illégales?

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Le conseil de surveillance a validé ce mardi l'entrée au capital de PSA de l'Etat et du chinois Dongfeng. Avec 2,8 millions de véhicules vendus en 2013 dans le monde et près de 195.000 salariés, PSA Peugeot Citroën est le premier constructeur automobile français.

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Isda AGM: Japan central banker says regulators should analyse liquidity impact of capital rules

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Regulator demands could lead to "tick-the-box" exercise, hear delegates at Quant Summit Europe

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Isda AGM: US banks in the dark over uncleared initial margin model approvals

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BIS Press Release - The September issue of the BIS Quarterly Review - Low inflation despite a stronger economic outlook helped push markets up in recent months and reduced the expected pace of tightening of monetary policy in major economies. Signs of increased risk-taking have become apparent in a number of areas, including narrow credit spreads, increased carry trade activity and looser bond covenants.

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Press release about the Basel Committee publishing Basel III monitoring results (12 September 2017)

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The Board of Directors of the Bank for International Settlements (BIS) has appointed Mark Carney, Governor of the Bank of England, as Chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee (ECC), after consultations with members of the GEM. The appointment takes effect on 1 December 2017. (Press release, 11 September 2017)

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BIS Quarterly Review for September 2017: Strong outlook with low inflation spurs risk-taking. Special features on "FX swaps and forwards: missing global debt?", "Central bank cryptocurrencies", "What are the effects of macroprudential policies on macroeconomic performance?" and "Green bond finance and certification"

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This report is the 12th publication of results from the periodic Basel III monitoring exercise and summarises the aggregate results using data as of 31 December 2016.

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This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We use capital flow data disaggregated by direction and type between Q1 1990 and Q4 2015 for 85 countries, and conventional techniques, models and metrics. Since the GFCy is an unobservable concept, ...

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The BIS compiles and publishes three sets of statistics on foreign exchange markets: US dollar exchange rates, effective exchange rate (EER) indices, and spot and derivatives trading.

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As part of its statistics dedicated to global financial conditions, the BIS collects data about credit and publishes on a quarterly basis four main sets of credit metrics.

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The term global liquidity is used by the BIS to mean the ease of financing in global financial markets. Credit is among the key indicators of global liquidity, and is the focus of the quarterly indicators estimated by the BIS.

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ESMA issues its first opinion on the draft European Sustainability Reporting Standards

ESMA issued an  on the first set of draft European Sustainability Reporting Standards (ESRS Set 1) developed by the European Financial Reporting Advisory Group (EFRAG). ESMA finds that ESRS Set 1 broadly meets the objective of being conducive to investor protection and of not undermining financial stability.

iris.hude@esma… 30 January 2023 -3 Place Slide

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ESMA publishes data for the quarterly liquidity assessment of bonds iris.hude@esma… 27 January 2023

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published . Due to a technical error, the data was published earlier than the usual publication date (1 February 2023). The transparency requirements for bonds deemed liquid will apply from 16 February 2023 to 15 May 2023.

For this period, there are currently 1,010 liquid bonds subject to MiFID II transparency requirements.

The full list of assessed bonds are available through the Financial Instruments Transparency System (FITRS) in the XML files with date from 20 January 2023 () and through the Register web interface ().

ESMA is also publishing two  related to bond liquidity data.

ESMA’s liquidity assessment for bonds is based on a quarterly assessment of quantitative liquidity criteria, which includes the daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in the FITRS, which shall be applicable the day following publication.

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ESMA issues its first opinion on the draft European Sustainability Reporting Standards Dan.Nacu-Manol… 26 January 2023

The European Securities and Markets Authority, the EU’s financial markets regulator and supervisor, has issued an on the first set of draft European Sustainability Reporting Standards (ESRS Set 1) developed by the European Financial Reporting Advisory Group (EFRAG). ESMA finds that ESRS Set 1 broadly meets the objective of being conducive to investor protection and of not undermining financial stability.

To bring Set 1 from broadly capable to fully capable of meeting that objective, ESMA advises the European Commission to address selected technical issues set out in the opinion. Most notably, these issues relate to possible improvements of the level of consistency vis-à-vis the requirements of the Corporate Sustainability Reporting Directive and other pieces of EU legislation, important clarifications of definitions and terminology and further guidance on the materiality assessment process. The European Commission will consider ESMA’s technical input as it finalises ESRS Set 1 and adopts it into delegated acts.

Verena Ross, Chair, said:

“The development by EFRAG of the first draft set of ESRS is a major achievement. These standards will increase the consistency and quality of information flowing through the sustainable investment value chain. They will also enable broader accountability of European businesses for their sustainability commitments and impacts vis-à-vis retail investors.”

“In line with the ESMA Strategy, we will continue to contribute actively to the sustainability reporting standard-setting process, with the aim of supporting the capital markets in financing the transition to a sustainable economy.”

Background

ESMA’s opinion was drafted in response to a request from the Commission and in line with the mandate established by the Corporate Sustainability Reporting Directive. ESMA applied an assessment framework with four detailed criteria to prepare its opinion. These criteria relate to whether ESRS Set 1:

promotes disclosure of material sustainability information of high quality; is conducive to consistent application in terms of both content and format; is consistent and interoperable with other relevant EU legislation within ESMA’s remit; and promotes interoperability with global standard-setting initiatives for sustainability reporting to the greatest extent possible (and taking account of the EU’s sustainability requirements and objectives).

The draft ESRS Set 1 was developed and submitted to the Commission by EFRAG in November 2022.

Next steps

The Commission will now consider ESMA’s opinion alongside opinions submitted by the , and other public bodies and adopt ESRS Set 1 into delegated acts by 30 June 2023.

ESMA will continue to actively contribute to the development of the ESRS as an official observer in EFRAG’s Sustainability Reporting Technical Experts Group and Board and plans to use its assessment framework also for its future opinions on the subsequent sets of ESRS.

 

26/01/2023 ESMA32-334-589 Opinion on the technical advice by the European Financial Reporting Advisory Group on European Sustainability Reporting Standards 26/01/2023 ESMA32-334-707 ESMA issues its first opinion on the draft European Sustainability Reporting Standards - Press Release

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IOSCO/MR/01/2023Madrid, 27 January 2023 The Board of the International Organization of Securities Commissions (IOSCO) today published the second edition of the Investment Funds Statistics Report (IFSR), which provides new insights into the global investment funds industry. The report is based on a comprehensive collection of IOSCO members' supervisory data as of end-2021.The IFSR is an annual exercise that aims to facilitate the regular collection and analysis of investment fund data, enabling regulators and stakeholders to share information and observe trends in the global investment funds sector. It builds on the foundations of IOSCO's previous biennial Hedge Funds Survey. Last year, IOSCO published the first edition of the IFSR. This year's report updates the analysis with new data and, for the first time, provides trend analysis on open-ended funds and closed-ended funds. 

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Madrid, 16 January 2023The Monitoring Group (MG) is responsible for the overall governance of the international audit and ethics standard-setting system, including periodic effectiveness reviews. In accordance with the , the Monitoring Group Nominating Committee (MG NC) is responsible for the selection of board members to the Public Interest Oversight Board (PIOB).In June 2022, the MG NC issued an for applications for board members to the PIOB for an initial term commencing in 2023. After completing a robust, global process, the MG NC is pleased to announce that Mr. Philippe Christelle, Mr. Tomoyuki Furusawa, Ms. Sandra Peters, and Mr. Mark Smith will be joining the PIOB in 2023. Mr. Christelle is the Chief Audit Officer of the Capgemini Group. Mr. Furusawa is a former policy planner at the Financial Services Agency (FSA) of Japan and former Secretary General of the Securities and Exchange Surveillance Committee (SESC). Ms. Peters currently serves as the Senior Head of Global Advocacy and Regulatory Affairs at the Chartered Financial Analyst (CFA) Institute. Mr. Smith is a retired senior finance executive of several multinational companies.The MG NC is also pleased to announce the reappointment of Ms. Linda de Beer and Mr. Robert Buchanan to the PIOB for another three-year term commencing in 2023.

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IOSCO/MR/39/2022Madrid, 5 December 2022 The International Organization of Securities Commissions is pleased to announce that Mr. Rodrigo Buenaventura, Chair of the Spanish Securities Market Commission (CNMV), has assumed today the chairmanship of its Sustainable Finance Task Force (STF). As STF Chair, Mr. Buenaventura will lead IOSCO through the process of evaluating whether the IFRS international Sustainability Standards Board (ISSB) can act as a global baseline standard for climate disclosures. Mr. Buenaventura will also lead IOSCO through the finalisation of its work on carbon markets, seeking to establish recommendations for the sound functioning of these markets. He will also lead work on promoting independent assurance of corporate sustainability disclosures.Rodrigo Buenaventura commented: “I am honoured by the confidence of my fellow IOSCO Board members in asking me to lead this critical work. IOSCO is determined to put in place the necessary ecosystem so that financial markets can play their part in supporting the transition to net zero. There is intense demand from investors to be able to invest in assets which make a contribution to that transition and we will continue to push ahead firmly with our ambitious agenda to make that feasible.”

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