Apr102017

ESMA clarifies CCPs’ portfolio margining under EIMR

EU
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Under EMIR, CCPs can offset or reduce the required margin across instruments, which they clear if the price risk of one the instrument is significantly and reliably correlated to the price risk of other financial instruments. In those cases, CCPs may apply portfolio margining.

 

Given there is no specific definition of what constitutes the same product within EMIR and its implementing measures, ESMA’s opinion clarifies: 

  • as to when two contracts can or cannot be considered as the same instrument for the purpose of portfolio-margining – the opinion contains such clarification for all asset classes; and

  • that CCPs have to limit the reduction in margin requirement when portfolio-margining different instruments.

ESMA’s opinion helps to build a common Union supervisory culture and consistent supervisory practices, as well as ensuring uniform procedures and consistent approaches throughout the Union.

Apr102017

UN refugee agency urges EU States to suspend transfers of asylum-seekers to Hungary

United Nations
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10 April 2017 – The United Nations refugee agency today called on European Union (EU) members to temporarily suspend returns of asylum-seekers to Hungary, concerned about the country’s new policy of detaining migrants at the border or expelling those not holding the proper papers.

“The situation for asylum-seekers in Hungary, which was already of deep concern, has only gotten worse since the new law introducing mandatory detention for asylum-seekers came into effect,” said Filippo Grandi, UN High Commissioner for Refugees.

The EU’s Dublin Regulation, named after the Irish capital in which it was agreed more than 25 years ago, is an EU instrument that determines which European State is responsible for examining an asylum seeker’s application.

“Given the worsening situation of asylum-seekers in Hungary, I urge States to suspend any Dublin transfer of asylum-seekers to this country until the Hungarian authorities bring their practices and policies in line with European and international law,” he added.

While Mr. Grandi said he was “encouraged” by the decision taken by the European Commission to work with the Hungarian authorities with a view to bringing the new legislation and Hungary’s practice in line with EU law, he noted that “urgent measures are needed to improve access to asylum in Hungary.”

The High Commissioner’s Office (UNHCR) has repeatedly raised its concerns over the situation of refugees and asylum-seekers arriving to Hungary with the authorities and the EU, stressing that physical barriers and restrictive policies have resulted in effectively denying access to territory and asylum.

Hungary’s “emergency measures” under the amended law on asylum expand mandatory detention of asylum seekers and lead to the expulsion from the country of anyone who enters the country irregularly, in violation of the country’s obligations under international law.

UNHCR reported that since it came into force on 28 March, new asylum-seekers, including children, are detained in shipping containers surrounded by high razor fences at the border for the entire length of their asylum procedures. As of 7 April, there were 110 people, including four unaccompanied children and children with their families, held there.

“While acknowledging the authorities’ recent efforts to address police violence, we remain very concerned about highly disturbing reports of serious incidents of ill-treatment and violence against people crossing the border into Hungary, including by State agents,” said Mr. Grandi.

“These unacceptable practices must be brought to an end and I urge the Hungarian authorities to further investigate any allegation of abuse and violence,” he added.

RELATED: UN agency urges EU to adopt stronger approach on refugees, asylum seekers

Back in December, UNHCR presented a series of proposals to the EU and Member States to improve the distribution of asylum claims among Member States. The High Commissioner also called for the EU to adopt a simplified asylum system that would identify, register and process arrivals swiftly and efficiently.

“This is key to ensure access to protection for those who need it and to restore public trust,” he said.

Apr102017

News story: Minister Hopkins urges politics students to have their say

HM Government
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Down High School pupils welcomed UK Government Minister Kris Hopkins to a meeting of the school’s current affairs society.

Down High School pupils welcomed UK Government Minister Kris Hopkins to a meeting of the school’s current affairs society today.

The Northern Ireland Office Minister gave the pupils a first-hand account of life in central and local government, drawing on his experience as a minister in central Whitehall departments and as leader of Bradford City Council.

The minister’s visit was an opportunity to hear the views of Northern Ireland’s young people about the current political impasse. Mr Hopkins was also keen to emphasise the vital role that politics and public service has played in making Northern Ireland a peaceful and prosperous place.

Mr Hopkins said:

“My message to the pupils today is simple: you can shape the future so get involved and have your say! Their energy was fantastic and it is good to see them engaged in the Northern Ireland political debate and showing a great interest in current affairs.

“With significant challenges facing Northern Ireland politicians it was instructive to hear the students’ desire for a stronger society and a politics that works.

“It is vital we listen to their views. They are the next generation who will make a difference to the lives of people here and help build a brighter future for Northern Ireland.”

Apr102017

Official Statistics: Water situation report for England: March 2017

DEFRA
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Summary for March

March rainfall totals were slightly above the long term average (LTA) across England as a whole, at 105%. However, at a hydrological area scale, rainfall totals varied widely, ranging from exceptionally high in parts of Cumbria (at almost twice the LTA) to below normal in parts of south-east England (at close to a third of the LTA).

Soils remained close to saturation across much of England, although soil moisture deficits were starting to build in the east and south-east of England at the end of March.

Monthly mean river flows for March decreased at just over half of indicator sites across England compared with February, although the majority of sites were classed as normal or higher for the time of year.

Groundwater levels increased at nearly two-thirds of indicator sites during March and end of month levels were normal or higher at just over half of sites.

Reservoir stocks increased or remained unchanged at all but 4 of the reported reservoirs or reservoir groups, with end of month stocks normal or higher for the time of year at nearly three-quarters of sites. Overall reservoir storage for England increased to 95% of total capacity.