Consultation on trading obligation for derivatives under MiFIR

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Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  1. respond to the question stated;
  2. indicate the specific question to which the comment relates;
  3. contain a clear rationale; and
  4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 31 July 2017.

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input – Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.

Who should read this paper

All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from trading venues and from counterparties trading OTC-derivatives that may become subject to the trading obligation.

Consultation on trading obligation for derivatives under MiFIR

image_pdfimage_print

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  1. respond to the question stated;
  2. indicate the specific question to which the comment relates;
  3. contain a clear rationale; and
  4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 31 July 2017.

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input – Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.

Who should read this paper

All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from trading venues and from counterparties trading OTC-derivatives that may become subject to the trading obligation.

UN urges ‘reboot’ of drought responses to focus more on preparedness

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19 June 2017 – Investing in preparedness and building the resilience of farmers is fundamental to cope with extreme drought, because responding to such situations when they hit might be too late, the head of the United Nations agricultural agency said today.

&#8220People die because they are not prepared to face the impacts of the drought &#8211 because their livelihoods are not resilient enough,&#8221 Food and Agriculture Organization (FAO) Director-General José Graziano da Silva told an international seminar in Rome, Italy, recalling that more than 250,000 people perished from hunger in the 2011 drought in Somalia.

&#8220Saving livelihoods means saving lives &#8211 this is what building resilience is all about,&#8221 he added, noting that for years, the focus has been responding to droughts when they happen, rushing to provide emergency assistance and to keep people alive.

While these emergency responses are important, investing in preparedness and resilience puts countries on a footing to act quickly before it is too late, meaning that farmers and rural communities are better positioned to cope with extreme weather when it does hit.

The need for a global drought re-boot is pressing. The many impacts of drought drive not only hunger and instability but cause economic losses up to $8 billion each annually.

As the planet’s climate changes, severe dry-spells are becoming more and more frequent. Since the 1970s, the land area in the world affected by situations of drought has doubled.

People die because they are not prepared to face the impacts of the droughtFAO Director General

The burden is especially high in developing countries, where agriculture remains an economic mainstay. Over 80 percent of damage and losses caused by drought are born by agriculture in the developing world, FAO studies have shown.

And Africa in particular has borne the brunt. Between 2005 and 2016, 84 droughts affected 34 different African nations.

At today’s event, FAO and the World Meteorological Organization (WMO) signed a memorandum of understanding to deepen their cooperation. They will cooperate in improving agro-meteorological data, tools and methods as well as enhancing access by small farmers to products and services to help them anticipate and proactively prepare for droughts.

&#8220WMO provides guidance and scientific information to strengthen national services responsible for addressing drought risks to agriculture,&#8221 said WMO Secretary General Petteri Taalas. &#8220We encourage countries to take early action against drought and to move towards a more proactive approach.&#8221

International Fund for Agriculture Development (IFAD) President Gilbert F. Houngbo in his remarks emphasized the need break the cycle of crisis, disaster and relief, calling on the international community to be proactive and to think not just of today’s emergencies, but also of how to prevent tomorrow’s.

&#8220This means investing in smallholder farmers to help them address productivity challenges, give them access to markets and finance and most importantly encourage climate-smart agriculture so that when the drought inevitably comes, they have the tools they need to survive and thrive,&#8221 said Mr. Houngbo.

News story: Communities Secretary statement: safety checks following the Grenfell Tower fire

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The Grenfell Tower police-led investigation is underway, but it will be some time before it is fully understood how the fire started or why it took hold in the way it did.

In the meantime there is significant anxiety amongst residents about whether their own blocks are safe.

While the exact reasons for the speed of the spread of fire have yet to be determined, we have concluded that there are additional tests that can be undertaken with regard to the cladding.

We are therefore asking local authorities and other registered providers of social housing to identify whether any panels used in new build or refurbishment are a particular type of cladding made of Aluminium Composite Material (ACM).

More details on how to identify this cladding are being supplied in a technical note, and the Homes and Communities Agency can offer expert support in surveying your properties if necessary.

It is important to stress that ACM cladding is not of itself dangerous, but it is important that the right type is used.

Communities Secretary Sajid Javid said:

We have asked local authorities and all providers of social housing to identify whether any buildings in their area contain cladding made of aluminium composite material (ACM) by the end of today (Monday 19 June).

We are putting in place a rigorous, government funded testing process for any ACM cladding identified.

Housing Minister Alok Sharma this morning met representatives from across the housing sector including the Home Builders Federation, Local Government Association and the National Housing Federation. They all expressed their support for this work and gave a commitment that they would progress this with all possible haste.

It is clear that a considerable amount of work has already been undertaken. Councils are working closely with fire and rescue services to ensure that the appropriate safety and response measures are in place and talking to their tenants to hear their concerns.

Any landlord who is concerned can contact the department at housingchecks@communities.gsi.gov.uk for further advice about cladding materials – this is a dedicated contact point which has been set up to provide technical support and reassurance.

Our priority is to reassure people that they are safe in their homes – and that is exactly what we are doing.