Financial Regulation Weekly Bulletin - 07 May 2020

Click on the headings below to access each section:

General

• Policy development update – FCA updates webpage
• COVID-19 – FCA launch digital sandbox pilot
• COVID-19 – FCA updates information for firms on information security
• COVID-19 – FCA extends maximum period to cover absent senior managers under the SMCR
• The FCA’s national and international response to COVID-19 and Brexit – speech by Nausicaa Delfas, Executive Director of International at the FCA

Brexit

• Draft Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 – amended version laid before Parliament
• Taxonomy Regulation for sustainable investment – House of Commons European Scrutiny Committee publishes letter to HM Treasury
• Future UK-EU relationship – HM Treasury publishes letter clarifying the government’s position on financial services

Banking and Finance

• Climate-related financial risks – Basel Committee publishes report
• CRR – EBA publishes Guidelines on the determination of the WAM of contractual payments due under a tranche of a securitisation transaction
• CRR – EBA published draft ITS on reporting requirements for market risk
• CRD IV – EBA announces updates to ITS on the benchmarking of internal models
• CRR - EBA publishes Guidelines on CRM for institutions applying the IRB approach with own estimates of LGDs
• TARGET2 and TARGET2-Securities – ECB publishes update on consolidation project
• Cyber risk – ESRB publishes paper on systemic risk in the financial sector
• SME finance – EBF publishes letter to European Commission on feedback on credit applications
• COVID-19 – HM Treasury publishes letter from Chancellor on the new BBLS
• COVID-19 – PRA publishes statement on the CRM eligibility and leverage ratio treatment of loans made under the BBLS
• COVID-19 – FCA publishes statement on mortgage prisoners and letter to mortgage lenders and administrators
• COVID-19 – FCA updates information for firms on access to restricted savings
• COVID-19 – FCA updates statement outlining its approach to the regulation of firms participating under the CBILS and BBLS
• COVID-19 – FCA and FOS publish letter and response on the CBILS and BBLS
• COVID-19 – PSR publishes new webpage
• COVID-19 – LSB updates information on product sale in light of COVID-19 loan schemes
• The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020
• Case C-287/19 DenizBank AG v Verein fϋr Konsumentenininformation, Opinion of Advocate General Campos Sánchez-Bordona
• Case C-779/18 Mikrokasa S.A. w Gdyni and Revenue Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamknięty w Warszawie v XO

Securities and Markets

• CCP resolution – FSB publishes consultation on guidance
• EMIR – ESAs defer implementation of bilateral margin requirements in light of COVID-19
• COVID-19 – ESMA publishes statement on firms’ conduct of business obligations when providing services to retail investors under MiFID II
• EMIR – trade associations publish letters to ESAs and the European Commission requesting extension of existing time-related margin exemptions
• Personal data – FCA publishes administrative arrangements for the transfer of personal data between national regulators

Insurance

• COVID-19 – EIOPA publishes revised timetable for its 2020 Solvency II Review
• Digital responsibility and the role of actuaries – speech by Gabriel Bernardino, Chair of EIOPA
• COVID-19 – FCA consults on draft guidance on product value
• COVID-19 – FCA consults on temporary financial relief measures for customers
• COVID-19 – FCA publishes statement on contractual uncertainties arising in relation to business interruption insurance
• COVID-19 – FCA updates webpage on its expectations of general insurance firms

Financial Crime

• COVID-19 – FATF publishes report on AML and CTF risks and policy responses
• COVID-19 – FCA outlines its expectations of firms’ financial crime systems and controls

Enforcement

• FCA handling of regulatory reviews - Complaints Commissioner publishes final report
• PII and withdrawal of permissions – Complaints Commissioner publishes final report