26 Mar 2020

Financial Regulation Weekly Bulletin - 26 March 2020

Includes developments in relation to: COVID-19; Brexit; CRR; SFTR; MiFID II; Solvency II; TARGET2; LIBOR transition; and stablecoins.

General

  • COVID-19 – FSB statement on the maintenance of financial stability
  • COVID-19 – FCA and PRA publish guidance on identifying key workers in financial services
  • COVID-19 – FCA updates its webpage
  • New measures on financial reporting in wake of COVID-19 – FCA, PRA and FRC publish joint statement
  • COVID-19 – FCA announces delay in publication of its Directory of Certified and Assessed Persons
  • COVID-19 and Brexit transition checklist - Record of Financial Policy Committee meetings
  • The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2020 (SI 2020/322)

Brexit

  • UK regulatory regime for financial services – Availability of temporary transitional power post-Brexit
  • Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 – laid before Parliament

Banking and Finance

  • COVID-19 – Basel Committee publishes policy and supervisory response
  • COVID-19 – EBA publishes statements on the prudential framework, consumers and payment services, and the supervision of banks
  • Flexibility for banks in wake of COVID-19 – ECB announces further measures
  • TARGET2 and TARGET2-Securities – ECB publishes update on consolidation project
  • Bank lending and COVID-19 – HM Treasury, Bank of England and the FCA publish joint letter
  • COVID-19 – Bank of England and PRA publish supervisory and prudential policy measures
  • Guidance on IFRS 9, the regulatory definition of default and the regulatory capital treatment of IFRS 9 in light of COVID-19 – PRA publishes ‘Dear CEO’ letter
  • Mortgages, payment holidays and COVID-19 – FCA provides guidance for mortgage lenders and administrators
  • Confirmation of Payee – PSR publishes update on implementation in light of COVID-19
  • Contactless payments – UK Finance announces increase in payment limit
  • Standards of Lending Practice for business customers – LSB publishes information for practitioners on product sale
  • COVID-19 – GFXC publishes statement on market conditions
  • Canada Square Operations Ltd v Potter, [2020] EWHC 672 (QB)

Securities and Markets

  • Stablecoins – IOSCO publishes report on global initiatives
  • BMR – European Commission consults on inception impact assessment
  • New tick size regime for systematic internalisers - ESMA publishes statement in light of COVID-19
  • Taping calls under MiFID II in light of COVID-19 – ESMA clarifies position
  • COVID-19 – ESMA extends consultation response dates
  • Accounting implications of COVID-19 – ESMA publishes statement on the calculation of expected credit losses in accordance with IFRS 9
  • Relaxation of reporting obligations and trade repository registration requirements under the SFTR – ESMA publishes revised statement and FCA updates webpage
  • LIBOR transition – FCA publishes statement on the impact of COVID-19
  • COVID-19 – ISDA publishes letter requesting suspension of the current timeline for the implementation of initial margin requirements under EMIR
  • Guiding Principles for Investor Protection in Islamic Capital Markets – IFSB publishes draft Standard for consultation
  • Disclosures to Promote Transparency and Market Discipline for Takāful/Retakāful Undertakings – IFSB publishes draft Standard for consultation

Asset Management

  • COVID-19 – FCA publishes statement outlining its expectations of FCA solo-regulated firms
  • Open-ended funds investing in less liquid assets – speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy at the FCA
  • Independent review of the handling of the Connaught Income Fund Series 1 – FCA publishes update on the publication of its report
  • Independent review of the IRHPs redress scheme – FCA extends deadline

Insurance

  • Use of Big Data analytics in insurance - IAIS publishes issues paper
  • Solvency II Delegated Regulation – Amending Delegated Regulation published in the Official Journal of the European Union
  • Reporting and disclosure amendments under Solvency II – EIOPA publishes recommendations in response to COVID-19
  • Insurance sector response to COVID-19 – Treasury Committee publishes letter to ABI
  • COVID-19 – PRA statement on amendments to regulatory reporting deadlines for UK insurers

Enforcement

  • SCS compensation for LC&F bondholders – FSCS comments on bondholders’ application for judicial review
  • SIPP advisory failings – FCA issues further Final Notices to two former directors


Financial Regulation Weekly Bulletin - 26 March 2020

 

This material is provided for general information only. It does not constitute legal or other professional advice.