Financial Regulation Weekly Bulletin - 09 April 2020

General

• SMCR – PRA and FCA publish statement on its expectations of dual-regulated firms in light of COVID-19
• SMCR – FCA publishes statement on its expectations of solo-regulated firms in light of COVID-19
• Business Plan 2020/21 – published by the FCA
• FCA Consultation Paper CP20/6 – FCA regulated fees and levies: Rates proposals 2020/21
• COVID-19 – FCA publishes guidance on firms’ communication with consumers during market volatility
• Client Assets sourcebook – FCA publishes webpage in light of COVID-19
• Plans and budget for 2020/21 – published by the FOS

Banking and Finance

• COVID-19 – Basel Committee announces additional measure to alleviate the impact of COVID-19
• Basel III – Basel Committee publishes results of latest monitoring exercise
• COVID-19 – European Commission extends consultation deadlines
• Digital finance and retail payments – European Commission publishes consultations on the adoption of new EU-wide strategies
• Sustainable finance – European Commission consults on renewed sustainable finance strategy
• COVID-19 – EBA publishes final Guidelines on moratoria on loan repayments
• Basel III – EBA publishes reports on the results of the latest monitoring exercise and liquidity measures
• COVID-19 – HM Treasury announces amendments to the CBILS and the introduction of a new loan scheme for large businesses
• COVID-19 – PRA publishes ‘Dear CEO’ letter to credit unions on supervisory priorities and changes to minimum provisioning requirements
• APP scams – PSR publishes details of meeting on progress
• COVID-19 – PSR publishes update on access to cash
• Case C-228/18 Budapest Bank and Others

Securities and Markets

• COVID-19 – IOSCO reprioritises its 2020 work program
• BMR – European Commission consults on draft Implementing Decision on the equivalence of Japanese benchmarks
• EMIR – ESMA publishes consultation on clearing solutions for pension scheme arrangements
• Consultation practices – ESMA publishes updated statement
• Financial Innovation Standing Committee – ESMA publishes Terms of Reference
• COVID-19 – FCA publishes Statement of Policy on listed companies’ share issuances

Asset Management

• Guidelines on performance fees in UCITS and certain AIFs – published by ESMA
• COVID-19 – FCA publishes webpage setting out its expectations of funds

Insurance

• COVID-19 – EIOPA publishes statement on insurers’ dividend distribution and variable remuneration policies
• COVID-19 – EIOPA publishes update on consultations and data collections
• Supervision of remuneration principles in the insurance and reinsurance sector – EIOPA publishes Opinion
• COVID-19 – PRA publishes statement welcoming insurers’ decision to pause dividend payments
• COVID-19 – FCA updates webpage for firms on new rules regarding the provision of pension information
• COVID-19 - FCA publishes guidance for pension providers and deferred benefit pension transfer advisors
• Signposting to travel insurance for consumers with medical conditions – FCA publishes addendum to Policy Statement