Financial Regulation Weekly Bulletin - 09 April 2020

Includes developments in relation to: COVID-19; SMCR; Basel III; CRR; EMIR; BMR; Solvency II; credit unions; and pension information.

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
Contact Information
Selmin Hakki
Professional Support Lawyer at Slaughter and May
Sarah Redlich
Practice Development Lawyer at Slaughter and May