09 Apr 2020

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.


  • 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


  • 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


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

Contact Information
Selmin Hakki
PSL Counsel at Slaughter and May
Sarah Redlich
Practice Development Lawyer at Slaughter and May