Financial Regulation Weekly Bulletin - 23 April 2020

Click on the headings below to access each section:

General

• Cyber incident response and recovery – FSB publishes consultation
• COVID-19 – FCA publishes statement outlining its expectations for wet-ink signatures in light of coronavirus restrictions
• COVID-19 – FCA clarifies its expectations of firms in relation to the cancellation of professional qualification exams
• COVID-19 – FCA temporarily extends regulatory reporting deadlines

Brexit

• Draft Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 – laid before Parliament

Banking and Finance

• COVID-19 – Council of EU publishes statement on bank lending and insurance
• EU crowdfunding legislative proposals – Council of the EU publishes final compromise texts and invites COREPER to approve
• CRR – EBA publishes Opinion on proposed amendments to draft RTS on assigning risk weights to specialised lending exposures
• COVID-19 – EBA publishes final report on amendments to draft RTS on prudent valuation under the CRR
• COVID-19 – EBA publishes further guidance on additional supervisory measures
• Supervisory data – EBA publishes updated guides on risk indicators and IMF-FSI mapping
• COVID-19 – ECB announces temporary relief for capital requirements for market risk for banks under the Single Supervisory Mechanism
• Q&As on liquidity and capital buffers – published by the Bank of England
• COVID-19 – FCA consults on temporary financial relief for motor finance and high-cost credit customers
• New payments architecture – PSR extends consultation deadline in light of COVID-19

Securities and Markets

• Taxonomy Regulation for sustainable investment – Council of the EU publishes statement of reasons and voting results following its adoption
• ESG disclosure rules – ESAs publish consultation paper on draft RTS
• COVID-19 – ESMA updates Q&As on its Guidelines on alternative performance measures
• MoU on benchmark cooperation arrangements – agreed between ESMA and MAS
• CSDR Penalties Framework – ECSDA publishes updated version
• IBOR Fallback Rate Adjustments Rule Book – published by ISDA and BISL

Asset Management

• COVID-19 – FCA updates its statement outlining its expectations of solo-regulated firms

Insurance

• IFRS 9, capital requirements and loan covenants – PRA publishes follow-up note to insurance firms in light of COVID-19
• COVID-19 – FCA publishes information on professional indemnity insurance for financial advisers

Financial Crime

• Correspondent Banking Due Diligence Questionnaire – updated by the Wolfsberg Group

Enforcement

• FCA handling of regulatory applications and decisions – Complaints Commissioner publishes final report
• Retail Banking Market Investigation Order 2017 – CMA publishes letter to Metro Bank regarding breach
• Financial Solutions (Euro) Ltd v The Financial Conduct Authority, [2020] UKUT 139 (TCC)