Financial Regulation Weekly Bulletin - 30 April 2020

Click on the headings below to access each section:

General

• COVID-19 – Treasury Committee publishes Terms of Reference for next stage of inquiry
• COVID-19 – FCA publishes details of delayed activities and planned regulatory changes

Brexit

• UK SFTR – HM Treasury publishes guidance on TR registration arrangements post-Brexit
• Temporary transitional power – Bank of England and PRA publish statement on use at the end of the transition period
• Temporary transitional power – FCA publishes statement on use at the end of the transition period
• UK-Swiss financial services relationship – TheCityUK and Economiesuisse propose new trade agreement to enhance market access

Banking and Finance

• Principles for effective risk data aggregation and risk reporting - Basel Committee publishes progress report
• COVID-19 – European Commission publishes Communication on the application of prudential and accounting frameworks to facilitate bank lending
• Cross-border repercussions of macroprudential policies – ECB publishes framework for assessment
• COVID-19 – PRA publishes statement on the regulatory treatment of guarantees provided under CBILS and CLBILS
• COVID-19 - FCA Feedback Statement FS20/4: Temporary financial relief for consumers impacted by COVID-19
• COVID-19 – FCA publishes statement outlining its approach to the regulation of firms participating under the CBILS and BBLS
• COVID-19 – FCA extends deadline for implementing SCA requirements under PSD2
• Consumer credit firms – FCA publishes guidance on authorisation
• CRM Code for APP scams – LSB publishes report on its application by firms
• COVID-19 – UK Finance announces commitment to help mortgage customers transfer products

Securities and Markets

• Taxonomy Regulation for sustainable investment – European Commission accepts EU Council position
• ESG disclosure requirements under the BMR – ESMA publishes no action letter to NCAs and Opinion to the European Commission
• COVID-19 – trade associations publish letter to ESMA on the application of OTC derivative contract reporting requirements for financial counterparties under EMIR Refit
• COVID-19 – FCA publishes ‘Dear CEO’ letter on the fair treatment of corporate customers preparing to raise equity finance
• LIBOR transition – FCA publishes further statement on the impact of COVID-19

Insurance

• EIOPA’s response to the Coronavirus crisis – speech by Gabriel Bernardino, Chair of EIOPA
• PRA Policy Statement PS10/20 – Solvency II: Group availability of subordinated liabilities and preference shares
• PPI complaints deadline – FCA publishes final report
• Consumer Wordings Guidance – LMA publishes updated version

Financial Crime

• COVID-19 – FATF extends its mutual evaluation assessment and follow-up deadlines

Enforcement

• Unauthorised investment advisors – FCA commences civil proceedings