FCA extended the submission timelines for certain regulatory returns that are due up to and including June 30, 2020. FCA also published a draft temporary guidance on payment deferrals and high-cost, short-term credit loans, including payday loans. The comment period for the guidance ends on April 20, 2020 and FCA aims to publish the final guidance by April 24, 2020. FCA will review this guidance in the next three months in the light of developments regarding COVID-19 outbreak and may revise the guidance if appropriate.
The SUP 16 handbook returns to which the one-month extension applies are:
- COR001A (Own funds), COR001B (COREP Leverage Ratio), COR002 (COREP LE), COR003 (COREP NSFR), and COR005 (Asset Encumbrance)
- FRP001 (FINREP)
- FSA004 (Breakdown of Credit Risk Data), FSA005 (Market Risk), FSA007 (Operational Risk), FSA008 (Large Exposures), FSA014 (Forecast Data from Firms), FSA017 (Interest rate gap report), FSA018 (UK integrated group—Large Exposures), FSA019 (Pillar 2 Information), and FSA055 (Systems and Controls Questionnaire)
- REP005 (High Earners Report)
- RMA-D2 (Financial Resources)
A two-month extension applies to returns such as FIN-A on annual report and accounts, Annual financial reports (as required under Disclosure Guidance and Transparency Rules), Credit union complaints return (CREDS 9 Annex 1R), Complaints return (DISP Annex 1R), and Claims management companies complaints return (DISP 1 Annex 1AB). Additionally, the Employers’ Liability Register compliance return for 2020 need not submitted. For small or medium-size businesses (paying less than GBP 10,000 in fees and levies in 2020/2021) the administrative fee for late returns has been waived until June 30, 2020. Returns not included in this communication do not have an extension and firms must submit their data in the usual timeframe.
Keywords: Europe, UK, Banking, COVID-19, Reporting, COREP, FINREP, High Cost Short Term Credit, Credit Risk, FCA Handbook, Guideline, FCA
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.
PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.
PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.
ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).