FCA announced that it will continue to allow flexibility in relation to submission deadlines for certain regulatory returns that are due until September 30, 2020. For these returns, firms may apply two-month extensions to the deadlines. For returns listed in the announcement published on April 22, 2020, but not in this current update, forms becoming due after June 30, 2020 should continue to be submitted by their usual deadlines. Forms that are still subject to deadline extensions include credit union complaints return (CREDS 9 Annex 1R), Complaints Return (DISP Annex 1R), and Claims management companies complaints return (DISP 1 Annex 1AB). Subject to any significant change in the COVID-19 situation, FCA does not intend to offer reporting deadline flexibility after September 30, 2020.
In addition, FCA will continue not to apply the late fee for submissions from small and medium-size businesses in the period up to and including September 30, 2020. Firms are reminded that they should continue to submit all returns as soon as they are reasonably able to. Firms are also reminded of their obligation to notify FCA immediately if they become aware or have information reasonably suggesting that any of the following has occurred, may have occurred, or may occur in the foreseeable future:
- Firm failing to satisfy one or more of the threshold conditions
- Any matter that could have a significant adverse impact on the firm's reputation
- Any matter that could affect the firm's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the firm
- Any matter in respect of the firm that could result in serious financial consequences to the UK financial system or to other firms
Related Link: Notification
Keywords: Europe, UK, Banking, COVID-19, Reporting, SME, Deadline Extension, FCA
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.