BoE has extended the notification window for the temporary permissions regime (TPR) until the end of April 11, 2019, with respect to the European Council and the UK Government’s decision on delay to the process of the withdrawal of UK from EU.
Additionally, BoE published a supplementary PRA Direction that clarifies the position where a firm that has submitted a notification to enter the TPR wants to withdraw its notification before exit day. If a firm withdraws its notification in writing before exit day then the firm will not enter the TPR. The European Economic Area firms that were passporting prior to exit day and do not enter the TPR may enter the Financial Services Contracts Regime (FSCR) automatically on the exit day if they require authorization in the UK to continue servicing their contracts.
Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, Temporary Permissions Regime, Notification Period, PRA Direction, PRA, BoE
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).