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 phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.