Featured Product

    UK Regulators Announce Measures to Address Impact of COVID-19

    March 26, 2020

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak. FCA announced extending the closing date for responses to its open consultation papers and calls for input until October 01, 2020 and rescheduling most other planned work. The delayed consultation papers include consultation (CP19/32) on new requirements to strengthen operational resilience in the financial services sector and consultation (CP20/3) on proposals to improve listed issuers' financial disclosures related to climate change. FCA also decided to delay certain publications that are due before the end of June, including joint the PRA-FCA work with the Climate Financial Risk Forum (CFRF) to develop industry led guidance on how to integrate climate-related risks into business decision-making across the financial services sector.

    Additionally, FCA has set out expectations for general insurance firms and provided information for consumers about what they should see from their insurance provider during the COVID-19 pandemic. FCA also provided clarifications in relation to suspension of products and policy renewals. The regulator emphasized the need for all general insurance firms to have plans in place to manage and mitigate the operational impact of COVID-19. FCA strongly requests all listed companies to observe a moratorium on the publication of preliminary financial statements for at least two weeks. FCA confirms it in talks with Financial Reporting Council (FRC) and PRA about a package of measures aimed to ensure that companies take the necessary time in these uncertain times to prepare appropriate disclosures and address current practical challenges; the three bodies (FCA, FRC, and PRA) intend to announce additional details shortly.

    HM Treasury and BoE announced a COVID Corporate Financing Facility (CCFF) to provide additional help to firms to bridge through COVID-19 related disruption to their cash flows. The CCFF will provide funding to businesses by purchasing commercial paper of up to one-year maturity, issued by firms. By providing an alternative source of finance for a wide range of companies, the scheme will help to preserve the capacity of the banking system to lend to other companies, including small and medium-size enterprises, which rely on banks. FCA also published new guidance for mortgage lenders and administrators and small business lenders.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, COVID 19, CCFF, Climate Change Risk, ESG, FCA Handbook, Disclosures, General Insurance, PRA, BoE, FCA, HM Treasury

    Featured Experts
    Related Articles
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    ESMA Responds to Proposal Related to Sustainability Standards Board

    The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7283