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
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleEBA Issues Guidelines on Approach to 2020 SREP in Light of Pandemic
FSB confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) as the International Governance Body for the globally harmonized identifiers used to track over-the-counter (OTC) derivatives transactions, with effect from October 01, 2020.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
EBA launched the seventh annual transparency exercise for banks in EU.
The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to 32 questions.
MAS published amendments to the Notice 652 on net stable funding ratio (NSFR), along with the related reporting template.
EC published the action plan to enhance the Capital Markets Union in EU over the coming years.
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.