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 Proposes to Enhance Early Intervention Measures in BRRD
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
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.
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.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
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.
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.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
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.