Featured Product

    FCA Further Extends Deadlines for Certain Returns Amid COVID Crisis

    June 26, 2020

    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

    Featured Experts
    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423