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

    BIS Examines Use of Big Data and Machine Learning at Central Banks

    BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.

    March 04, 2021 WebPage Regulatory News
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ECB Publishes Guide for Determining Penalties for Regulatory Breaches

    ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.

    March 02, 2021 WebPage Regulatory News
    News

    MAS Sets Out Good Practices to Manage Operational Risks Amid COVID

    MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.

    March 02, 2021 WebPage Regulatory News
    News

    ACPR Announces New Data Collection Application for Banks and Insurers

    ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.

    March 02, 2021 WebPage Regulatory News
    News

    BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox

    BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.

    March 02, 2021 WebPage Regulatory News
    News

    EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models

    EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.

    March 01, 2021 WebPage Regulatory News
    News

    SRB Publishes Overview of Resolution Tools Available in Banking Union

    SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.

    March 01, 2021 WebPage Regulatory News
    News

    EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR

    EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).

    March 01, 2021 WebPage Regulatory News
    News

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    March 01, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6655