The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently provided guidance (the Guidance) to reporting entities in connection with their continuing obligations during the COVID-19 pandemic. In the Guidance, FINTRAC acknowledged that reporting entities may have to reassign and reprioritize their internal resources in response to the pandemic, which may in turn affect
EBA final draft RTS on key areas for implementing FRTB
On 27 March 2020, the European Banking Authority (EBA) published final draft regulatory technical standards (RTS) on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB).
These final draft RTS have been developed according to Articles 325bd(7), 325be(3), 325bf(9), 325bg(4) of
ESMA final draft RTS for CCP colleges under EMIR 2.2
On 30 March 2020, the European Securities and Markets Authority (ESMA) published its final report containing draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties (the Delegated Regulation).
The Delegated Regulation has been developed by ESMA and adopted
ECB recommendation to delay dividends until October 2020
On 27 March 2020, the European Central Bank (ECB) updated its recommendation to banks on dividend distributions.
The ECB recommends that at least until 1 October 2020 no dividends are paid out and no irrevocable commitment to pay out dividends is undertaken by credit institutions for the financial year 2019 and 2020 and
PRA statements on approach to VAR back-testing exceptions and exposure value for internal models method CCR
On 30 March 2020, the PRA published statements on:
- value at risk (VAR) back-testing exceptions temporary approach. The PRA is aware that the exceptional levels of market volatility over the past few weeks has led to an elevated level of VAR back-testing breaches across the industry. In order to mitigate the possibility
FCA statement on senior manager responsibilities for work-related travel
On 29 March 2020, the FCA issued a statement making it clear to firms how they should prioritise who should need to travel to the office and the responsibilities of senior managers in doing so. The statement applies to all FCA-regulated firms across the UK.
Dutch Minister of Finance answer questions on potential liquidity issues in the financial sector due to COVID-19
On 27 March 2020, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament containing answers to questions raised by members of the Dutch Parliament on potential liquidity issues in the financial sector as a result of the COVID-19 crisis.
The questions in the letter among other things relate to
Adapting to change is business as usual: keeping you connected throughout the pandemic
The client money regime
Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services.
In our second video diary, Hannah Meakin
BaFin publishes FAQ on current supervisory measures for German insurers and pension funds in light of COVID-19
On 18 March 2020 and 21 March 2020 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published notes in which it referred to and appropriated EIOPA publications on Actions to mitigate the impact of Coronavirus/COVID-19 on the EU insurance sector (dated 17 March 2020) and Recommendations on supervisory flexibility regarding
ESMA consults on guidance to address leverage risk under the AIFMD
On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a public consultation on draft guidelines to address leverage risks in the alternative investment fund sector. The consultation has been drafted in response to a recommendation by the European Systemic Risk Board for ESMA to produce guidance on Article 25 of