In view of the current volatility in local and international markets caused by the COVID-19 outbreak, the Securities and Futures Commission (the SFC) has issued a circular aimed at management companies (Managers) and trustees and custodians of SFC-authorized funds (funds) reiterating best practices with which they are expected to comply,
The Securities and Futures Commission (SFC) has issued a circular to intermediaries reminding licensed and registered persons to take extra care to comply with their Code of Conduct[1] obligations to ensure that they are acting in their clients’ best interests given the potential impact of the COVID-19 outbreak on market volatility and
Further to the Phase 1 temporary facilitative measures (TFMs) introduced by the Insurance Authority (IA) on 21 February 2020, the IA has announced the second phase of TFMs in view of the development of the COVID-19 pandemic, in order to reduce the risk of infection from in person meetings during the
The US financial regulatory, consumer protection and enforcement supervisors are regularly issuing press releases and statements concerning the COVID-19 pandemic. Each of them has established special links to provide information to the public on its response to the pandemic.
On 26 March 2020, the Global Foreign Exchange Committee (GFXC) issued a statement on foreign exchange (FX) market conditions.
The statement explains that given the intense volatility seen in global financial markets, FX market participants may execute larger than usual FX volumes during end-of-month benchmark fixings. In addition, FX market participants
On 26 March 2020, the PRA published Consultation Paper 3/20: Occasional Consultation Paper – March 2020 (CP3/20). In CP3/20 the PRA sets out its proposals to make minor amendments to PRA rules, supervisory statements (SS), national specific templates (NSTs) and associated LOG files, and the market risk sensitivities data
On 25 March 2020, the FCA updated its web page concerning the Directory of Certified and Assessed Persons. The updated web page states that following the COVID-19 outbreak, the FCA has delayed the publication of the directory of certified and assessed persons, which was due to be published on the FS Register by the
On 25 March 2020, the FCA updated its web page providing guidance for mortgage lenders and administrators, and home purchase providers and administrators, on the fair treatment of customers in the light of the COVID-19 pandemic.
The section on payment holidays has been updated providing that where a customer is experiencing or reasonably expects to
On 26 March 2020, the FCA, PRA and Financial Reporting Council (FRC) issued a joint statement in which they announced a series of actions to ensure that information continues to flow to investors and support the continued functioning of the UK’s capital markets.
Such actions include:
On 26 March 2020, the FCA issued a short statement outlining its financial resilience expectations for solo-regulated firms.
Key points in the statement include: