On 26 March 2020, the Lending Standards Board (LSB) published an updated version of its Information for Practitioners document relating to the Standards of Lending Practice for business customers (Standards) on product sale. The LSB has updated paragraph 4 of the document to take account of short-term measures to support lending to small
On 26 March 2020, the PRA published a Dear CEO letter setting out guidance in three areas:
The PRA states that all aspects of the
As part of a comprehensive effort to alleviate strain on the commercial paper markets due to the COVID-19 pandemic, on March 17, 2020 the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced the creation of the Commercial Paper Funding Facility (“CPFF”). Similar to the CPFF program implemented in 2008, which was
Read Jochen Vester’s analysis which features in the latest issue of Citibank’s ‘Global Fiduciary and Trustee Services news and views’.
To help our financial services clients navigate the implications of the new prudential regime, we have created an IFR transition hub on the NRF Institute. The hub includes our latest views and analysis on regulatory
On 26 March 2020, the European Securities and Markets Authority (ESMA) issued a revised version of its earlier statement on coordinated supervisory actions on the application of the Securities Finance Transactions Regulation (SFTR).
The revised statement clarifies that SFTs concluded between 13 April 2020 and 13 July 2020 and SFTs subject
On 26 March 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item stating that due to the impact of the coronavirus it will be suspending large data requests to financial undertakings until 1 June 2020.
The AFM wants to give the financial sector space
On 25 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on postponing the reporting periods for insurers due to the COVID-19 outbreak. DNB follows the recommendations published on 20 March 2020 by the European Insurance and Occupational Pensions Authority (EIOPA) on supervisory flexibility regarding
On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced a wide array of actions intended to promote economic stability in light of the COVID-19 pandemic, including several different credit facilities.
The Federal Reserve announced as one of these credit facilities a renewal of the Term Asset-Backed Securities
FINRA has supplemented its FAQs related to COVID-19 regulatory relief. Summaries of the new FAQs are provided below. Helpfully, FINRA has also provided a link to state “shelter-in-place” and “stay-at-home” orders.
Impact of Communication Disruptions – Implications for Firms. FINRA states that member firms should consider steps they can take to mitigate risks that
On 25 March 2020, there appeared on the www.parliament.uk website a written statement from John Glen MP (Economic Secretary to the Treasury) in which he confirms that HM Treasury will retain the regulators’ “Temporary Transitional Power” (TTP), which was introduced via the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019,