On 28 April 2020, the European Commission published its legislative proposal for a Regulation amending Regulation (EU) 575/013 on prudential requirements for credit institutions and investment firms (“Capital Requirements Regulation” or CRR) as regards adjustments in response to the COVID-19 pandemic. The legislative proposal was accompanied by a Commission Interpretative Communication. This set of
On 28 April 2020, the European Central Bank (ECB) published a report, Framework to assess crossborder spillover effects of macroprudential policies. The report presents an analytical framework for assessing crossborder spillover effects of planned or enacted macroprudential measures. The description of the framework presented in the report is accompanied by an ECB
On 28 April 2020, the FCA published a Dear CEO letter entitled Ensuring fair treatment of corporate customers preparing to raise equity finance.
The Dear CEO letter explains that the FCA has heard reports of a small number of banks failing to treat their corporate clients fairly when negotiating new or existing debt facilities,
On 27 April 2020, the FCA published a statement on the UK Coronavirus Business Interruption Loan Scheme (CBILS) and the new Bounce Back loan scheme (BBL) (together the schemes).
The statement covers the relationship between the FCA rules and the schemes. In particular, the statement provides clarity to relevant individuals
On 28 April 2020, the Financial Action Task Force (FATF) announced that it was temporarily postponing all remaining FATF mutual evaluations and follow-up deadlines. The FATF has also decided on a general pause in the review process for the list of high-risk jurisdictions subject to a call for action and jurisdictions subject to
On April 9, 2020, the Federal Reserve released an updated term sheet for the Term Asset-Backed Securities Loan Facility (“TALF”). Eligible borrowers under TALF (“Eligible Borrowers”) must now be U.S. companies that own eligible collateral and maintain an account relationship with a primary dealer. A “U.S. company” now is defined as a business that is
Following up on our past posts on the transition away from the London Interbank Offering Rate (“LIBOR”), and other interbank offering rates (“IBOR”) denominated in other currencies, in this post, we discuss the ARRC key objectives for 2020 released by the Alternative Reference Rates Committee (“ARRC”), the group of private market participants advising the
Amid concerns about extreme market conditions caused by volatility in the crude oil futures markets, the Securities and Futures Commission (SFC) has issued a circular directed at management companies of SFC-authorized exchange traded funds (ETFs) and intermediaries, reminding them of their regulatory obligations, particularly in relation to activities involving futures-based ETFs.
The Securities and Futures Commission (SFC) has published a circular directed at commodity futures brokers (brokers) requiring them to take precautionary measures to manage the risks of trading crude oil futures contracts amid unprecedented volatility seen in the crude oil futures markets. The SFC has cautioned brokers not to open new
The Dutch Central Bank (De Nederlandsche Bank, DNB) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative