The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) 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
Just as the challenges faced by individuals and businesses during the pandemic are exceptional, so too is the Government’s response, and it is clear that both of the UK regulators expect firms to approach their business in the same way. There are lessons to be learned from the experience of the last financial crisis, as
On 27 April 2020, the PRA issued a statement concerning the regulatory treatment of the UK Coronavirus Business Interruption Loan Scheme (CBILS) and the UK Coronavirus Large Business Interruption Loan Scheme (CLBILS).
In the statement the PRA sets out its observations on whether the guarantees provided by the Secretary of State for Business, Energy and
On 22 April 2020, the European Banking Authority (EBA) published a statement on additional supervisory measures in light of the COVID-19 pandemic.
The EBA recognises the need for a pragmatic approach to SREP assessments in 2020, focusing on the most material risks and vulnerabilities driven by the crisis.
On recovery planning activities for
On 23 April 2020, the European Banking Authority (EBA) published a report containing final draft regulatory technical standards (RTS) on prudent valuation under Article 105(14) of the Capital Requirements Regulation (CRR).
As a result of the COVID-19 pandemic, the EBA asserts that it has become clear that rules for
On 23 April 2020, the International Swaps and Derivatives Association, Inc. (ISDA) and Bloomberg Index Services Limited (BISL) published an IBOR Fallback Rate Adjustments Rule Book, which sets out the methodology, rules and conventions that BISL will implement to calculate rate adjustments in derivative contracts in relation to the transition from
On 22 April 2020, the European Banking Authority (EBA) published a statement on the application of the prudential framework on targeted aspects in the area of market risk in the COVID-19 outbreak.
The statement cover four areas:
On 23 April 2020, the European Supervisory Authorities (ESAs) published a consultation paper seeking input on their proposed regulatory technical standards (RTS) on environmental, social and governance (ESG) disclosure for financial market participants, advisers and products. The RTS have been developed pursuant to the EU Regulation on sustainability-related disclosures
The Banking (Capital) (Amendment) Rules 2020 (BCAR Rules) were gazetted today (24 April 2020), bringing Hong Kong in line with the latest international standards on banking regulation issued by the Basel Committee on Banking Supervision.
The BCAR Rules seek to introduce:
The Hong Kong Monetary Authority (HKMA) has launched a temporary liquidity facility under which US$10 billion will be made available (the Facility) to assist licensed banks with US dollar liquidity. The Facility will comprise of funds obtained through the US Federal Reserve’s FIMA Repo Facility (see our previous blog post here).