On 15 April 2020, the FCA published a Dear CEO letter concerning lending to small businesses.
Key points in the Dear CEO letter include:
On 15 April 2020, the FCA updated its web page regarding its expectations regarding funds in light of the COVID19 pandemic. The FCA has added new sections covering: MiFID – 10% portfolio value reporting, repo use for liquidity management, client assets and paper-based and manual processes.
On 15 April 2020, the European Banking Authority (EBA) updated its guidelines on the equivalence of confidentiality and professional secrecy regimes by adding the New York State Department of Financial Services (United States) to the current list of non-EU (third country) supervisory authorities whose confidentiality regimes can be regarded as equivalent. The EBA
On 15 April 2020, the Financial Stability Board (FSB) published a report setting out the financial stability implications of the COVID-19 pandemic and policy measures taken to address them.
The report notes that the global financial system is more resilient and better placed to sustain financing to the real economy as a result
On 14 April 2020, the European Central Bank (ECB) updated its web page concerning the measures taken by macro-prudential authorities in euro area countries since 11 March 2020.
Key points in the updated web page include:
The US anti-money laundering (AML) agency, the Financial Crimes Enforcement Network (FinCEN), has issued guidance regarding AML compliance for financial institutions during the current COVID-19 pandemic. This guidance would be in addition to any issuances from their respective functional regulators, if any.
March 16 Guidance
On March 16, 2020, FinCEN issued guidance requesting that financial
We have set out below ten top tips on triaging, scoping and managing investigations. These points focus on the difficult decisions that are faced during the course of an investigation in relation to what you are trying to achieve, how best to investigate and when to stop.
On 9 April 2020, the PRA, with support from the Financial Policy Committee, announced its decision to maintain firms systemic risk buffer rates at the rate set in December 2019, in response to the economic shock from COVID-19. These rates will be reassessed in December 2021.
On 14 April 2020, the International Organisation of Securities Commissions (IOSCO) published a report on sustainable finance and the role of securities regulators.
The report provides an overview of current initiatives, both by regulators and the industry, and a detailed analysis of the most relevant ESG-related international initiatives and third-party frameworks and standards.
On 14 April 2020, the Financial Stability Board (FSB) published a consultation paper proposing 10 high-level recommendations that are addressed to national authorities to advance consistent and effective regulation and supervision of global stablecoin (GSC) arrangements. The consultation paper also highlights key international regulatory standards from the Basel Committee, FATF, CPMI