On 9 April 2020, the European Securities and Markets Authority (ESMA) issued a public statement postponing the application of the annual non-equity transparency calculations and the calculations for the systematic internaliser (SI) test for derivatives.
Key messages in the statement:
On 9 April 2020, the European Securities and Markets Authority (ESMA) issued a public statement intended to promote coordinated action by Member State national competent authorities (NCAs) regarding the timeliness of fulfilling external audit requirements for interest rate benchmark administrators and contributors to interest rate benchmarks.
ESMA states that, in coordination
Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector.
It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore,
The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion to promote consistent approaches to the supervision of remuneration. While the Solvency II Delegated Regulation provides requirements on remuneration, these are sufficiently high level and allow room for discretion. This opinion provides guidance to EU national supervisory authorities on how to
Issues affecting asset and fund managers
Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services.
In our ninth video diary,
Key outsourcing issues related to COVID 19
Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services.
In our eighth video diary
Last week, the National Crime Agency (NCA) saw its Unexplained Wealth Orders (UWOs) against the daughter and grandson of a former president of Kazakhstan overturned by the High Court.
UWOs are an extension to prosecutors’ powers which were introduced by the Criminal Finances Act 2017. They require a person to disclose
On 9 April 2020, the FCA confirmed that, following a short consultation, it was going ahead with a package of temporary measures proposed last week that are designed to act as a stop-gap to support users of certain consumer credit products who are facing a financial impact because of the exceptional circumstances arising from COVID-19.
On 8 April 2020, the FCA issued a statement of policy regarding listed companies and recapitalisation issuances during the COVID-19 pandemic. The statement covers smaller share issues, share issues with a prospectus and general meeting requirements under the Listing Rules.
In relation to smaller share issues, the FCA urges market participants to review and consider
On 9 April 2020, the PRA issued its Business Plan for 2020/21.
The PRA’s strategic goals for 2020/21 relate to matters including the following:
The PRA reports that due to the COVID-19 pandemic it has had