On 22 May 2020, the FCA published Handbook Notice 77.
This Handbook Notice describes the changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 13 May and 21 May 2020. Where relevant, it also refers to the development stages of that material, enabling
Our outsourcing and financial services teams have just published a client briefing exploring how the UK’s proposed operational resilience regulatory framework will impact contractual relationships between regulated firms operating in the financial services sector and their service providers. The online briefing is here.
On 25 May 2020, the European Banking Authority (EBA) published a preliminary assessment of the impact of COVID-19 on the EU banking sector.
The EBA reports that the COVID-19 pandemic is expected to affect asset quality and therefore the profitability of banks going forward. However, it also notes that the capital accumulated by
On 22 May 2020, the FCA published a short consultation proposing additional temporary guidance intended to strengthen payment firms’ prudential risk management and arrangements for safeguarding customers’ funds in light of the exceptional circumstances of the COVID-19 pandemic.
In terms of prudential risk management the proposed temporary guidance covers: governance and controls, capital adequacy, liquidity
On 22 May 2020, the PRA issued a statement providing further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges of the COVID-19 pandemic.
In summary, the PRA’s view is that eligibility for, and use of, COVID-19 related payment deferrals or extensions to
In recognition of the impact of COVID-19 on the insurance industry and taking into account a request made by the Hong Kong Federation of Insurers, the Insurance Authority (IA) has issued a circular, announcing that it will modify the approach for bringing certain guidelines into effect.
In relation to the following guidelines (which
Introduction:
Cannabis and the majority of its derivative substances are controlled drugs in the UK, and their use remains illegal subject to some exceptions. Since November 2018 doctors in the UK have been able to prescribe certain cannabis-based products for medicinal use, but access is still limited because the key UK healthcare provider and regulator
On 19 May 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published recommendations in connection with the current review of the (recast) Markets in Financial Instruments Directive (MiFID II).
The AFM notes that these recommendations are part of its further efforts to ensure the orderly
On 21 May 2020, the FCA issued proposals to update its guidance of 20 March 2020 to mortgage lenders, mortgage administrators, home purchase providers and home purchase administrators where home owners are struggling to pay their mortgage due to the exceptional circumstances arising out of the COVID-19 pandemic.
If the proposals are confirmed, the FCA
On 21 May 2020, the Financial Services Compensation Scheme (FSCS) confirmed its levy for 2020/21. The levy is £649m this year, £14m more than was forecast in its Plan and Budget 2020/21 that was published in mid-January. This includes an amount of £74.7m for management expenses which are the costs of running the