On 7 May 2020, the Bank of England (BoE) published a market notice in relation to its approach to collateral referencing LIBOR for use in the Sterling Monetary Framework (May notice).
In a previous market notice, issued on 26 February 2020, the BoE had announced that, from October 2020, it would
On 13 May 2020, the FCA issued a statement on its website concerning firms’ handling of post and paper documents.
Key messages in the statement include:
On 13 May 2020, the European Securities and Markets Authority (ESMA) published a thematic report on collateralised loan obligations (CLOs) credit ratings in the EU.
The report provides an overview of CLO rating practices and identifies the main supervisory concerns, and medium-term risks, in this asset class which include credit rating
On 13 May 2020, the European Banking Federation (EBF) published a guidance document on the revised Cross-Border Payments Regulation. The purpose of the document is to help EBF members in their implementation of the Regulation, in particular with regard to the new obligations related to transparency requirements for currency conversions for card-based payments
In May 2019, the Hong Kong Monetary Authority (HKMA) introduced a three-phased approach to support the development of green and sustainable banking in Hong Kong. The HKMA has now released the common assessment framework under Phase 1, following feedback received from the banking industry. The common assessment framework will be used to assess
Earlier this month, a joint statement was issued in relation to the establishment of the Green and Sustainable Finance Cross-Agency Steering Group (the Steering Group). This follows a number of recent announcements aimed at supporting the development of sustainable finance in Hong Kong and highlights that tackling climate change remains a top priority for
On 7 May 2020, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) 2016/1675 supplementing the Fourth Anti-Money Laundering Directive as regards the Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Panama and Zimbabwe to the table in point I of the Annex and deleting Bosnia-Herzegovina, Ethiopia, Guyana, Lao People’s Democratic
On 7 May 2020, the FCA updated its webpage on firm handling of complaints during coronavirus by inserting a new section covering the Ombudsman Service’s general approach. The FCA reports that it has exchanged letters with the Ombudsman Service providing additional clarity for firms on its approach to assessing complaints relating to the range of
On 29 April 2020 we blogged that in the context of COVID-19 the European Commission published a legislative proposal for targeted amendments to the Capital Requirements Regulation (CRR). A legislative process is currently underway, with both the Council (Member States) and the European Parliament conducting their respective reviews. On 13 May 2020, a
On 12 May 2020, the European Banking Authority (EBA) published the results of its inquiry into dividend arbitrage schemes, which looked into the actions of prudential and anti-money laundering and countering the financing of terrorism (AML / CFT) supervisors in dealing with such schemes.
In May 2019, the EBA carried out