On 11 May 2020, the European Commission hosted a meeting of the Expert Group of European Securities Committee (EGESC), which is composed of Member States experts. One of the agenda items was initial considerations and exchange of views whether any urgent amendments to the Markets in Financial Instruments Directive (MiFID II) are required in the
John Glen, Economic Secretary to the Treasury, has announced that the UK Government will guarantee business-to-business transactions supported by trade credit insurance. The guarantee will enable trade credit insurers to maintain coverage during the coronavirus (COVID-19) pandemic.
The guarantee will be delivered through a temporary reinsurance agreement with insurers currently operating in the market. The
On 7 May 2020, the PRA issued a statement setting out further measures aimed at alleviating operational burdens on PRA-regulated firms.
Key points include:
On 11 March 2020, we blogged that HM Treasury had published a consultation paper setting out the Government’s proposal for a new process for allowing investment funds domiciled overseas to be sold to UK investors. The proposed ‘overseas funds regime’ will introduce two new regimes based on the principle of equivalence: one for retail investment
On 8 May 2020, the Financial Stability Board (FSB) published the key takeaways from the workshop it hosted on 13 November 2019 for banks, insurance and asset management firms to discuss their experiences in implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards.
The workshop focused on:
On 4 February 2020, we blogged that the European Securities and Markets Authority had published a final report on draft regulatory technical standards (RTS) on postponing the date of entry into force of Commission Delegated Regulation EU 2018/1229 (the RTS on settlement discipline) to 1 February 2021. Annex IV to the final
On 7 May 2020, the PRA issued a statement in which it is alleviating pressure on firms by setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total Risk Weighted Assets (RWAs). As well as avoiding an absolute increase in Pillar 2A capital requirements in the current stress,
On 7 May 2020, the Bank of England (BoE) and the PRA announced changes to resolution measures which are designed to alleviate operational burdens on PRA regulated firms in response to the COVID-19 pandemic. The BoE has also provided an update for firms on the Minimum Requirement for Own Funds and Eligible Liabilities
On 11 May 2020, the FICC Markets Standards Board (FMSB) published its second spotlight review examining the role of data management in the stability and resilience of wholesale FICC markets and financial systems.
The review considers:
Issues affecting asset and fund managers – part 3: fundraising and investor risks
Over the coming weeks, partners and members of 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