On 6 May 2020, the FCA updated its COVID-19 information for firms web page by adding a section on information security.
The FCA notes that the COVID-19 pandemic has led to firms changing their ways of working and as employees are working from home, online systems are becoming increasingly mission critical and cyber criminals are
On 6 May 2020, there was published on legislation.gov.uk The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020. The draft statutory instrument makes a number of amendments to address deficiencies in UK domestic law and retained EU law arising from the UK’s withdrawal from the EU, in line with the approach taken in other
On 6 May 2020, the FCA announced that it had extended the maximum period firms can arrange cover for a Senior Manager without being approved, from 12 weeks to 36 weeks, in a consecutive 12-month period.
The modification by consent to rule SUP10.3.13R is available to all solo regulated firms. It aims to provide flexibility
On 6 May 2020, the European Banking Authority (EBA) published final guidelines on credit risk mitigation (CRM) in the context of the advanced internal ratings-based (A-IRB) approach. The guidelines clarify the application of the CRM provisions currently laid down in the Capital Requirements Regulation (CRR) applicable to
On 6 May 2020, the FCA published a new web page, Financial crime systems and controls during coronavirus situation.
Key messages on the web page include:
The Office of the Superintendent of Financial Institutions (OSFI) recently addressed a letter to deposit taking institutions (DTIs), including domestic systemically important banks (D-SIBs) and small and medium-sized banks (SMSBs), regarding the use of Pillar II capital buffers during the COVID-19 pandemic. The key takeaways are below:
In its latest financial services 40 minute briefing webinar lawyers, compliance and government relations professionals from our financial services group considered market conduct in these uncertain times.
Whilst the FCA has been flexible in its approach so that firms may focus on operational resilience during the pandemic the regulator has made it clear that the
Through a series of statements released on May 1, 2020, the Financial Conduct Authority (FCA) made clear its expectations of the insurance sector in light of coronavirus (COVID-19). The FCA:
Further to its communication published last month, the Financial Action Task Force (FATF) has now published a report into COVID-19-associated money laundering (ML) and terrorist financing (TF) risks and expected policy responses.
Key ML/TF risks
The report identified the following key ML and TF risks:
On 4 May 2020, the European Banking Authority (EBA) published an update to its implementing technical standards (ITS) on benchmarking of internal approaches. The updated ITS include all benchmarking portfolios that will be used for the 2021 exercise.
To analyse potential sources of variability stemming from the implementation of the new