On 28 May 2020, Flex Ltd (“Flex”), a Singapore-based electronics manufacturer listed on the NASDAQ, disclosed in its 2020 US Securities and Exchange Commission (“SEC”) filing that it had initiated a voluntary self-disclosure to the US Office of Foreign Assets Control (“OFAC”) on 14 February 2019. The initial disclosure related to possible non-compliance with US
On 26 June 2020, there was published on legislation.gov.uk The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2020 (the SI) together with an explanatory memorandum and impact assessment.
Part 2 of the SI makes changes to primary legislation – the Financial Services and
On 26 June 2020, the PRA updated its statement on the regulatory treatment of the UK Coronavirus Business Interruption Loan Scheme (CBILS) and the UK Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The update provides clarification for firms using the:
On 25 June 2020, the FCA updated its webpage concerning trade repositories (TRs).
The web page covers the following topics:
On 26 June 2020, the PRA issued a statement on its website concerning COVID-19 regulatory reporting and disclosure amendments.
The PRA statement provides that having considered the fact that firms have now had time to adjust to new ways of working, and the prudential benefits to supervisors of timely submission of regulatory data, the PRA
On 26 June 2020, the FCA published Handbook Notice 78.
This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 21 May 2020 and 25 June 2020 under the following instruments:
On 26 June 2020, there was published in the Official Journal of the EU (OJ), a Regulation making targeted amendments to the Capital Requirements Regulation (CRR) and the revised Capital Requirements Regulation (CRR2) (CRR “quick fix”).
The “quick fix” legislation has been intended to help credit institutions
On 26 June 2020, the FCA updated its web page, Regulatory reporting – changes to regulatory reporting during COVID-19.
The update explains that following its original announcement of 22 April 2020, the FCA will continue to be flexible in relation to submission deadlines for those regulatory returns mentioned on the web page. For
On 26 June 2020, there was published in the Official Journal of the EU, a Corrigendum to the CRD IV. The Corrigendum amends:
On 26 June 2020, the International Organization of Securities Commissions (IOSCO) published a report, Good practices on processes for deference.
The G20 has previously stated that jurisdictions and regulatory authorities should be able to defer to one another when it is justified by the quality of their respective regulatory and enforcement regimes,