June 2020

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 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, 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, there was published in the Official Journal of the EU, a Corrigendum to the CRD IV. The Corrigendum amends:

  • Point (d)(iv) of Article 141(8) CRD IV so that it reads: ‘(iv) the payment of variable remuneration or discretionary pension benefits, whether by creation of a new obligation to pay, or

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,