July 2020

On 30 July 2020, the European Banking Authority announced that it had agreed on the tentative timeline and sample of the 2021 EU-wide stress test. The stress test will be carried out at the highest level of consolidation on a sample of 51 banks, of which 39 will be from the Euro Area, covering broadly

On 30 July 2020, there was published in the Official Journal of the EU, the decision from the European Securities and Markets Authority renewing the temporary requirement to natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued share capital of

On 29 July 2020, the ISDA issued a statement on adherence to the IBOR Fallback Protocol.

Among other things the statement provides:

“As part of its work, ISDA will soon publish the IBOR Fallback Protocol to facilitate inclusion of the new fallbacks in existing non-cleared IBOR derivatives transactions between counterparties that both adhere to the

On 29 July 2020, the FCA published Guidance Consultation 20/3: Guidance for firms on the fair treatment of vulnerable customers (GC20/3).

In July 2019, the FCA published an initial consultation on draft guidance that set out its view of what the Principles for Businesses (the Principles) require of firms to treat vulnerable

On 29 July 2020, the Single Resolution Board (SRB) published operational guidance on operational continuity in resolution (OCIR) and on financial market infrastructure (FMI) contingency plans.

The guidance on OCIR provides further clarifications to banks on how to implement SRB expectations related to service identification and mapping, assessment of

On 29 July 2020, the European Banking Authority (EBA) issued a press release reminding financial institutions that the transition period will expire on 31 December 2020, and that UK-based financial institutions will no longer be able to passport their services into the EU. The EBA states that UK financial institutions wishing to operate

On 28 July 2020, the European Commission published, for consultation, a roadmap on a Delegated Regulation on taxonomy-related disclosures by undertakings reporting non-financial information supplementing the Taxonomy Regulation.

The Delegated Regulation will specify the requirements for entities subject to the Non-Financial Reporting Directive (NFRD) (i.e., large listed undertakings, large banks and large insurance

Following a consultation which concluded on 18 May 2020 (blog here), on 28 July 2020 the Joint Money Laundering Steering Group (JMLSG) published a new chapter to be added to Part II of its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance for the financial services sector.