On 15 July 2020, the Financial Stability Board (FSB) published a report that provides an update on financial stability developments and risks relating to COVID-19, the policy actions taken to date and how they relate to the FSB principles, the factors that affect the effectiveness of policies and their implementation and the way
On 14 July 2020, the European Payments Council issued an article on its website called ‘Brexit from 1 January 2021 onwards: get ready for the end of the transition period’.
Key points in the article include:
On 14 July 2020, the FCA updated its EMIR breach notification form in light of the changes to EMIR reporting brought in under EMIR REFIT. The FCA requests that firms use the new form to notify it about any errors or omissions in their trade reports under Article 9 of EMIR. The FCA asks that
On 14 July 2020, the European Commission published the following on its web page dealing with implementing and delegated acts under the European Market Infrastructure Regulation (EMIR):
On 13 July 2020, the Bank of England (BoE) published a speech by its Governor, Andrew Bailey, entitled ‘Libor: Entering the Endgame’.
Key points in the speech include:
On 13 July 2020, the FICC Markets Standards Board (FMSB) published a statement of good practice which describes the way in which sovereign and supranational auctions are typically conducted in Europe, the roles market participants in those auctions play, the types of auction structure, orders and transaction types that are often utilised, and
On 13 July 2020, the Committee on Payments and Market Infrastructures (CPMI) issued a report, ‘Enhancing cross-border payments: building blocks of a global roadmap’. The report presents the output of stage 2 of a three stage process to develop a global roadmap for enhancing cross-border payment. The report identifies a set
The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance.
The paper is the outcome of two roundtables including a number of participants from across the financial services industries,
On 9 July 2020, the FCA published finalised guidance regarding coronavirus and the safeguarding of customers’ funds. The finalised guidance applies to authorised payment institutions or small payment institutions, e-money institutions or small e-money institutions, credit institutions and custodians.
Guidance for firms on safeguarding and managing prudential risk is currently available in the FCAs payment
On 10 July 2020, the FCA published a new web page concerning a modification by consent of SUP 10A.5.6. The modification by consent extends the period in which an individual can cover for an Approved Person without being approved (known as the ’12-week rule’ and detailed in SUP 10A.5.6) from a maximum of 12 weeks