On 6 April 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April. The FSB also delivered to the G20 a report on factors to be considered in extending, amending and ending COVID-19 support … Continue Reading
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ECB – Best practices applied by financial market infrastructures in their business continuity plans during the COVID-19 pandemic
On 19 March 2021, the European Central Bank (ECB) issued a paper regarding best practices by financial market infrastructures in their business continuity plans during the COVID-19 pandemic. The ECB reports that since the outbreak of the COVID-19 pandemic the Eurosystem has been collecting information on the preparedness of payment systems/schemes and their critical service … Continue Reading
IOSCO reviews implementation of liquidity risk management recommendations and market participants´ responses to COVID-19 induced market stresses
On 5 March 2021, the International Organization of Securities Commissions (IOSCO) launched a thematic review of the 2018 Recommendations for Liquidity Risk Management for Collective Investment Schemes. The thematic review aims to assess the extent to which the Recommendations have been implemented through IOSCO member regulatory frameworks. It also aims to gather information about how … Continue Reading
FCA finds the Covid-19 pandemic leaves over a quarter of UK adults with low financial resilience
Posted in Retail, United KingdomOn 11 February 2021, the FCA published the results of its latest Financial Lives survey. The annual survey provides a wealth of information about consumers’ attitudes towards managing their money, the financial products they have and their experiences of engaging with financial services firms. The executive summary is in two parts. In the first part, … Continue Reading
COVID-19 recovery: Plenary adopted measures to protect investors and cut red tape for firms
On 11 February 2021, the European Parliament issued a press release reporting that targeted adjustments to MiFID in response to the COVID-19 pandemic were adopted with 339 votes in favour, 294 against and 57 abstentions. Changes to the Prospectus Regulation, which, create a temporary, short-form “EU recovery prospectus” (until 31 December 2022), were also adopted … Continue Reading
EBA provides additional clarity on the implementation of selected COVID-19 policies
On 29 January 2021, the European Banking Authority (EBA) published its third COVID-19 implementation report which provides clarifications on questions that have been raised with it. The implementation report includes questions and answers on the guidelines on moratoria which is accompanied by a summary overview of the general payment moratoria in place in the EU. … Continue Reading
FCA updates webpage on information for firms regarding the COVID-19 pandemic
Posted in Coronavirus, United KingdomOn 17 March 2020, we reported that the FCA had published a new webpage containing information for firms regarding the COVID-19 pandemic. On 6 May 2020, we further reported that the FCA had added a new section to this webpage concerning information security. On 8 January 2021, the FCA updated the text that appears on … Continue Reading
ISDA paper on COVID-19 and CCP risk management frameworks
On 8 January 2021, the ISDA published a paper on COVID-19 and CCP risk management frameworks. The paper is based on the feedback that the ISDA Clearing Member Committee received from central counterparties (CCPs) and how their risk management frameworks reacted to the pandemic. The ISDA found that CCPs have dealt with the pandemic well … Continue Reading
EBA provides additional clarity on the implementation of selected COVID-19 policies
On 21 December 2020, the European Banking Authority (EBA) updated its report on the implementation of selected COVID-19 policies. The report was first published on 7 July 2020 and then updated on 7 August 2020 to provide additional clarity on the implementation of the reporting and disclosure framework in the context of the COVID-19 measures. … Continue Reading
SM&CR and COVID-19 – regulators’ update their expectations
Posted in Senior Managers, United KingdomOn 18 December 2020, the following were published: Joint PRA and FCA December 2020 update – SM&CR and COVID-19: our expectations of dual regulated firms. FCA December 2020 update – SM&CR and COVID-19: our expectations for solo-regulated firms. FCA December 2020 update – Approved Persons Regime and COVID-19: our expectations. In April 2020, the PRA … Continue Reading
