Posted in Coronavirus, United KingdomOn 24 September 2020, the FCA updated its web page on ‘Key workers in financial services’. The web page reminds financial services firms that it remains important for them to continue to identify and monitor key workers to ensure that firms respond effectively in the event of further local or national lockdowns. The FCA also … Continue Reading
On 17 September 2020, the European Central Bank (ECB) announced that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The announcement comes after the Governing Council of the ECB confirmed that there are exceptional circumstances due to the COVID-19 pandemic. Banks under ECB supervision can benefit … Continue Reading
On 2 September 2020, MONEYVAL (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) published a report detailing the money laundering and terrorist financing trends emanating from the Covid-19 pandemic, identified through feedback from jurisdictions within MONEYVAL’s remit. MONEYVAL notes that, so far during the pandemic, whilst the … Continue Reading
Posted in Financial Services, Fintech, United KingdomOn 2 September 2020, the Financial Conduct Authority (FCA) launched a new webpage updating market participants on the pilot of its “digital sandbox” and recent DataSprint. The FCA notes that its latest DataSprint, held in July and August 2020, enabled 120 market participants from multiple sectors and disciplines to collaborate to develop data models and … Continue Reading
On 28 August 2020, the Financial Conduct Authority (FCA) published an update to its webpage focused on changes to regulatory reporting during the COVID-19 pandemic. The FCA has permitted extensions to complaints data returns in relation to the 31 August 2020 deadline required by the Dispute Resolution: Complaints Sourcebook (DISP) rule DISP 1.10A.3R(1). The FCA … Continue Reading
On 27 August 2020, the Prudential Regulation Authority (PRA) published a statement setting out its decision to terminate its temporary approach to value-at-risk (VAR) back-testing exceptions from 30 September 2020. This statement follows the PRA’s review of the temporary approach that allowed firms to offset increases due to new back-testing exceptions through a commensurate reduction … Continue Reading
Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United KingdomOn 27 August, the European Securities and Markets Authority (ESMA) published a statement announcing that it intends to update the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR) to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis. ESMA has assessed whether … Continue Reading
On 26 August 2020, the Financial Conduct Authority (FCA) published a guidance consultation containing additional draft guidance for mortgage firms in light of the COVID-19 pandemic. It sets out the FCA’s expectations in relation to the fair treatment of mortgage borrowers who are experiencing financial difficulty as a result of the pandemic. This guidance is … Continue Reading
Posted in Banking, United KingdomOn 26 August, the PRA published a statement on IFRS9 and capital requirements, in light of the imminent conclusion of mortgage payment deferrals. The PRA’s earlier guidance, issued by way of letter to authorised firms on 3 March and 4 June, explained that, under the terms of the FCA’s guidance then in place, Covid-19 related … Continue Reading
On 18 August, the FCA announced temporary relief for issuers who choose to use the amended International Reporting Standard (IFRS) 16 (COVID-19-related rent concessions – Amendment to IFRS 16) during the coronavirus (COVID-19) pandemic and its aftermath. The amendment to IFRS 16 is effective for reporting periods beginning on or after 1 June 2020 and … Continue Reading
