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COVID-19 test case #2: The sequel to ‘A dry cleaner, dentist, travel agent, personal trainer, café owner and friends walk into a bar…’

The sequel to the business interruption second test case is now here. On Monday, the Full Federal Court handed down its decision in the second business interruption test case appeal. The decision is an appeal from the judgment of Justice Jagot in relation to various business interruption insurance claims. The Full Federal Court also handed … Continue Reading

FSB report – FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability

On 21 March 2022, the Financial Stability Board (FSB) published a report regarding FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability. The main outcome of the report was that the COVID-19 pandemic has accelerated the trend toward digitalisation of retail financial services. While comprehensive data on the market shares of … Continue Reading

EBA confirms the continued application of COVID-19 related reporting and disclosure requirements until further notice

By Simon Lovegrove (UK) on January 18, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 17 January 2022, the European Banking Authority (EBA) issued a press release confirming that the guidelines on the reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis adopted on 2 June 2020 continue to apply. Unless instructed otherwise by their relevant Member State competent authorities, credit institutions are … Continue Reading

Covid-19 Test Case #2 – A dry cleaner, dentist, travel agent, personal trainer, café owner and friends walk into a bar…

By Ray Giblett (AU), Timothy Chan (AU) and Daniel Corban on October 20, 2021 Posted in Australia, Coronavirus, FinTech, Insurance, Investigations

This is not the beginning of some outré joke but the context for one of the most important insurance decisions of the year. On 8 October 2021, the Federal Court handed down its long-awaited decision in Swiss Re International Se v LCA Marrickville Pty Limited (Second COVID-19 insurance test cases) [2021] FCA 1206 (Second Test … Continue Reading

The future of the UK retail investment market: a post-Brexit and COVID-19 outlook

By Matthew Gregory (UK), Imogen Garner (UK), Iain Hawthorn, John Coley (UK) and Joe Bamford (UK) on August 26, 2021 Posted in Seminars, webinars and podcasts, United Kingdom

8 September 2021 | 08:50 AM – 09:30 AM BST In retail – the front line of the financial sector – things have moved on significantly since the start of the COVID-19 pandemic with the introduction of new technology and investment opportunities. With these changes new risks have emerged, increasing vulnerability among consumers – particularly younger consumers … Continue Reading

FSB interim report on lessons learnt from the COVID-19 pandemic from a financial stability perspective

On 13 July 2021, the Financial Stability Board (FSB) published an interim report on the lessons learnt from the COVID-19 pandemic from a financial stability perspective. Among other things the interim report notes that: So far, the global financial system has weathered the COVID-19 pandemic thanks to greater resilience, supported by the G20 reforms, and … Continue Reading

Basel Committee’s reforms helped cushion the impact of COVID-19 shock on banks

On 6 July 2021, the Basel Committee on Banking Supervision published a report that gives a preliminary assessment of the impact of the implemented Basel reforms during the COVID-19 pandemic as part of a broader review of their effectiveness. Overall, the report finds that the increased quality and higher levels of capital and liquidity in … Continue Reading

Basel Committee discusses effects of Covid-19 on banks, assesses post-crisis reforms and agrees public consultation on cryptoassets

On 7 June 2021, the Basel Committee on Banking Supervision (Basel Committee) issued a press release following its meeting on 4 June 2021. During this meeting the Basel Committee took stock of COVID-19 risks to the banking system and discussed policy and supervisory initiatives. In terms of crypto-assets the press release notes that the Basel … Continue Reading

EBA speech – The implementation of Basel III in the post-COVID 19 setting

By Simon Lovegrove (UK) on May 14, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 12 May 2021, the European Banking Authority (EBA) published a speech given by its chairperson, Jose Manuel Campa, entitled The implementation of Basel 3 in the post-COVID 19 setting. In his speech Mr Campa covers: The measures taken in relation to the COVID-19 pandemic. In particular, Mr Campa states that on “the return to … Continue Reading

PRA statement on the disclosure of exposures subject to measures applied in response to COVID-19

By Jochen Vester (UK) on April 28, 2021 Posted in Coronavirus, United Kingdom

On 27 April 2021, the PRA issued a statement providing an update on its statement of 28 July 2020 which provided guidance on the disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The PRA states: Firms should continue to use the templates published with the PRA’s statement of 28 July … Continue Reading