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IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’. The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

Bank of England seasonal adjustment: 2022 Covid-19 Review

By Simon Lovegrove (UK) on August 26, 2022 Posted in Banking, United Kingdom

On 26 August 2022, the Bank of England (BoE) published a review seeking to mitigate the impact of the COVID-19 pandemic on seasonal adjustment. The BoE uses seasonal adjustment to identify, estimate and remove seasonal fluctuations and typical calendar effects from non-seasonally adjusted time series data.… Continue Reading

FSB interim report – Exit strategies to support equitable recovery and address effects from COVID-19 scarring in the financial sector

On 13 July 2022, the Financial Stability Board (FSB) published an interim report on exit strategies to support equitable recovery and address effects from COVID-19 and Russia’s invasion of Ukraine on the financial sector and how the FSB will address these issues going forward. It considers exit strategies in relation to financial stability and the … Continue Reading

IOSCO final report on operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions

On 11 July 2022, the International Organization of Securities Commissions (IOSCO) published a final report on the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions. In the report IOSCO summarizes some of the existing operational resilience work by IOSCO and other international organizations and outlines how … Continue Reading

EBA draft principles assessing the representativeness of COVID-19-impacted data for banks using IRB models

By Jochen Vester (UK) on June 22, 2022 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 21 June 2022, the European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19–impacted data for banks, using internal ratings based (IRB) models. These principles will be part of a supervisory handbook, which the EBA will publish later this year, with the objective to ensure a … Continue Reading

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

By Ray Giblett (AU) and Timothy Chan (AU) on March 27, 2022 Posted in Australia, General, Insurance

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