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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

On 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

FATF update on COVID-19 related money laundering and terrorist financing risks

On 16 December 2020, the Financial Action Task Force (FATF) published a paper providing entities with additional information on COVID-19 related money laundering and terrorist financing risks. The paper covers both changes in predicate offences and changes in money laundering and terrorist financing activity. It provides selected case studies, displaying criminal activity that has occurred … Continue Reading

FCA publishes draft guidance for policyholders on proving the presence of covid-19 within a particular area

Following the decision of the High Court in Financial Conduct Authority v Arch and others [2020] EWHC 2448 (Comm), the Financial Conduct Authority (FCA) has decided to publish guidance in respect of the evidence and methodologies which policyholders may use to prove the presence of Covid-19. Although some aspects of the High Court decision have … Continue Reading

European Parliament publishes adopted amendments to MiFID II in light of COVID-19

On 25 November 2020, the European Parliament published the amendments that it had adopted on the proposed Directive amending MiFID II as regards information requirements, product governance and position limits to help the recovery from the COVID-19 pandemic. The next step is for the Council of the EU to adopt the proposed Directive.  … Continue Reading

FCA confirms support for consumer credit customers impacted by COVID-19

On 19 November 2020, the FCA confirmed updated guidance to firms setting out enhanced support that should be available to consumer credit customers experiencing payment difficulties as a result of the COVID-19 pandemic. The guidance covers users of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawn broking, … Continue Reading

FCA confirms support for mortgage borrowers impacted by COVID-19

On 17 November 2020, the FCA updated its guidance to firms setting out enhanced support that should be available to mortgage borrowers experiencing payment difficulties as a result of the COVID-19 pandemic. The updated guidance will be fully in force from 20 November 2020 but the FCA encourages firms that are able to start providing … Continue Reading

How financial institutions can apply lessons learned on operational resilience in light of COVID-19

For financial institutions across the globe, the COVID-19 pandemic has proved to be a real-world test of operational resilience. Those in risk, compliance and operational functions have had to rapidly adapt their business continuity and resilience frameworks in response to new risks or changes in existing risks that occurred in different parts of their organisation … Continue Reading

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