On 14 April 2020, the European Securities and Markets Authority published a new web page that contains all of its responses to the COVID-19 pandemic.… Continue Reading
On 9 April 2020, the European Systemic Risk Board published a spreadsheet that provides information on the policy measures taken by Member States, EU institutions and national authorities in response to the COVID-19 pandemic.… Continue Reading
On 27 March 2020, the European Central Bank (ECB) updated its recommendation to banks on dividend distributions. The ECB recommends that at least until 1 October 2020 no dividends are paid out and no irrevocable commitment to pay out dividends is undertaken by credit institutions for the financial year 2019 and 2020 and that credit … Continue Reading
On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a statement on the implication of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive (TD). In the statement ESMA notes that issuers maybe prevented from fulfilling their reporting requirements due to COVID-19, … Continue Reading
On 26 March 2020, the European Securities and Markets Authority (ESMA) issued a revised version of its earlier statement on coordinated supervisory actions on the application of the Securities Finance Transactions Regulation (SFTR). The revised statement clarifies that SFTs concluded between 13 April 2020 and 13 July 2020 and SFTs subject to backloading under the … Continue Reading
On 25 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement designed to promote consistent application of International Financial Reporting Standards (IFRS) in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 pandemic. The statement addresses in particular … Continue Reading
On 25 March 2020, the European Banking Authority (EBA) issued the following statements related to the COVID-19 pandemic: Statement on the application of the prudential framework regarding default, forbearance and IFRS9 in light of COVID-19 measures. The EBA is supportive of the measures taken and proposed by Member State national governments and EU bodies to … Continue Reading
On 20 March 2020, the Basel Committee on Banking Supervision (Basel Committee) reported that it had held a conference call with its members to discuss the impact of the COVID-19 pandemic on the global banking system. The Basel Committee reports that following the strengthening of the Basel III standards the global banking system has significantly … Continue Reading
On 20 March 2020, the European Central Bank (ECB) announced further measures to ensure that directly supervised banks can weather the coronavirus related economic shock. The ECB has introduced supervisory flexibility regarding the treatment of non-performing loans (NPLs), in particular to allow banks to fully benefit from guarantees and moratoriums put in place by public … Continue Reading
On Friday, 20 March 2020, the European Securities and Markets Authority (ESMA) published a Public Statement to ensure coordinated supervisory actions by national competent authorities on the application of the new tick size regime for systematic internalisers (SIs) under Regulation (EU) 600/2014 on markets in financial instruments (MiFIR), as amended by Regulation (EU) 2019/2033 on the … Continue Reading
On 20 March 2020, the Financial Stability Board (FSB) issued a press release stating that it is actively cooperating with its members to maintain financial stability during market stress related to the COVID-19 pandemic. The FSB explains that the global financial system is today in a better position to withstand shocks as a result of … Continue Reading
On 12 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement which makes certain recommendations to market participants as regards the impact of COVID-19. The statement touches on: Business continuity planning; Market disclosure; Financial reporting; and Fund management.… Continue Reading
On 3 March 2020, the European Central Bank (ECB) issued a letter to significant institutions concerning their contingency preparedness in the context of COVID-19. In the letter the ECB makes the point that supervised entities are expected to review their business continuity plans and consider what actions can be taken to enhance preparedness to minimise … Continue Reading
