On 16 December 2022, the European Banking Authority (EBA) published its closure report of COVID-19 measures. The closure report provides an overview of the policy measures taken during the COVID-19 pandemic, their state of play and the path out of policy support. The closure report is accompanied by an update to the list of public … Continue Reading
At a Norton Rose Fulbright-hosted event, Executive Director of insurance at the Prudential Regulation Authority (PRA), Charlotte Gerken, set out her priorities for the insurance sector in 2022. The speech expands upon the priorities set out in the ‘Dear CEO’ letter sent to insurance companies on 12 January 2022. The speech focused on the importance … Continue Reading
The Financial Conduct Authority (FCA) has published a ‘policy checker’ and a set of frequently asked questions in order to help policyholders understand whether they have valid claims under their business interruption policies in the light of the Covid-19 pandemic. The checker follows the Supreme Court decision in FCA v Arch Insurance (UK) Ltd. The … Continue Reading
On 7 January 2021, the FCA published the results of its COVID-19 financial resilience survey data. The surveys were sent to solo-regulated firms to inform the FCA of the impact of the pandemic on firms’ financial resilience. The surveys did not cover the 1,500 largest firms in the UK financial sector who are regulated by … Continue Reading
In its latest regulatory round-up, the Financial Conduct Authority (FCA) has reminded insurers offering professional indemnity insurance of its Handbook requirements. Insurance firms applying pandemic exclusions are reminded of the minimum requirements in MIPRU 3.2 and should consider whether exclusions are consistent with product governance obligations to ensure that the policy is compatible with the … Continue Reading
A ‘Dear CEO’ letter written by Christopher Woolard, interim chief executive of the Financial Conduct Authority (FCA), has been sent to firms writing business interruption insurance cover following the judgment handed down in The Financial Conduct Authority v Arch and Others (Test Cast). Mr Woolard thanks the firms who participated in the Test Case for … Continue Reading
Regulatory authorities in the EU and the UK have delayed certain regulatory reporting requirements so that firms can concentrate on supporting their customers during this difficult period. The announcements regarding reporting requirements have come at different times and the purpose of this new briefing note is to consolidate the PRA, FCA and EU announcements in … Continue Reading
On 31 March 2020, the FCA published a Dear CEO letter to firms providing services to retail investors about coronavirus. The Dear CEO letter covers: client identify verification needs to continue, but firms have flexibility within FCA rules. During this period, the FCA expects firms to continue to comply with their obligations on client identity … Continue Reading
On 31 March 2020, the PRA issued a statement welcoming the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020, and to cancel payments of any outstanding 2019 dividends in response to a request from it. The PRA also expects banks not … Continue Reading
On 1 April 2020, the Financial Action Task Force (FATF) published a statement in response to the ongoing COVID-19 pandemic. The statement touched on a number of areas of which the key ones for the financial services industry were: Remaining vigilant in light of the COVID-19-related financial crime risks: FATF has flagged an increase in … Continue Reading
On 31 March 2020, the Single Resolution Board (SRB) published its Expectations for Banks document. The SRB has updated this document to reflect industry feedback and sets out the capabilities the SRB expects banks to demonstrate in order to show that they are resolvable. It describes best practice and sets benchmarks for assessing resolvability. It … Continue Reading
On 31 March 2020, the European Banking Authority (EBA) published the following: Statement on supervisory reporting and Pillar 3 disclosures in light of COVID-19. Among other things the EBA states that Member State competent and resolution authorities should assess the extent to which a delayed submission of all the data or subsets of the data … Continue Reading
On 1 April 2020, the European Securities and Markets Authority (ESMA) published its final report to the European Commission on inducements and costs and charges disclosures under MiFID II. The final report deals with technical advice in relation to certain investor protection topics under MiFID II. In this respect, in line with the previous mandate … Continue Reading
On 1 April 2020, the European Securities and Markets Authority (ESMA) issued a public statement intended to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under Regulatory Technical Standards (RTS) 27 and 28 of MiFID II. The statement notes that the next general best execution reports … Continue Reading
On 2 April, 2020 the FCA proposed several measures, intended to come into effect within seven days, to provide relief to consumers across a range of consumer credit products. The measures complement the announcement from HM Government to provide support to mortgage holders, and the assistance to be provided to furloughed employees and the self-employed. … Continue Reading
The STOCK Act clarifies that members of Congress and other congressional employees do, in fact, have a duty of trust and confidence to the Congress, the United States Government, and US citizens.… Continue Reading
On March 16, 2020, the Securities and Exchange Commission’s Division of Investment Management announced additional COVID-19 related relief. This relief is available on the SEC’s COVID-19 page, available here, and summarized below. Operation of Business From Temporary Locations. The conduct of business from temporary locations, such as an employee’s home, as part of a firm’s … Continue Reading
On March 13, 2020, the Securities and Exchange Commission (“SEC”) announced conditional, temporary relief for funds (available here) and both registered and exempt reporting investment advisers (available here) impacted by COVID-19. The relief covers in-person board meetings by fund boards and certain filing and delivery requirements for both advisers and funds. Funds and advisers that … Continue Reading
